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qualifies for the jobs grant program under the "Manufacturing/Warehouse/Distribution — Food <br />Manufacturing." <br />➢ Job Creation Threshold <br />As structured, the county's jobs grant program provides $3,000 for each new position created that <br />pays from 75% to 99.99% of the County's average annual wage; $5,000 for each new position <br />created that pays from 100% to 149.99% of the County's average annual wage; and $7,000 for each <br />new position created that pays 150% or more of the County's average annual wage. <br />Currently, the County's average annual wage is $46,289. It is anticipated that Lemnature AquaFarms <br />USA, Inc will create 46 new jobs in Indian River County, and all 46 of the proposed jobs will meet <br />the minimum job grant qualification of having wages that are above 75% of the County's average <br />annual wage ($34,716.75). <br />Grant Calculation <br />The following table indicates the number of proposed jobs in each wage category and the amount of <br />job grant associated with that wage category and the total jobs grant amount. <br />Category <br />Qualified Jobs <br />Amount per Job <br />Total <br />75% of county average wage <br />23 <br />$3,000 <br />$69,000 <br />100% of county average wage <br />15 <br />$5,000 <br />$75,000 <br />150% of county average wage <br />8 <br />$7,000 <br />$56,000 <br />Sub -Total Grant Amount <br />$200,000 <br />Jobs Grant Agreement <br />If the Economic Development Council recommends that the Board of County Commissioners <br />approve Lemnature AquaFarms USA, Inc Local Job Grant Application, staff will prepare a local job <br />grant agreement to be executed between the County and Lemnature AquaFarms USA, Inc. That <br />agreement will stipulate various requirements, including that: <br />The grant will be payable over a four-year period by phase. <br />Lemnature AquaFarms USA, Inc will provide copies of its quarterly reemployment <br />compensation reports (RT — 6 forms) to the County so that the County can verify that the <br />number of jobs claimed for each local job grant payment level is being provided. <br />Lemnature AquaFarms USA, Inc will supply documentation to the County showing that <br />employees reside within the County or in adjacent counties. <br />250 <br />