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Job Incentives Available throueh the State of Florida In addition to applying for a local jobs grant. Project Treadstone is applying for a separate but related grant program through the state of Florida. That program is the Qualified Target Industry (QTI) Tax Refund Program, a program which requires a 20% local match from the County. QTI Tax Refund Program The state's QTI Tax Refund program is an incentive used by the state of Florida to induce certain targeted industries to locate within the state. The program pays between $3,000 and $8,000 per job to eligible target industries based on the average annual salary of all jobs that the industry provides and the type of industry sector. Similar to the County's local jobs grant. QTI payments are made to a company over multiple years. To participate in the QTI Tax Refund program, the state requires that 20% of the QTI Tax Refund program award be paid by the local government where the target industry locates. For Indian River County. the County's Local Jobs Grant Program may be used to meet the state's requirement for a 20% local government match for the state QTI Tax Refund Program. That commitment of local financial support for the QTI program must be made by adoption of a resolution of support. The resolution must be submitted to the state along with the QTI application from the targeted industry. Under the QTI program, Project Treadstone will qualify for a total of $7,000 per job created. The attached QTI resolution is based on a template resolution provided by the state. As such, it includes language required by the state. While the resolution commits the County to provide the 20% local match (up to $35,000), the County is required to pay that match to the state only upon the company meeting local jobs grant and State QTI performance requirements. The local match will come out of Project Treadstone's $175,000 local jobs grant. CONCLUSION Based on the analysis conducted, staff has determined that Project Treadstone qualifies for a local jobs grant of up to $175,000. RECOMMENDATION The Economic Development Council and staff recommend that the Board of County Commissioners: I . Approve a local jobs grant of up to $175,000 for Project Treadstone, and 2. Authorize the chairman to sign the Jobs Grant Agreement for Project Treadstone after approval of the agreement by appropriate county staff and the county attorney's office (draft agreement attached), and 3. Authorize the chainnan to sign the resolution of support for Company's state QTI application (copy attached). E 91