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lRki <br />INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Michael Zito, Interim County Administrator <br />THROUGH: Phillip J. Matson, AICP; <br />Community Development Director <br />FROM: Andy Sobczak; Assistant Community Development Director <br />DATE: March 28, 2023 <br />RE: Consideration of Marotech USA, Inc.'s Request for a Local Jobs Grant <br />It is requested that the information herein presented be given formal consideration by the Board of <br />County Commissioners at its regular meeting of April 4, 2023. <br />DESCRIPTION AND CONDITIONS <br />As part of the County's initiatives to improve the local economic base, a package of economic <br />development incentives designed to attract targeted businesses to the county and to encourage <br />existing businesses to expand their operations within the county was established in 1996. Included <br />in that package of incentives was a local job grant program. That program, which was revised by the <br />Board of County Commissioners in October 2000, December 2006, and March 2009, provides a <br />financial incentive to businesses that create good paying, full-time jobs in Indian River County. <br />Marotech USA, Inc. has applied for a local job grant for its business which will manufacture, market, <br />and sell Hot Melt Coated Tapes in the packaging industry. As proposed, Marotech USA, Inc. will <br />bring a targeted business with approximately 10 new jobs to the county. <br />To be eligible for the County's Local Job Grant Program, an applicant must create at least 5 new <br />jobs, and those jobs must pay wages equal to or greater than 75% of the county's average annual <br />wage ($50,454 current average annual wage). Currently, seventy-five percent of the County's <br />average annual wage is $37,840.50. All of the proposed ten jobs meet the minimum wage <br />requirements for the job grant application. Based upon proposed wages and jobs, Marotech USA, <br />Inc. is eligible to receive up to a $35,200 jobs grant. <br />ANALYSIS <br />Marotech USA, Inc. is planning to expand in Indian River County and create 10 new jobs at 5265 <br />45' Street Vero Beach, FL 32967. All 10 of the proposed jobs meet the minimum annual wage <br />requirements under the Indian River County Local Jobs Grant Program. <br />Due Diligence <br />As part of the process of evaluating Marotech USA, Inc. for participation in the County's Local <br />47 <br />