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As structured, the County's jobs grant program provides $3,000 for each new position created that <br />pays from 75% to 99.99% of the County's average annual wage; $5,000 for each new position <br />created that pays from 100% to 149.99% of the County's average annual wage; and $7,000 for each <br />new position created that pays 150% or more of the County's average annual wage. <br />Currently, the County's average annual wage is $50,454. It is anticipated that Mod Units will create <br />24 new jobs in Indian River County, and all 24 of the proposed jobs will meet the minimum job <br />grant qualification of having wages that are above 75% of the County's average annual wage <br />($37,841). <br />Grant Calculation <br />The following table indicates the number of proposed jobs in each wage category and the amount <br />of job grant associated with that wage category and the total jobs grant amount. <br />Category <br />Qualified Jobs <br />Amount per Job <br />Total <br />75% of county average wage <br />0 <br />$3,000 <br />$0 <br />100% of county average wage <br />20 <br />$5,000 <br />$100,000 <br />150% of county average wage <br />4 <br />$7,000 <br />$28,000 <br />Sub -Total Grant Amount <br />$128,000 <br />Jobs Grant Agreement <br />The Economic Development Council recommends thatthe Board of County Commissioners approve <br />Mod Units LLC's Local Job Grant Application. Upon approval, staff will prepare a local job grant <br />agreement to be executed between the County and Mod Units LLC. That agreement will stipulate <br />various requirements, including that: <br />The grant will be payable over a five-year period by phase. <br />Mod Units LLC will provide copies of its quarterly reemployment compensation reports (RT - <br />6 forms) to the County so that the County can verify that the number of jobs claimed for <br />each local job grant payment level is being provided. <br />Mod Units LLC will supply documentation to the County showing that employees reside <br />within the County or in adjacent counties. <br />The agreement will also include automatic termination provisions that are dependent upon <br />performance (or lack thereof) by Mod Units LLC. Under those provisions, automatic termination <br />will occur either on the date the County has made the last jobs grant payment or upon failure of <br />Mod Units LLC to meet the minimum of 5 jobs hiring deadline or upon failure to provide quarterly <br />reports for a period of three years. <br />3 <br />171 <br />