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include other similar COUNTY approved certified forms from COMPANY or <br />COMPANY's professional employer organization. <br />k. "Relocation of a business" — a business relocating to COUNTY and <br />employing 5 or more full-time employees in the COUNTY. <br />I. "Target Industry" — An industry identified within the Target Industry List of the <br />Economic Development Element of COUNTY's Comprehensive Plan (Policy 2.5 <br />of the Economic Development Element). <br />2. Term; Termination. This Agreement shall be effective as of the date of this <br />Agreement stated on page 1 and shall automatically terminate after one of the <br />following has occurred (whichever occurs first), unless terminated earlier by <br />COUNTY because of a Default by COMPANY. <br />a. COUNTY has made the last payment to COMPANY; <br />b. COMPANY did not employ a minimum of 5 new Qualifying Jobs by the <br />Commencement Date, as may be modified; or <br />c. COMPANY failed, for a period of 3 consecutive years (12 quarters), to provide <br />required Quarterly Reemployment Compensation Reports (RT -6 form) to <br />COUNTY. <br />3. Grant Eligibility; Payment Schedule. <br />a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a "Grant") <br />in an amount of up to $128,000.00. COMPANY acknowledges and agrees that <br />the initial Grant under this Agreement is payable on a reimbursement basis. <br />The number of jobs estimated to be provided is listed below. Jobs grant <br />payments are dependent upon the number of employees exceeding the <br />company's employment level at the time that this Agreement is approved by <br />the Indian River County Board of County Commissioners, and by the criteria <br />set forth below. <br />(i) For Phase I, 8 new qualifying jobs meeting the wage level commitment <br />in Section 5 of this Agreement shall be provided by the phase <br />commencement date of 10/01/25. For each of the three successive annual <br />periods that those jobs are maintained at the required wage level, <br />COMPANY shall receive 1/3 of the Grant amount for those 8 jobs. <br />(ii) For Phase II, 8 new qualifying jobs meeting the wage level commitment <br />in Section 5 of this agreement shall be provided by the phase <br />commencement date 10/01/26. For each of the three successive annual <br />periods that those jobs are maintained at the required wage level, <br />COMPANY shall receive 1/3 of the Grant amount for those 8 jobs. <br />-3- <br />