Laserfiche WebLink
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 $27,000.00. 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, 5 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 01/01/26. For each of the three successive annual <br /> periods that those jobs are maintained at the required wage level, <br /> COMPANY shall receive 1/2 of the Grant amount for those 5 jobs. <br /> (ii) For Phase II, 2 new qualifying jobs meeting the wage level commitment <br /> in Section 5 of this agreement shall be provided by the phase <br /> commencement date 01/01/27. For each of the three successive annual <br /> periods that those jobs are maintained at the required wage level, <br /> COMPANY shall receive 1/2 of the Grant amount for those 2 jobs. <br /> -3- <br />