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NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter <br />contained, the parties do agree as follows: <br />Definitions. As used in this Agreement, the following terms shall mean: <br />a. "Adjacent Counties" means Brevard, Osceola, St. Lucie, Okeechobee, and Martin <br />Counties. <br />b. "Annual Wage" - includes salary, bonuses, and commissions. <br />c. "Default" - failure to comply with the terms of this Agreement. <br />d. "Expanding Business" — shall be defined as a business expanding its operation <br />over and above its base employment amount at the time of jobs grant approval by <br />5 or more new jobs to employ 5 or more new full-time employees in the COUNTY <br />within the term of the Grant. <br />e. "Full-time Equivalent Job" -shall be defined as a position that is scheduled for at <br />least 35 hours per week. <br />f. "Indian River County Average Annual Wage" — shall be defined as the average <br />annual wage per j ob in COUNTY as determined by Florida Agency for Workforce <br />Innovation, Labor Market Statistics Center, Quarterly Census of Employment and <br />Wages Program, in cooperation with the U.S. Department of Labor, Bureau of <br />Labor Statistics. Currently, the COUNTY's average annual wage is $39,390 <br />(effective January 1" 2017 for the state QTI Tax Refund Program). This dollar <br />value shall be used for the duration of this Agreement for determining local jobs <br />grant incentives. <br />g. "New Business" — shall be defined as a business establishing 5 or more new jobs to <br />employ 5 or more new full-time employees in the COUNTY within the term of the <br />Grant (as such term is hereinafter defined), provided that such business first begins <br />operations on a site in the COUNTY clearly separate from any other operation <br />owned by the same business. <br />h. Commencement Date" — the date that the COUNTY begins tracking qualifying <br />jobs for potential local jobs grant payments. Such date shall start on one of the <br />following dates: January I", April l St, July I St, or October I" of a year agreed to by <br />COUNTY as established within this Agreement or as otherwise modified in <br />accordance with this Agreement. <br />i. "Qualifying job" —a full-time equivalent job having an annual wage equal to or <br />greater than 75°1 of Indian River County's Average Annual Wage. <br />-2- <br />P114 <br />