Project and Investment Definition and Scope. 1.1 The “Project” shall consist of investments in semiconductor manufacturing and semiconductor technology development facilities, machinery and equipment, land for these facilities, directly related personal property, and directly related support facilities and office buildings. It further includes repairs, replacements, modernization, renovations and remodeling of existing buildings, structures, machinery and equipment, fixtures and furnishings, and supplies as well as future additions to such buildings or structures. The Project will be located on land zoned and planned, at the time of development, to allow semiconductor manufacturing, technology development, and related structures as a permitted use within the City, as well as, but not limited to, such land at Intel's existing Aloha and Ronler Acre campuses. The Project shall consist of a maximum of $100 billion in investment or investments. An investment under the Project will be a semiconductor manufacturing or semiconductor technology development investment, or both, in furtherance of the Project as defined by Intel and communicated in advance to the County and the City (an “Investment”). Each Investment is a separate “eligible project” as that term is used in ORS 285C.600(2). The approximate dollar amount and scope of an Investment under the Project must be defined with enough specificity that the Investment may be differentiated from expenditures under Prior SIPs or prior Investments under this 2014 SIP Agreement and with enough specificity that the County and the City may determine the timing and scope of the Investment so as to properly apply the SIP property tax partial exemption to each Investment. Each Investment definition will be reviewed and approved by the County. This review and approval will be limited to determining whether the Investment conforms to this Agreement and the definition is adequate for proper administration of the SIP as provided in this paragraph. There may be one or several Investments during the term of this 2014 SIP Agreement, which term shall be a period of thirty (30) years from the execution of this 2014 SIP Agreement by all parties, unless terminated earlier pursuant to Section 13. The first such Investment shall commence prior to the tenth (10th) anniversary of the execution of this 2014 SIP Agreement.
