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Vero Beach/Indian River County Enterprise Zone or an amount of up to <br /> $ 5009000 if COMPANY locates within Indian River County , but outside of <br /> the City of Vero Beach/Indian River County Enterprise Zone . Said Grant <br /> shall be payable in 3 one year periods by Phase as more specifically set forth <br /> herein . <br /> COMPANY acknowledges and agrees that the initial Grant under this <br /> Agreement is payable on a re- imbursement basis . There are a total of 3 <br /> separate Phases . While the eligible Grant amount for each Phase will be <br /> determined 1 year after each Phase date , the number of jobs estimated to be <br /> provided by phase is listed below . In going forward, COUNTY will provide <br /> grant payments based on the actual number of jobs provided by phase . The <br /> exact number of jobs that COMPANY receives jobs grant incentives for <br /> within phases II and III will be limited by the Local Jobs Grant maximum <br /> total payment amount of up to $ 550 ,000 if COMPANY locates in the City of <br /> Vero Beach/Indian River County Enterprise Zone or an amount of up to <br /> $ 5009000 if COMPANY locates within Indian River County, but outside of <br /> the City of Vero Beach/Indian River County Enterprise Zone . Based on <br /> proposed average annual wages , a minimum of 72 jobs must be provided by <br /> COMPANY for COMPANY to be eligible for COUNTY' s maximum local <br /> jobs grant amount . <br /> (i) For Phase I , up to 48 but not less than 5 new qualifying jobs meeting the <br /> wage level commitment in Section 6 of this Agreement will be provided by <br /> 12/31 / 10 . For each of the three annual successive periods that those jobs are <br /> maintained at the required wage level , COMPANY shall receive 1 /3 of the <br /> Grant amount for those jobs . <br /> (ii) For Phase II, up to 25 new qualifying jobs meeting the wage level <br /> commitment in Section 6 of this agreement will be provided by 6/30/ 11 . For <br /> each of the three annual successive periods that those jobs are maintained at <br /> the required wage level , COMPANY shall receive 1 /3 of the Grant amount <br /> for those jobs . <br /> (iii) For Phase III , up to 27 new qualifying jobs meeting the wage level <br /> commitment in Section 6 of this agreement will be provided by 12/31 / 11 . For <br /> each of the three annual successive periods that those jobs are maintained at <br /> the required wage level , COMPANY shall receive 1 /3 of the Grant amount <br /> for those jobs . <br /> (iv) 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 to <br /> COMPANY . If by the end of any of the annual periods , COMPANY has not <br /> - 3 - <br />