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(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 7, and the Commencement Date (for Grant <br /> tracking) may be extended. Proposed jobs will remain eligible for Grant <br /> 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, and II is 7. <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 7 eligible jobs proposed for Phases I, II, <br /> and III are created after the Phase III commencement date or, <br /> if applicable, after an administratively approved extension to <br /> 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 $27,000.00 <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 $27,000.00 <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 /> payments made to COMPANY while COMPANY was not a "Target Industry <br /> or if while COMPANY was not relocated within Indian River County." <br /> (vii) During the Term of this Agreement, COMPANY shall have a majority <br /> (greater than 50%) of its goods and services, attributable to the Indian <br /> River County location, sold or distributed outside of Indian River County. <br /> -4- <br />