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NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter <br />contained, the parties do agree as follows: <br />DR <br />1. Definitions. As used in this Agreement, the following terms shall mean: <br />a. "Adjacent Counties" means Brevard, Osceola, St. Lucie, Okeechobee, and Martin <br />Counties. <br />b. "Annual Wage" - includes salary, bonuses, and commissions. <br />c. "Default" - failure to comply with the terms of this Agreement. <br />d. "Expanding Business" — shall be defined as a business expanding its operation <br />over and above its base employment amount at the time of jobs grant approval by <br />5 or more new jobs to employ 5 or more new full-time employees in the County <br />within the term of the Grant. <br />e. "Full-time Equivalent Job" - shall be defined as a position that is scheduled for at <br />least 35 hours per week. <br />f. "Indian River County Average Annual Wage" — shall be defined as the average <br />annual wage per job in Indian River County as determined by Florida Agency for <br />Workforce Innovation, Labor Market Statistics Center, Quarterly Census of <br />Employment and Wages Program, in cooperation with the U.S. Department of <br />Labor, Bureau of Labor Statistics. Currently, the County's average annual wage is <br />$36,280 (effective January 1St 2014 for the state QTI Tax Refund Program). This <br />dollar value shall be used for the duration of this agreement for determining local <br />jobs grant incentives. <br />g. <br />"New Business" — shall be defined as a business establishing 5 or more new jobs to <br />employ 5 or more new full-time employees in the County within the term of the <br />Grant (as such term is hereinafter defined), provided that such business first begins <br />operations on a site in the County clearly separate from any other operation owned <br />by the same business. <br />h. Phase Commencement Date" — the date that the County begins tracking qualifying <br />jobs for potential local jobs grant payments. Such date shall start on one of the <br />following dates: January 1st, April 1st, July 1St, or October 1st of a year agreed to by <br />COUNTY as established within this Agreement or as otherwise modified in <br />accordance with this Agreement. <br />i. "Qualifying job" — a full-time equivalent job having an annual wage equal to or <br />greater than 75% of Indian River County' s Average Annual Wage. <br />-2- <br />74 <br />