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COUNTY approved certified forms from COMPANY or COMPANY's <br /> professional employer organization. <br /> k. "Relocation of a business"—a business relocating to COUNTY and <br /> employing 5 or more full-time employees in the COUNTY. <br /> 1. "Target Industry"—An industry identified within the Target Industry List of the <br /> Economic Development Element of COUNTY's Comprehensive Plan(Policy 2.5 <br /> of the Economic Development Element). <br /> 2. Term; Termination. This Agreement shall be effective as of the date of this <br /> Agreement stated on page 1 and shall automatically terminate after one of the <br /> following has occurred (whichever occurs first), unless terminated earlier by <br /> COUNTY because of a Default by COMPANY. <br /> a. COUNTY has made the last payment to COMPANY; <br /> b. COMPANY did not employ a minimum of 5 new Qualifying Jobs by the <br /> Commencement Date, as may be modified; or <br /> c. COMPANY failed,for a period of 3 consecutive years(12 quarters),to provide <br /> required Quarterly Reemployment Compensation Reports (RT-6 form) to <br /> COUNTY. <br /> 3. Grant Eli ig bility, Payment Schedule. <br /> a. COMPANY will be eligible for total Jobs Grant Funding(hereinafter a"Grant") <br /> in an amount of up to $49,000. COMPANY acknowledges and agrees that the <br /> initial Grant under this Agreement is payable on a re-imbursement basis. There <br /> are a total of 3 separate Phases. The number of jobs estimated to be provided is <br /> listed below. Grant payments are dependent upon the number of employees <br /> exceeding the COMPANY's employment level at the time that this Agreement is <br /> approved by the Indian River County Board of County Commissioners. <br /> (i)For Phase I,7 new qualifying jobs meeting the wage level commitment in <br /> Section 5 of this Agreement shall be provided by the phase commencement <br /> date 10/01/17. For each of the three successive annual periods that those jobs <br /> are maintained at the required wage level, COMPANY shall receive 1/3 of <br /> the Grant amount for those 7 jobs. <br /> (ii)For Phase 11, 1 new qualifying job meeting the wage level commitment in <br /> Section 5 of this agreement shall be provided by the phase commencement <br /> date 1/01/18. For each of the three successive annual periods that that job is <br /> maintained at the required wage level, COMPANY shall receive 1/3 of the <br /> Grant amount for that 1 job. <br /> -3- <br />