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Local Jobs Grant Program The Local Jobs Grant Program is a cash incentive paid to a business meeting eligibility requirements as specified below. Grants are paid over a three-year period, after the new jobs are in place, provided that the business has maintained the minimum job threshold at the wage levels stated on the application. The application is submitted to Indian River County and reviewed by the County and Chamber of Commerce for completeness. The completed application is forwarded to the county's Economic Development Council, who makes a recommendation to the Board of County Commissioners. The application is then forwarded to the Board of County Commissioners for approval. Grant Calculation Percent of Average Wage of New Qualified Jobs Grant Amount per New Job Created. 75% of county average wage $3,000 per job 100% of county average wage $5,000 per job 150% of county average wage $7,000 per job A 10% bonus is available when a business locates or expands within the Enterprise Zone. The maximum grant amount available to an individual company is $500,000, except for businesses in the Enterprise Zone. The Local Jobs Grant Program can be used as the local match required by the state's Qualified Targeted Industry Tax Refund Program, as explained on the next page. Enterprise Zone Program The Indian River County/City of Vero Beach Enterprise Zone encompasses 4.7 square miles, including properties within the Vero Beach Municipal Airport and the adjacent Gifford Community north of the airport. Businesses located in the Enterprise Zone can take advantage of the following benefits: • Sales tax refunds for new equipment purchased and used in the Enterprise Zone • Sales tax refunds on construction materials used in the rehabilitation of real property in the Enterprise Zone • Corporate or sales tax credits for new jobs created and filled by Enterprise Zone residents • Corporate tax credit based on the increased value of new or improved property The Indian River County Chamber of Commerce coordinates local Enterprise Zone activities. The Enterprise Zone Coordinator will meet with companies to discuss how a business can benefit through this program. Attachment 1 226