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shall constitute the Annual Job Status Report, the filing of which shall begin <br /> the running of the forty- five (45 ) -day period within which payment shall be <br /> made . <br /> If COMPANY ' s Qualified Target Industry (QTI ) Tax Refund from the State <br /> of Florida is approved , County will reduce the local jobs grant amount paid <br /> directly to COMPANY for each eligibility determination in an amount <br /> sufficient to cover COUNTY ' s QTI Tax Refund 20% contribution obligation <br /> to the state for COMPANY ' s QTI Tax Refund agreement . COUNTY will <br /> submit the 20% payment obligation to the state for placement in the Florida <br /> Economic Development Trust Fund . <br /> 4 . Relocation/Expansion Commitment . As a condition precedent to and as <br /> consideration for obtaining Jobs Grant Funds from COUNTY , COMPANY agrees to <br /> relocate its business operations to Indian River County as described on Exhibit " A " , <br /> which is attached hereto and made a part thereof. <br /> 5 . Job Creation Commitment . COMPANY estimates that it will provide 25 new <br /> eligible jobs within the county as set forth in Exhibit " B " , which is attached hereto <br /> and made a part hereof. The exact number of jobs actually supplied and their salaries , <br /> however, may vary . Local jobs grant funds will be awarded up to a maximum of <br /> $ 129 , 000 . The jobs grant award will be based on the following : <br /> V <br /> 75 % to 99 . 99%0 of Indian River County $ 3 , 000 <br /> Average Annual Wage <br /> 100% to 149 . 99% of Indian River County $ 55000 <br /> Average Annual Wage <br /> 150% of Indian River County Average $ 7 , 000 <br /> Annual Wage ( or greater) <br /> 6 . Wage Level Commitment . COMPANY estimates that it will pay 23 employees <br /> whose jobs are eligible for a Grant hereunder an annual wage of not less than <br /> $ 33 , 947 . 00 , and will pay 2 employee an annual wage of not less than $ 50 , 920 . 50 . <br /> The annual wage of the positions shall be determined without taking into account the <br /> value of any benefits . COMPANY shall , in accordance with the provisions of <br /> paragraph 7 herein below , provide written verification of such wages satisfactory to <br /> COUNTY . COMPANY ' S failure to maintain its wage level commitment for any one <br /> year will result in the reduction of the Grant amount for that year( s ) . <br /> 7 . Annual Job Status . COMPANY must provide COUNTY with State Quarterly <br /> Unemployment Compensation Reports ( Form UCT - 6 ) of its business operations <br /> within Indian River County on State form UCT- 6 as amended, a sample of which is <br /> attached hereto and made a part hereof as Exhibit "C' The cumulative Quarterly <br /> - 5 - <br />