The newest economic development agreement SEDCO has offered hinges on creating at least 200 new jobs, not capital investment. West Asset Management will get up to $300,000 over four years, SEDCO President John Boswell said.

"We've had two successful projects with them in the past," Boswell said. "And I'm pleased we have the opportunity to work with them again to create jobs."

Boswell said SEDCO will pay West Asset Management 2 percent of its net quarterly payroll increase over the number of employees as reported in the base (or control) period of the first quarter of 2005. SEDCO will use West's IRS form 941 tax return to determine its compliance. The agreement calls for the money to be paid in 16 installments, one each quarter over the four-year period.

Since payments are based on a percentage of the payroll, West could collect more than a sixteenth of the money in a quarter by creating more jobs or more pay than required. However, the jobs would still have to be kept for the four years of the agreement, regardless of when they are created, Boswell explained.  In return for SEDCO's payments, West agrees to stay in business and employ those additional workers from Jan.1, 2006 through Dec. 31, 2009.