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Compensation Report shall constitute the Annual Job Status Report, the <br />filing of which shall begin the running of the forty-five (45) -day period <br />within which payment shall be made. <br />If COMPANY applies for a Qualified Target Industry (QTI) <br />Tax Refund from the State of Florida and if COMPANY has that QTI Tax <br />Refund approved by the State, the Community Development Director or his <br />designee will reduce the Grant amount paid directly to COMPANY for each <br />eligibility determination in an amount sufficient to cover COUNTY's QTI <br />Tax Refund 20% contribution obligation to the State for COMPANY's QTI <br />Tax Refund agreement. The Community Development Director or his <br />designee will submit the 20% payment obligation to the State for placement <br />in the Florida Economic Development Trust Fund. <br />(ii) If at the time of performance evaluation for payment as <br />described in subsection 3.b COMPANY is not current on COUNTY Real <br />Estate and Tangible Personal Property Taxes, COUNTY shall withhold <br />Grant payments for that eligibility determination time period and <br />COMPANY shall automatically forfeit its right to collect Grant payments <br />for that eligibility time period. COMPANY shall remain eligible for any <br />remaining future Grant payments for future eligibility time periods provided <br />COMPANY is current on such taxes referenced above at the time of future <br />Grant eligibility determination time periods. <br />4. Job Creation Commitment. COMPANY estimates that it will provide 46 new <br />Qualifying Jobs within COUNTY as set forth in Exhibit `B", which is attached <br />hereto and made a part hereof. The exact number of jobs actually supplied and their <br />salaries, however, may vary. Grant funds will be awarded up to a maximum of <br />$200,000. The Grant award will be based on the following: <br />Category* <br />Amount Per Job <br />75% to 99.99% of Indian River County <br />$3,000 <br />Average Annual Wage <br />100% to 149.99% of Indian River County <br />$5,000 <br />Average Annual Wage <br />150% of Indian River County Average <br />$7,000 <br />Annual Wage (or greater) <br />*One average annual wage category will be utilized consistent with Exhibit "D" and the <br />County's current adopted payment calculation methodology. <br />5. Wage Level Commitment. COMPANY estimates that it will pay 23 employees <br />whose jobs are eligible for a Grant hereunder an annual wage of not less than <br />$34,716.75, will pay 15 employees an annual wage of not less than $46,289, and <br />-6- <br />