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As with all local jobs grant due diligence activities, staff focuses its due diligence research on the <br />main sources of data readily available. Based upon this research, and an evaluation by the <br />Chamber's project review committee, Company appears to be financially sound and appears not <br />to have significant legal problems that might raise concerns for providing the 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, Company qualifies for the jobs grant <br />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 <br />each new position created that pays 150% or more of the County's average annual wage. Currently, <br />the County's average annual wage is $39,390. It is anticipated that Company will create 15 new <br />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 ($29,542.50). <br />Grant Calculation <br />The following table indicates the number of proposed jobs in each wage category and the amount <br />of job grant associated with that wage category and the total jobs grant amount. <br />Category <br />Qualified Jobs <br />Amount per Job <br />Total <br />75% of county average wage <br />13 <br />$3,000 <br />$39,000 <br />100% of county average wage <br />2 <br />$5,000 <br />$.10,000 <br />150% of county average wage <br />0 <br />$7,000 <br />$0 <br />Sub -Total Grant Amount <br />1$49,000 <br />Jobs Grant Agreement <br />If the Board of County Commissioners approves Company's Local Job Grant Application, a local <br />3 <br />P109 <br />