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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 and an evaluation by the Chamber's project review committee.. the applicant company <br />appears to be financially acceptable and appears not to have significant legal problems among its <br />principals and officers that might raise concerns for providing the applicant company with public <br />funds through the Local Jobs Grant Program. Under the jobs grant program, public funds are <br />expended only after performance is verified (new jobs created at adequate wage levels). <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, Project Treadstone qualifies for the jobs <br />grant program under the "Financial/Professional Services — Corporate/Regional Headquarters" <br />category. <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. Currently, the <br />County's average annual wage is $37,882. It is anticipated that Project Treadstone will create 25 <br />new jobs in Indian River County. All proposed jobs will exceed the minimum job grant qualification <br />of having wages that are above 75% of the County's average annual wage ($28,411.50). In fact, wage <br />levels are expected to exceed 150% of the county average annual wage. <br />Grant Calculation <br />The following table indicates the number of proposed jobs in each wage category and the amount of <br />job grant associated with that wage category and the total jobs grant amount. <br />Cateaalitied:Jolis': <br />Am .; n <br />oust, er;:Toti<?� <br />�n.:;;, t;. Totals<<=` <br />75% of county average wage <br />0 <br />$0 <br />$0 <br />100% of county average wage <br />0 <br />$0 <br />$0 <br />150% of county average wage <br />25 <br />$7,000 <br />$175,000 <br />Sub -Total Grant Amount <br />$175,000 <br />89 <br />