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The proposed payment dates and payment amounts stated will vary, depending upon actual <br /> performance by Company. Since there may be unanticipated delays in hiring new employees, an <br /> allowance for an administratively approved extension of up to one year will be included in the jobs <br /> grant agreement. That allowance could shift grant payments out by up to one year. In addition,the <br /> jobs grant agreement will allow for the shifting of jobs between phases. Thus,the jobs grant award <br /> for each Phase could be more or less than proposed. In no case, however, will the total jobs grant <br /> award exceed $94,000. <br /> Job Incentives Available through the State of Florida <br /> In addition to applying for a local jobs grant, Company may apply for a separate grant through the <br /> state of Florida. If the state program requires any local match, the $94,000 local job grant can be <br /> used for the match. <br /> CONCLUSION <br /> Based on the analysis conducted,staff has determined that Company qualifies for a local jobs grant <br /> of up to $94,000. <br /> RECOMMENDATION <br /> The Economic Development Council and staff recommend that the Board of County Commissioners <br /> approve a local jobs grant of up to$94,000 for Company. Staff also recommends that the Board of <br /> County Commissioners authorize the chairman to sign the Jobs Grant Agreement with Company <br /> after approval of the agreement by appropriate county staff and the county attorney's office (draft <br /> agreement attached). <br /> ATTACHMENT <br /> 1. Jobs Grant Application <br /> 2. Draft Jobs Grant Agreement <br /> Indian River Co. Approved Date <br /> -, 7�J p <br /> Approved Agenda Item: Admin. .3cel/ <br /> Legal P 3-.,s,13 <br /> For: JW 0 Budget 3 13 <br /> Dept. <br /> By: 9 . <br /> &U'd <br /> Risk Mgr. <br /> F:Community Development\Users\EDplannr\lncentives&Funding\Jobs Grant Program\Triton Submarines\BCC agenda item Triton Submarines April <br /> 2,2013.doc <br /> 5 <br /> 174 <br />