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DRAFT <br />NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter <br />contained, the parties do agree as follows: <br />1. 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 <br />by 5 or more new jobs to employ 5 or more new full-time employees in the <br />COUNTY within the term of the Grant. <br />e. "Full-time Equivalent Job" - shall be defined as a position that is scheduled for <br />at least 35 hours per week. <br />f. "Indian River County Average Annual Wage" — shall be defined as the average <br />annual wage per job in COUNTY as determined by Florida Agency for <br />Workforce Innovation, Labor Market Statistics Center, Quarterly Census of <br />Employment and Wages Program, in cooperation with the U.S. Department of <br />Labor, Bureau of Labor Statistics. Currently, the COUNTY's average annual <br />wage is $43,178 (effective January 1" 2019 for the state QTI Tax Refund <br />Program). This dollar value shall be used for the duration of this Agreement for <br />determining local jobs grant incentives. <br />g. "New Business" — shall be defined as a business establishing 5 or more new jobs <br />to employ 5 or more new full-time employees in the COUNTY within the term <br />of the Grant (as such term is hereinafter defined), provided that such business <br />first begins operations on a site in the COUNTY clearly separate from any other <br />operation 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 1 St, April 1St, July 1 st, or October 1 st of a year agreed to <br />by 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% of Indian River County's Average Annual Wage. Such jobs <br />must be filled by people who live in COUNTY or Adjacent Counties. <br />-2- <br />Attachment 2 <br />55 <br />