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The agreement will also include automatic termination provisions that are dependent upon <br />performance (or lack thereof) by Lemnature AquaFarms USA, Inc. Under those provisions, <br />automatic termination will occur either on the date the County has made the last jobs grant payment <br />or upon failure of Lemnature AquaFarms USA, Inc to meet the minimum of 5 jobs hiring deadline or <br />upon failure to provide quarterly reports for a period of three years. <br />Funding & Proposed Payment Schedule <br />If approved, the local jobs grant will be funded from County General Fund contingencies taken from <br />four separate County fiscal years starting in County fiscal year 2022-23. <br />The following table indicates the proposed grant funds to be distributed to Lemnature AquaFarms <br />USA, Inc by fiscal year. <br />FY <br />Proposed Job Grant Payments <br />2022/23 <br />$16,666.67 <br />2023/24 <br />$66,666.66 <br />2024/25 <br />$66,666.67 <br />2025/26 <br />$50,000 <br />Total <br />$200,000.00 <br />The proposed payment dates and payment amounts stated will vary, depending upon actual <br />performance by Lemnature AquaFarms USA, Inc. Since there may be unanticipated delays in hiring <br />new employees, an allowance for an administratively approved extension of up to one year will be <br />included in the jobs grant agreement. That allowance could shift grant payments out by up to one <br />year. <br />CONCLUSION <br />Based on the analysis conducted, staff has determined that Lemnature AquaFarms USA, Inc qualifies <br />for a local job grant of up to $200,000. <br />ECONOMIC DEVELOPMENT COUNCIL ACTION <br />At its regular meeting on May 17, 2022 the Economic Development Council voted unanimously to <br />recommend that the Board of County Commissioners approve a local jobs grant of up to $200,000 <br />for Lemnature AquaFarms USA, Inc with an effective date of May 17, 2022. <br />El <br />251 <br />