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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 <br />2.5 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 Eli fg bility; Payment Schedule. <br />a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a "Grant") <br />in an amount of up to $200,000. 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 <br />are dependent upon the number of employees exceeding the company's <br />employment level at the time that this Agreement is approved by the Indian <br />River County Board of County Commissioners, and by the criteria set forth <br />below. <br />(i) For Phase I, 10 new qualifying jobs meeting the wage level commitment <br />in Section 5 of this Agreement shall be provided by the phase <br />commencement date 7/01/22. 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 10 jobs. <br />(ii) For Phase Il, 36 new qualifying jobs meeting the wage level <br />commitment in Section 5 of this agreement shall be provided by the phase <br />commencement date 10/01/22. 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 36 jobs. <br />-3- <br />