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Supplies 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 Kessel Medical will <br />create 20 new jobs in Indian River County, and all 20 of the proposed jobs will meet the minimum <br />job grant qualification of having wages that are above 75% of the County's average annual wage <br />($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 />0 <br />$3,000 <br />$0 <br />100% of county average wage <br />17 <br />$5,000 <br />$85,000 <br />150% of county average wage <br />3 <br />$7,000 <br />$21,000 <br />Sub -Total Grant Amount <br />$106,000 <br />Jobs Grant Agreement <br />If the Economic Development Council recommends that the Board of County Commissioners <br />approve Kessel Medical Inc's Local Job Grant Application, staff will prepare a local job grant <br />agreement to be executed between the County and Kessel Medical, Inc. That agreement will <br />stipulate various requirements, including that: <br />The grant will be payable over a five-year period by phase. <br />Kessel Medical, Inc will provide copies of its quarterly reemployment compensation reports <br />(RT — 6 forms) to the County so that the County can verify that the number of jobs claimed <br />for each local job grant payment level is being provided. <br />Kessel Medical, Inc will supply documentation to the County showing that employees reside <br />within the County or in adjacent counties. <br />79 <br />