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expenditure of funds directly for the benefit of Tanger Outlets. <br />Section 3.03. Operation of Outlet Center. Tanger shall continuously operate Tanger <br />Outlets as a regional retail outlet mall of a quality and character equal to or superior to that <br />existing on the Site as of the Effective Date. <br />Section 3.04. Compliance with Laws. In connection with the renovation and expansion <br />of Tanger Outlets and the Site, Tanger shall comply with all applicable local, state and federal <br />laws, ordinances, statutes, rules, regulations and standards. <br />ARTICLE 4. ECONOMIC DEVELOPMENT INCENTIVE PROVIDED BY THE CITY <br />Section 4.01. Grant Payments. Subject to other terms and conditions in this Agreement <br />and Tanger's compliance with this Agreement, the City will make Grant Payments to Tanger in <br />an amount not to exceed $2,500,000.00. <br />Section 4.02. Ten -Year Payment Period. Beginning in the calendar year 2016, upon <br />application by Tanger, the City shall make up to ten (10) annual Grant Payments to Tanger, with <br />the last possible Grant Payment being made in 2025. <br />a. If the total amount of all Grant Payments reaches $2,500,000.00 before ten <br />(10) annual Grant payments have been made, the Grant Payments from the City shall <br />cease at such time. In such event, Tanger shall continue to be responsible for meeting its <br />performance obligations for the remainder of the Term, including the obligation to submit <br />an annual Compliance Certificate, except for the obligation to request further Grant <br />Payments. <br />Section 4.03. Reduction in Grant Payments Due to Relocation of Existing Business. <br />In the event that Tanger facilitates the relocation of a business from an existing location in San <br />Marcos to the Site, each annual Grant Payment to Tanger shall be reduced by an amount equal to <br />the sum of sales taxes and ad valorem property taxes attributable to the relocated business at the <br />previous location paid to the City during the calendar year immediately preceding the relocation. <br />Section 4.04. Time for Requesting and Making Payment. Beginning in 2016, and once <br />each year thereafter, Tanger may request in writing to the City Manager, initiation of Grant <br />Payments, as provided in this Article. The City shall not be required to make a Grant Payment <br />during any applicable calendar year unless and until: <br />a. Tanger has submitted a compliance certificate, in the form attached hereto <br />as Exhibit "C" (the "Compliance Certificate "), together with all information the City <br />may request to verify Tanger's compliance with the terms of this Agreement; <br />b. Additional Property Taxes for the prior calendar year are received by the <br />City from the Hays County Tax Assessor- Collector; <br />9 <br />