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purposes of this Agreement, this definition shall also include other similar <br /> 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 Eligibility; Payment Schedule. <br /> a. COMPANY will be eligible for total Jobs Grant Funding(hereinafter a"Grant") <br /> in an amount of up to $136,000. COMPANY acknowledges and agrees that the <br /> initial Grant under this Agreement is payable on a re-imbursement basis. The <br /> number of jobs estimated to be provided is listed below. Jobs grant payments are <br /> dependent upon the number of employees exceeding the company's employment <br /> level at the time that this Agreement is approved by the Indian River County <br /> Board of County Commissioners, and by the criteria set forth below. <br /> (i) Thirty (30) new qualifying jobs meeting the wage level commitment in <br /> Section 5 of this Agreement shall be provided by the Commencement Date <br /> 4/01/18. For each of the three successive annual periods that those jobs are <br /> maintained at the required wage level, COMPANY shall receive 1/3 of the <br /> Grant amount for those 30 jobs. <br /> (ii) It is understood that the quantity of jobs proposed above, their annual <br /> wages, and dates of hire are estimates. Because of that, the quantity of jobs <br /> provided may be less than 30, and the Commencement Date (for jobs grant <br /> tracking)may be extended. Proposed jobs will remain eligible for local jobs <br /> grant incentives provided: <br /> a. The minimum number of qualifying jobs provided is 5. <br /> -3- <br />