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To be eligible for the County's Local Job Grant Program, an applicant must create at least 5 new jobs, and those jobs must pay wages equal to or greater than 75% of the county's average annual wage ($37,882 current average annual wage). Currently, seventy-five percent of the County's average annual wage is $28,411.50. All twenty-five of the proposed jobs meet the minimum wage requirements for the job grant application. Based upon proposed wages and jobs, Project Treadstone is eligible to receive up to a $175,000 jobs grant. On May 24, 2016, the Economic Development Council (EDC) held a Special Call Meeting to review the local jobs grant application. Although a quorum was not present; the EDC voted by consensus to recommend that the Board of County Commissioners approve the proposed jobs grant of up to $175,000 (see attachment 4). Concurrent with the local jobs grant request, the applicant has filed an application with the state for its QTI (Qualified Target Industry) grant. Similar to the County's jobs grant program, the QTI program is a state financial incentive program for targeted industries. An analysis of the QTI program and the proposed resolution is on page 5 of this agenda item. The BCC must now consider approving the proposed jobs grant of up to $175,000 and also consider approving a related State Qualified Target Industry (QTI) resolution supporting Project Treadstone's QTI application to the State of Florida. ANALYSIS Companx Project Treadstone is planning to re -locate its national headquarters to Indian River County from out of state and create 25 new jobs at a yet to be detennined location within Indian River County. All twenty-five proposed jobs exceed the minimum annual wage requirements under the Indian River County Local Jobs Grant Program. Due Dilipence As part of the process of evaluating a local jobs grant applicant for participation in the County's Local Jobs Grant Program, County staff and Chamber of Commerce staff conduct research on the company, its officers, and its agents. Actions taken as part of this due diligence process included: • Obtaining and evaluating a Dun and Bradstreet credit/financial report for applicant company; • Conducting a general internet search for applicant company and its officers using key words such as, but not limited to, "foreclosure", "lawsuit", "crime", "criminal", and "defendant"; • Checking the Florida Department of State Division of Corporations website for corporate registrations and liens; • Searching County official records for tax liens, judgments. and pending litigation; • Using Public Access to Court Electronic Records (PACER) to search for federal civil and 2