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3 . Grant Eli ig bilin ; Payment Schedule . <br /> a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a <br /> " Grant " ) in an amount of up to $ 310 , 000 if COMPANY locates within Indian <br /> River County . Said Grant shall be payable in 3 one year periods by Phase as <br /> more specifically set forth herein . <br /> COMPANY acknowledges and agrees that the initial Grant under this <br /> Agreement is payable on a re - imbursement basis . There are a total of 2 <br /> separate Phases . The number of jobs estimated to be provided by phase is <br /> listed below . <br /> (i) For Phase I, 11 new qualifying jobs meeting the wage level commitment in <br /> Section 6 of this Agreement will be provided by 1 /31 / 11 . For each of the <br /> three annual successive periods that those jobs are maintained at the required <br /> wage level , COMPANY shall receive 1 /3 of the Grant amount for those 11 <br /> jobs . <br /> (ii) For Phase 1I , 44 new qualifying j obs meeting the wage level commitment <br /> in Section 6 of this agreement will be provided by 12/31 / 11 . For each of the <br /> three annual successive periods that those jobs are maintained at the required <br /> wage level , COMPANY shall receive 1 /3 of the Grant amount for those 44 <br /> jobs . <br /> (iii) It is understood that the quantity of jobs proposed by phase and their <br /> annual wages are estimates . Because of this , the quantity of jobs provided in <br /> each phase may shift between phases , and those jobs will remain eligible for <br /> local jobs grant incentives provided : <br /> a . The minimum number of qualifying jobs that must be provided in <br /> Phase I is 5 . <br /> b . The maximum number of jobs eligible for local jobs grant funds <br /> between Phase I and Phase II is 50 . <br /> c . If any of the total 50 eligible jobs proposed for Phase I and Phase <br /> lI are created after 12/31 / 11 , those jobs shall not be eligible for <br /> local jobs grant funds unless an amendment is made to this <br /> agreement to allow for this . <br /> d . In no case shall the total local jobs grant award exceed $ 310 ,000 . <br /> (iv) Failure of COMPANY to maintain claimed jobs for at least 3 years at <br /> required wage levels will result in the reduction of the Grant amount paid to <br /> COMPANY . If by the end of any of the annual periods , COMPANY has not <br /> maintained the total number of claimed jobs required or if COMPANY has <br /> provided the total jobs required , but the annual wage for any of those jobs is <br /> - 3 . <br />