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10. A. 2. INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Board of County Commissioners THROUGH: John A. Titkanich, Jr.; County Administrator PREPARED BY: Chris Balter; Chief of Long -Range Planning DATE: April 10, 2024 RE: Consideration of Mod Units LLC Request for a Local Jobs Grant It is requested that the information presented herein be given formal consideration by the Board of County Commissioners at its meeting of April 23, 2024. DESCRIPTION AND CONDITIONS As part of the County's initiatives to improve the local economic base, a package of economic development incentives designed to attract targeted businesses to the County and to encourage existing businesses to expand their operations within the County was established in 1996. Included in that package of incentives was a local job grant program. That program, which was revised by the Board of County Commissioners in October 2000, December 2006, and March 2009, provides a financial incentive to businesses that create good paying, full-timejobs in Indian River County. Mod Units LLC has applied for a local job grant for its business which will manufacture affordable steel - enforced modular units for the construction of affordable multi -family housing complexes. As proposed, Mod Units LLC will bring a targeted business with approximately twenty-four (24) new jobs to the County. To be eligible for the County's Local Job Grant Program, an applicant must create at least 5 new jobs, and those jobs must pay wages equal to or greater than 75% of the County's average annual wage. Currently, seventy-five percent of the County's average annual wage is $37,841, and twenty- four (24) of the proposed twenty-four (24)jobs meet the minimum wage requirements for the job grant application. Based upon proposed wages and jobs, Mod Units LLC is eligible to receive up to a $128,000 jobs grant. 169