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Due Diligence <br /> As part of the process of evaluating Company for participation in the County's Local Jobs Grant <br /> Program,County staff and Chamber of Commerce staff conducted research on Company,its officers, <br /> and agents. Actions taken as part of that due diligence process included: <br /> • Obtaining and evaluating a Dun and Bradstreet credit/financial report for Company; <br /> • Conducting a general internet search for Company and its officers using key words such as, <br /> but not limited to "foreclosure" "lawsuit" "crime" "criminal" and "defendant"; <br /> • Checking the Florida Department of State Division of Corporations website for corporate <br /> registrations and liens; <br /> • Searching County official records for tax liens,judgments, and pending litigation; <br /> • Using Public Access to Court Electronic Records (PACER) to search for federal civil and <br /> federal bankruptcy actions; and <br /> • Other searches as needed <br /> Staff focused its due diligence research on the main sources of data readily available. Based upon <br /> that research, Company appears to be financially sound and appears not to have legal problems that <br /> might raise concerns for providing Company with public funds through the Local Jobs Grant <br /> Program. <br /> Local Jobs Grant Eligibility Review <br /> ➢ Industry Classification of Business <br /> To qualify for the County's Local Job Grant Program, a company must be one of the county's <br /> targeted industries. Under the County's target industry list, Company qualifies for the jobs grant <br /> program under the Boat Building category (NAICS 336611, Ship Building and Repairing and/or <br /> NAICS 336612, Boat Building). <br /> ➢ Job Creation Threshold <br /> As structured, the county's jobs grant program provides $3,000 for each new position created that <br /> pays from 75% to 99.99% of the County's average annual wage; $5,000 for each new position <br /> created that pays from 100%to 149.99%of the County's average annual wage;and$7,000 for each <br /> new position created that pays 150% or more of the County's average annual wage. <br /> Currently,the County's average annual wage is$34,119. It is anticipated that Company will create <br /> 24 new jobs in Indian River County, and all of the proposed jobs will meet the minimum job grant <br /> qualification of having wages that are above 75%of the County's average annual wage($25,589.25). <br /> 3 <br /> 172 <br />