Laserfiche WebLink
SIV <br />INDIAN RIVER COUNTY <br />"FoR,� LOCAL JOBS GRANT PROGRAM <br />APPLICATION <br />Overview <br />To attract new businesses to locate in Indian River County and to encourage existing businesses <br />to expand locally, the Board of County Commissioners (the Commission) has established the Local <br />Jobs Grant program. The program offers eligible businesses (those within the County's Target <br />Industry list) financial incentives for creating new higher -wage jobs within the County and <br />maintaining those jobs over multiple years. <br />Targeted businesses that create five (5) or more new jobs within the County paying at least 75% <br />of the current county average annual wage are eligible to apply. Effective 1/1/2022, the county <br />uses the State's 2020 Average Annual Wage for IRC of $46,289. Qualifying businesses will be <br />paid per job in accordance with the table below. An additional 10% bonus is available for a <br />business that locates within the Indian River County/City of Vero Beach Enterprise Area of <br />Gifford. <br />Percent of Average Wage* of New Qualified Jobs <br />Grant Amount per New Job Created <br />75% to 99.99% of county average annual wage <br />$3,000 per job <br />100% to 149.99% of county average annual wage <br />$5,000 per job <br />150% or more of county average annual wage <br />$7,000 per job <br />*.overage Annual Wage includes salary, bonuses, and commissions (excluding benefits). <br />Local Jobs Grant payments are provided on a per job basis, with 1/3`d of the designated payment <br />being made 1 year after the job is in place, 1/3`d of the designated payment being made 2 years <br />after the job is in place, and 1/3`d of the designated payment being made 3 years after the job is in <br />place. <br />Application Review Process <br />Generally, the Local Jobs Grant application and award process takes 30-45 days. Because the Jobs <br />Grant program is an economic development incentive, jobs provided by a company prior to local <br />jobs grant application review and approval are not eligible and should not be included in a Local <br />Jobs Grant application. <br />Applications are first reviewed simultaneously by the Indian River County Chamber of Commerce <br />and the Indian River County Community Development Department to verify that the business <br />meets eligibility criteria and that the application is complete. Once that determination is made, the <br />Local Jobs Grant application is scheduled for review by the Indian River County Economic <br />Development Council (EDC). <br />1 82 <br />