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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, Diamond Drinks of Florida, Inc. qualifies <br />for the jobs grant program under the "Manufacturing/Warehouse/Distribution" category. <br />➢ Job Creation Threshold <br />As structured, the county's jobs grant program provides payments for each new position created that <br />pays 75% or greater of the County average annual wage (excludes CEO, owners, and out of area <br />employees). The payments are based on the average annual wage provided by the company for all <br />eligible jobs during a qualifying annual period as follows: <br />1. If the average wage of the employees falls between 75% and. 99.99% of the County's average <br />annual wage, total jobs grant payment would be $3,000 per new eligible position. <br />2. If the average wage of the employees falls between 100% and 149.99% of the County's <br />average annual wage, total potential jobs grant payment would be $5,000 per new eligible <br />position. <br />3. If the average wage of the employees is at or above 150% of the County's average annual <br />wage, total potential jobs grant payment would be $7,000 per new eligible position. <br />Currently, the County's average annual wage is $43,178. It is anticipated that Diamond Drinks of <br />Florida, Inc. will create 50 new jobs in Indian River County, and all 50 of the proposed jobs will <br />meet the minimum job grant qualification of having wages that are above 75% of the County's <br />average annual wage ($32,383.50). . . <br />Grant Calculation <br />The following table indicates the proposed jobs grant amount based on an annual average wage of all <br />eligible jobs of $34,240. <br />Category <br />Qualified Jobs <br />Amount per Job <br />Total <br />Average Annual Wage of all jobs <br />projected to be between. 75% and 100% of <br />COUNTY average wage (excludes wages <br />50 <br />$3,000 <br />$150,000 <br />for CEO, owners, and out of area <br />employees) <br />Jobs Grant Agreement <br />If the Board of County Commissioners approves Company's Local Job Grant Application, a local <br />jobs grant agreement will be executed between the County and applicant company. That agreement <br />47 <br />