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Funding & Proposed Payment Schedule <br />If approved, the local jobs grant will be funded from County General Fund contingencies taken from <br />three separate County fiscal years starting in County fiscal year 2026-27. <br />The following table indicates the proposed grant funds to be distributed to Mod Units LLC by fiscal <br />year: <br />FY <br />Proposed Job Grant Payments <br />2026/27 <br />$42,666.667 <br />2027/28 <br />$42,666.667 <br />2028/29 <br />$42,666.666 <br />Total <br />$128,000.00 <br />The proposed payment dates and payment amounts stated will vary, depending upon actual <br />performance by Mod Units LLC. Since there may be unanticipated delays in hiring new employees, <br />an allowance for an administratively approved extension of up to one year will be included in the <br />jobs grant agreement. That allowance could shift grant payments out by up to one year. <br />ECONOMIC DEVELOPMENT COUNCIL ACTION <br />At its regular meeting on March 19, 2024, the Economic Development Council voted unanimously <br />to recommend that the Board of County Commissioners approve a local jobs grant of up to <br />$128,000 for Mod Units LLC. <br />RECOMMENDATION <br />Staff and the Economic Development Council recommends that the Board of County <br />Commissioners: <br />1. Approve a local job grant of up to $128,000 for Mod Units LLC. <br />2. Authorize the Chair to sign the Jobs Grant Agreement for Mod Units LLC after approval of <br />the agreement by appropriate County staff and the County attorney's office (draft <br />agreement attached). <br />ATTACHMENTS <br />1. Jobs Grant Application <br />2. Draft Jobs Grant Agreement <br />E <br />172 <br />