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ARTICLE III <br />GRANT PAYMENTS FROM THE CITY <br />Section 3.01. Grant Payments. Subject to the requirements and limitations of this <br />Article, other terms and conditions of this Agreement and Owner's compliance with this <br />Agreement, the City will make payments to the Owner in the manner set forth in this Article. <br />Section 3.02. Grant Payment Amounts and Limits. Subject to the Grant Payment <br />Term defined under Section 3.04, the City will refund to Owner once per year over a period of <br />up to three years per building amounts equal to the following percentages of the City's share of <br />ad valorem real property taxes assessed and paid annually on each completed building related to <br />the Project as follows (the "Grant Payments "): <br />a. 100 percent of the City's share of ad valorem real property taxes on the <br />first building completed; <br />b. 75 percent of the City's share of ad valorem real property taxes on the <br />second building completed; and <br />C. 50 percent of the City's share of ad valorem real property taxes on the <br />third building completed. <br />The City shall make Grant Payments attributable to a completed building once per year for up to <br />three years from the first full calendar year after the building is completed. As the second and <br />third buildings are completed, there may be overlapping Grant Payment periods. As any three <br />year payment period for a completed building expires, the Grant Payments connected to such <br />building shall terminate while other Grant Payments for newer building may continue. For <br />example, if the first building is completed in the year 2013, the Owner is eligible to receive <br />Grant Payments equal to the applicable percentage of taxes attributable to such building in 2014, <br />2015 and 2016. If the second building is completed in 2014, the Owner is eligible to receive <br />