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• Any business that receives county jobs grant assistance <br />must sign a legally binding agreement with the county and <br />post a letter of credit or other surety that indicates <br />that the business will perform according to criteria used <br />to approve the jobs grant application (such as number of <br />employees, average salaries, * of county residents hired, <br />---etc.) and also indicates that the business will not close <br />or relocate out of the county for at least 10 years from <br />the time of receiving the jobs grant unless the business <br />pays back the jobs grant which it has received. <br />The business's performance, as it relates to the jobs <br />grant program, must be reviewed on an annual basis. <br />RECOMMENDATION <br />Staff and the Economic Development Council recommend that the Board <br />of County Commissioners establish a local jobs grant program as <br />detailed above, if a new source of revenue to fund the program is <br />established. <br />Chairman Adams asked where the revenue would come from, and <br />Administrator Chandler responded that it would be included in the <br />County's General Fund budget which will be presented in July. <br />Commissioner Eggert referred to the additional bonuses (on 2nd <br />to last page of the memo) and advised that the key in the first <br />item is "target industries". If there are 5 or 6 industries which <br />are thought to be especially important to the County, there will be <br />a bonus for bringing those in first. She agreed with the cap of <br />$100,000 as recommended by Director Keating in his oral <br />presentation. She believed this incentive to be an important part <br />of the whole package and something that has proved to be very <br />attractive to industry. She believed if the Board wants the county <br />to stay properly competitive, it should be approved. <br />MOTION WAS MADE by Commissioner Eggert, SECONDED BY <br />Commissioner Macht, to approve staff's <br />recommendation, with a cap of $100,000, as set forth <br />in the memorandum. <br />Penny Chandler, executive vice president of the Chamber -of <br />Commerce, agreed with staff and the Economic Development Council in <br />bringing this incentive forward and hoped the Board would approve <br />it today. She thought it was important to note that the intent is <br />to evenly distribute the burden and relieve the residential <br />taxpayer. In mentioning that, she knew that industry offsets costs <br />of public service and that public services generally impact <br />54 <br />May 14, 1996 <br />