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The agreement will also include automatic termination provisions that are dependent upon <br />performance (or lack thereof) by Kessel Medical, Inc. Under those provisions, automatic termination <br />will occur either on the date the County has made the last jobs grant payment or upon failure of <br />Kessel Medical, Inc to meet the minimum of 5 jobs hiring deadline or upon failure to provide <br />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 />five separate County fiscal years starting in County fiscal year 2024-25. <br />The following table indicates the proposed grant funds to be distributed to Kessel Medical Inc by <br />fiscal year. <br />FY <br />Proposed Job Grant Payments <br />2024/25 <br />$8,333.34 <br />2025/26 <br />$20,333.33 <br />2026/27 <br />$35,333.33 <br />2027/28 <br />$27,000.00 <br />2028/29 <br />$15,000.00 <br />Total <br />$106,000.00 <br />The proposed payment dates and payment amounts stated will vary, depending upon actual <br />performance by Kessel Medical Inc. Since there may be unanticipated delays in hiring new <br />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 Kessel Medical, Inc qualifies for a local <br />job grant of up to $106,000. <br />ECONOMIC DEVELOPMENT COUNCIL ACTION <br />At its regular meeting on November 15, 2022 the Economic Development Council voted <br />unanimously to recommend that the Board of County Commissioners approve a local jobs grant of <br />up to $106,000 for Kessel Medical, Inc. <br />4 <br />X11 <br />