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(iii) For Phase III, 8 new qualifying jobs meeting the wage level <br />commitment in Section 5 of this agreement shall be provided by the phase <br />commencement date 10/01/27. 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 />(iv) It is understood that the quantity of jobs proposed above, their annual <br />wages, and dates of hire are estimates. Because of that, the quantity of <br />jobs provided may be less than 20, and the Commencement Date (for <br />Grant tracking) may be extended. Proposed jobs will remain eligible for <br />Grant incentives provided: <br />a. The minimum number of qualifying jobs provided in Phase I is <br />5. <br />b. The maximum number of jobs eligible for local jobs grant funds <br />for Phases I, II, and III is 24. <br />c. The maximum extension for a phase commencement date shall <br />be one year. Such commencement date extension may be <br />approved administratively by the County Planning and <br />Development Services Director or his designee, provided the <br />extension date meets the requirements of Section 3 of this <br />agreement. If any of the 24 eligible jobs proposed for Phases I, <br />II, and III are created after the Phase III commencement date <br />or, if applicable, after an administratively approved extension <br />to the Phase III commencement date, those jobs shall not be <br />eligible for local jobs grant funds. <br />In no case shall the total Grant exceed $128,000.00. <br />(v) Failure of COMPANY to maintain claimed jobs for at least 3 years at <br />required wage levels will result in the reduction of the Grant amount paid <br />to COMPANY, as set forth herein. If, by the end of any of the annual <br />periods, COMPANY has not maintained the total number of claimed jobs <br />required or if COMPANY has provided the total jobs required, but the <br />annual wage for any of those jobs is less than required for that year, the <br />Planning and Development Services Director, or his designee, will lower <br />the jobs grant award for the respective year by the amount allocated in <br />such year for each job for which the requirements of this agreement are <br />not met. Thus, the total jobs grant award could be less than $128,000.00 <br />by the end of this Agreement. <br />(vi) If COMPANY changes the products or services it provides in such a way <br />that would make COMPANY no longer qualify as a "Target Industry" or if <br />COMPANY relocates outside of Indian River County, COMPANY shall be in <br />Default of this Agreement. COMPANY shall reimburse COUNTY for <br />-4- <br />