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2.07 and provided a reasonable opportunity for responding Local Contractors to demonstrate that they met the qualifications set forth therein, Developer will be deemed to have complied with Section 2.07. ARTICLE 3. GRANT PAYMENTS BY THE CITY Section 3.01. Partial Refund of Real Property Taxes. Ad valorem taxes on the Land and improvements thereon ( "Real Property Taxes ") are assessed by the Hays County Tax Assessor - Collector (the "Assessor "). Subject to the restrictions of this Article, Developer shall be eligible to receive from the City partial refunds (the "Grant Payment(s) ") of Real Property Taxes paid by Developer during each year the five -year eligibility period below in excess of the Real Property Taxes due and paid on the Land for the 2009 tax year (the "Base Year "). Under no circumstances shall the City be required to refund any portion of Real Property Taxes in any year during the term of this Agreement if such payment would result in tax receipts for that year less than the Real Property Taxes paid for the Base Year. The total of all Grant Payments made by the City shall neither exceed $610,000.00 over the term of this Agreement nor $122,000.00 during any single year during the term. Section 3.02. Five -Year Eligibility Period. Developer is eligible to apply for Grant Payments in an amount up to $122,000.00 per year during a five -year period after completion of the New Facility. The first year for which Developer is eligible to apply for a Grant Payment is the first calendar year after the year of completion of the New Facility. For example, if the year of completion of the New Facility is 2012, 2013 would be the first tax year reflecting the full tax - assessed value of the Land after completion of the New Facility. Thus, in 2014 Developer would apply for a Grant Payment that refunds a portion of Real Property Taxes paid for the 2013 tax year. Thereafter, Developer will be eligible to apply for Grant Payments for each of the next Page 7 of 15