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01/20/2015 (4)
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01/20/2015 (4)
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Last modified
3/16/2018 4:21:33 PM
Creation date
5/11/2016 11:05:54 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
01/20/2015
Meeting Body
Board of County Commissioners
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January 5, 2015 <br />Brian T. Mayo <br />President & CEO <br />Veracity Network, Inc. <br />620 Reef Road <br />Vero Beach, Florida 32963 <br />INDIAN RIVER COUNTY <br />COMMUNITY DEVELOPMENT DEPARTMENT <br />1801 27th Street, Vero Beach FL 32960 <br />772-226-1237 / 772-978-1806 fax <br />www.ircgov.com <br />Re: XStream Systems Local Jobs Grant Agreement <br />Dear Mr. Mayo: <br />On September 6, 2005, the Board of County Commissioners entered into a local jobs grant <br />agreement with XStream Systems, Inc. for an amount of up to $500,000. Per that agreement, the <br />$500,000 would be payable to XStream Systems, Inc. over a 5 year period based upon XStream <br />Systems, Inc. meeting certain performance requirements. Among those performance <br />requirements was that XStream Systems agreed to locate within the County, create and maintain a <br />total of 250 new full-time wage qualifying jobs (at least 50 new jobs per contract year), and on a <br />quarterly basis submit state unemployment compensation reports to the County. Tracking of <br />those performance requirements was to begin when XStream Systems relocated to the County and <br />end 5 years thereafter with the automatic termination of the agreement. <br />Based on a review of the XStream Systems, Inc. local jobs grant file, XStream Systems, Inc. did <br />not provide required documentation showing the required number of jobs. In addition, it is <br />evident that XStream Systems, Inc. is no longer located in the County, and was acquired by <br />Veracity Network, Inc. The Florida Division of Corporations lists you as the president and CEO <br />of Veracity Network, Inc. According to the Veracity Network, Inc. website, the location of its <br />offices are in Melbourne, FL. Consequently, XStream Systems, Inc. is in default of performing its <br />agreement requirements and the County has terminated the 2005 local jobs grant agreement with <br />XStream Systems, Inc. <br />Even though the 2005 local jobs grant agreement is terminated, please be advised that <br />Veracity Network, Inc. may apply for a new local jobs grant should it desire in the future to <br />locate within Indian River County. The local jobs grant program has been improved since <br />2005 to include larger payments (between $3,000 and $7,000 per job) and greater flexibility. <br />Attachment 3 <br />11 <br />
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