Laserfiche WebLink
Conditions (b)(2) thru (4) must be met and reasonable supporting documentation <br /> submitted to County for verification of the aforementioned conditions prior to September 1 , <br /> 2008. Verification must be complete to County satisfaction prior to the disbursement of any <br /> payments to the County restricted reserve account or the Closing Fund Awardee. <br /> (c) Award Conditions for First Payment. The "Award Conditions" for the <br /> first payment of $4,000,000 from the County restricted reserve account shall be met when the <br /> following have occurred: <br /> ( 1 ) Satisfaction of the conditions required for funds to be released by <br /> the State pursuant to the OTTED Closing Fund Agreement and placed in escrow with <br /> Enterprise Florida, Inc., specified in Paragraph 5.0 (b) of the OTTED Closing Fund Agreement <br /> and as specified in Paragraph 5.0(b ) hereof, <br /> (2) Certification of investments of at least S15 million in product <br /> development at the Indian River County facility since January 1, 2007, <br /> (3) Written commitment to invest an additional $5 million in product <br /> development by December 31, 2008, <br /> (4) Written commitment to invest $10,666,667 in capital expenditures <br /> for equipment, tooling, and facilities and infrastructure improvements from April 10, 2007 <br /> through December 31, 2008, and <br /> (5 ) Creation of at least 51, net, new, full-time equivalent jobs, in <br /> addition to the 963 full-time equivalent retained jobs, for a total of at least 1,014 full-time <br /> equivalent jobs at the Closing Fund Awardee facility in Indian River County, Florida by <br /> December 31, 2007, and supporting documentation reasonably acceptable to County. <br /> (3745/01/00234567.DOCN 5 ) <br /> 5 <br />