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i <br /> i . "Relocation of a business" — a business relocating to Indian River County and <br /> employ 5 or more full-time employees in the County. <br /> 2 . Term; Termination. This Agreement shall be effective as of date of this agreement <br /> stated on page 1 and shall automatically terminate after COUNTY has made the last <br /> payment to COMPANY, unless terminated earlier by COUNTY because of a default <br /> by COMPANY . <br /> 3 . Grant Eligibility; Payment Schedule . <br /> a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a <br /> "Grant" ) in an amount of up to $70,000. Said Grant shall be payable in the <br /> following Phases specifically set forth herein. <br /> COMPANY acknowledges and agrees that the initial Grant under this <br /> Agreement is payable on a reimbursement basis . For this grant, there are 2 <br /> separate Phases, and the number of jobs estimated to be provided by phase is <br /> listed below. Jobs grant payments are dependent upon the number of <br /> employees exceeding the company' s employment level at the time that this <br /> agreement is approved by the Indian River County Board of County <br /> Commissioners. <br /> (i) For Phase I, 5 new qualifying jobs meeting the wage level commitment in <br /> Section 5 of this Agreement will be provided by 12/31 / 13 . For each of the <br /> three successive annual periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1 /3 of the Grant amount for those 5 <br /> jobs. <br /> (ii) For Phase II, 5 new qualifying jobs meeting the wage level commitment <br /> in Section 5 of this agreement will be provided by 12/31 / 14. For each of the <br /> three successive annual periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1 /3 of the Grant amount for those 5 <br /> jobs. <br /> (iii) It is understood that the quantity and types of jobs proposed by phase, <br /> their annual wages, and dates of hire are estimates . Because of that, the <br /> quantity and types of jobs provided in each phase may shift between phases, <br /> and phase commencement dates maybe extended. Proposed jobs will remain <br /> eligible for 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 /> for Phases I and II is 10 . <br /> c . The maximum extension for a phase commencement date shall be <br /> one year. Such commencement date may be approved <br /> -3 - <br />