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(iii) For Phase 111, 25 new qualifying jobs meeting the wage level <br />commitment in Section 5 of this agreement shall be provided by the phase <br />commencement date 4/01/23. For each of the three successive annual <br />periods that those jobs are maintained at the required wage level, <br />COMPANY shall receive 1/3 of the Grant amount for those 25 jobs. <br />(iv) 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 50, and the Commencement Date (for Grant <br />tracking) may be extended. Proposed jobs will remain eligible for Grant <br />incentives provided: <br />a. The minimum number of qualifying jobs provided in Phase I is <br />5. <br />b. The maximum number of jobs eligible for local jobs grant funds <br />for Phases I, II, and III is 50. <br />c. The maximum extension for a phase commencement date shall <br />be one year. Such commencement date extension may be <br />approved administratively by the County Community <br />Development Director or his designee provided the extension <br />date meets the requirements of Section 3 of this agreement. If <br />any of the 50 eligible jobs proposed for Phases I, 11, and III are <br />created after the Phase III commencement date or, if applicable, <br />after an administratively approved extension to the Phase III <br />commencement date, those jobs shall not be eligible for local <br />jobs grant funds. <br />In no case shall the total Grant exceed $150,000. <br />(v) Failure of COMPANY to maintain claimed jobs for at least 3 years at <br />required wage levels will result in the reduction of the Grant amount paid <br />to COMPANY, as set forth herein. If, by the end of any of the annual <br />periods, COMPANY has not maintained the total number of claimed jobs <br />required or if COMPANY has provided the total jobs required, but the <br />annual wage for any of those jobs is less than required for that year, the <br />Community Development Department Director, or his designee, will lower <br />the jobs grant award for the respective year by the amount allocated in such <br />year for each job for which the requirements of this agreement are not met. <br />Thus, the total jobs grant award could be less than $150,000 by the end of <br />this Agreement. <br />(vi) If COMPANY changes the products or services it provides in such a <br />way that would make COMPANY no longer qualify as a "Target Industry" <br />or if COMPANY relocates outside of Indian River County, COMPANY <br />shall be in Default of this Agreement. COMPANY shall reimburse <br />COUNTY for payments made to COMPANY while COMPANY was not a <br />-4- <br />