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M <br />M <br />M <br />whether or not' -the business would be likely to relocate <br />or expand in Indian River County without the jobs grant. <br />• The budget cap for the first year (FY 1996-97) for this <br />program is set at $100,000. For each subsequent year, <br />the board will establish the cap at budget time. <br />• The county's Jobs Grant Program can apply to a company - <br />that creates at least 20 or more manufacturing jobs (SIC <br />code's 20-39) as well as the county's target industries. <br />• The salary or wage of each employee used to qualify the <br />business for the jobs grant program must equal at least <br />100% of the county's average salary/wage level. <br />• Amount of the grant is determined based on the following <br />criteria: <br />o 20-49 employees = $1,000 per job created <br />o 50-99 employees = $1,250 per job created <br />0 100-149 employees = $1,500 per job created <br />o 150 + employees = $2,000 per job created <br />• Additional bonuses will be awarded to firms which meet <br />this additional criteria: <br />0 50 or more jobs created in the county's target <br />industries as applicable at the time of <br />application; <br />(10% bonus) <br />0 75% or more of those hired are Indian River <br />County residents; <br />(10% bonus) <br />0 The salary of each employee used to qualify the <br />business for the jobs grant program is at least <br />125% of the county's average salary; <br />(10% bonus) <br />0 The salary of each employee used to qualify the <br />business for the jobs grant program is at least <br />150% of the county's average salary; <br />(20% bonus) <br />o The salary of each employee used to qualify the <br />business for the jobs grant program is at least <br />175% of the county's average salary; <br />(25% bonus) <br />• A grant to an individual company may not exceed <br />$500,000. <br />• The jobs grant funds provided to an industry can be used <br />for costs associated with expansion or relocation such as <br />moving expenses, permitting costs, impact fees, <br />infrastructure costs, rent, day care facilities, <br />equipment, or other expenses to be approved by the Board <br />of County Commissioners. <br />• The jobs grant can be paid over a three year period. In <br />the first year, the business would receive 50% of the <br />total grant, and then 25V for each of the last two years. <br />53 <br />BOOK � . mx 5,81 <br />May 14, 1996 <br />