Vote: approved

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31. SILICON VALLEY BANK PROGRESS REPORT AND MILESTONE COMPLETION Accept July 31, 2014 progress report from Silicon Valley Bank and authorize payment of $250,000 for completion of the second milestone, according to contract C-39-12-030-3-00. On March 28, 2012, the Board approved an agreement with Silicon Valley Bank to provide an economic development grant, not to exceed $1 million. The disbursements are to be made in payments of $250,000 each upon reaching designated milestones. The second milestone of the creation of 160 jobs has recently been met. (C-39-12-030-3-01)

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Vote: approved

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46. PROGRESS REPORT AND MILESTONE COMPLETION FROM SILICON VALLEY BANK Accept February 25, 2015 progress report from Silicon Valley Bank and authorize payment of $250,000 for completion of the third milestone, according to contract C-39-12-030-3-00. On March 28, 2012, the Board approved an agreement with Silicon Valley Bank to provide an economic development grant, not to exceed $1 million. The disbursements are to be made in payments of $250,000 each upon reaching designated milestones. The third milestone of the creation of 220 jobs has recently been met. (C-39-12-030-3-02)

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Vote: approved

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38. PROGRESS REPORT AND MILESTONE COMPLETION FROM SILICON VALLEY BANK Accept March 11, 2016 progress report from Silicon Valley Bank and authorize payment of $250,000 for the completion of the fourth milestone, according to contract approved under C-39-12-030-3-00. On March 28, 2012, the Board approved an agreement with Silicon Valley Bank to provide an economic development grant, not to exceed $1 million. The disbursements are to be made in payments of $250,000 each upon reaching designated milestones. The fourth milestone of the creation of 280 jobs has recently been met. This is the final payment to Silicon Valley Bank. In consideration of the economic development benefits in the form of high-wage export-based employment in Maricopa County, the County agreed to provide $1,000,000 in grant funding to SVB for 10 years from the date of execution, April 2, 2012. SVB must maintain milestones throughout the entire term of the Agreement. If SVB fails to create or maintain jobs for more than 360 consecutive days at any time during the term of the agreement for milestones one, two, three and four, it shall repay to the County $250,000 for milestone one, $282,610 for milestone two, $402,175 for milestone three, and $521,740 for milestone four. If, after completion of milestone four, SVB fails to create jobs for milestones five, six or seven, it shall repay to the County $391,305 for failure to complete milestone five, $260,870 for failure to complete milestone six, and $130,435 for failure to complete milestone seven through the period ending April 1, 2022. (C-39-12-030-3-03)

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