Definitions. The words defined in this Section shall have the meanings set forth below: Semiconductor means a solid-state electrical device which performs functions such as information processing and display, power handling, and interconversion between light energy and electrical energy. Semiconductor also includes anything that can be regarded as a computer chip or its related components and printed board circuits. Manufacturing or manufacture means any process or operation involved in the production, fabrication, and finish of items or materials, including the manufacture of intermediate products in the supply chain for such items or materials. Research and development means any process intended to create new or improved technology. Site means a defined physical location as shown on an application for a semiconductor manufacturing, research and development incentive in accordance with this section. Ten-year incentive for semiconductor manufacturing, research and development. Any entity ("applicant") engaged in the research and development and/or manufacture of semiconductors ("semiconductor production") shall be annually awarded funds by the County equivalent to the applicant's costs for semiconductor production in the County ("semiconductor incentive"), provided that Over 70% of the site's buildings, facilities, and structures are utilized for semiconductor production, excluding the packaging and storage of semiconductors; and The maximum annual semiconductor incentive shall be the amount incurred that taxable year in County taxes on real property and personal property attributable to the site and the semiconductor production activities at the site, minus any other County tax credits, incentives, and abatements awarded to the site and/or to semiconductor production activities at the site and the level of County taxes on real property and personal property attributable to the site and/or the semiconductor production activities at the site in the taxable year immediately prior to the initial award of the semiconductor incentive ("base year"); and New construction or renovation of buildings, facilities, and/or structures within the site constructed or renovated for the purpose of semiconductor production shall be eligible semiconductor production costs for the semiconductor incentive, and The period of eligibility for this annual semiconductor incentive is ten (10) taxable years after the base year. Only semiconductor production activities that occur after the initial effective date of this section are eligible costs for the semiconductor incentive. An applicant awarded an incentive under this section shall enroll as a mentor in the County's mentor-protégé program as authorized under Subtitle 10A as a condition of award. The Office of Finance shall administer this section, including establishing application and approval procedures. The County Executive may also designate other county agencies, offices, or departments (including quasi-public agencies) to assist the Office of Finance with the administration of this section.