News & Events
MIAMI-DADE FUNDS INCENTIVES FOR 346 MEDIA JOBS
(Miami, FL) A media company is considering locating its headquarters in Miami-Dade County and creating 346 jobs while making a capital investment of more than $274 million, documents submitted to the county commission on Tuesday show.
Miami-Dade, Houston, Los Angeles and New York are in the running for the unnamed company, which is seeking $3.5 million over a seven-year period — $500,000 per year — from the county's Targeted Jobs Incentive Fund Tax Refund [TJIF].
"Enterprise Florida, Inc. is also participating in the… incentive package with no less than $7 million of state funded grants and rebates," documents show.
With its identify protected under confidentiality rules, the unnamed firm would "co-locate with and expand an existing Miami-Dade County-based digital media company" and would also help retain 137 existing jobs, County Deputy Mayor Jack Osterholt wrote in a memorandum to the county commission.
The new jobs would be created over four years and pay an average salary of $81,110, with an average benefits package of $27,650, county documents show. To receive county economic incentives, firms must create at least 10 new jobs, retain them for three years and make capital investments of $3 million.
"The actual disbursement of the TJIF award is contingent upon verifying creation of the new jobs and the capital investment of the project appearing on the tax roll," Mr. Osterholt wrote.
The firm would add 150,000 square feet to the existing location and spend $274.52 million, documents show. The relocation and investment "will also generate a number of indirect jobs resulting from the company's purchase of goods and services, as well as consumer spending from labor income directly or indirectly earned from its business activities," according to Mr. Osterholt.
"County staff is also projecting approximately $5,644,000 in additional general fund revenues to the county from the capital investment commitment as stated in the company's TJIF application," Mr. Osterholt wrote.
"Based on these projections," he said, "the incentive would yield a net positive fiscal impact of $2,144,000 to the countywide general fund over seven years."
The commission Tuesday approved the resolution paving the way for use of county resources for the project.
The resolution says the firm would locate in District 12, which includes Doral, Hialeah, Medley, Sweetwater and a portion of unincorporated Miami-Dade.
"The commitment of incentive awards shall be contingent on [the firm]… maintaining the jobs during the life of the incentive and ensuring that its hiring practices are consistent with and reflect the diversity of the Miami-Dade County community," the resolution says.
In addition, the firm "agrees to a good faith effort to hire, to the maximum extent, residents from Miami-Dade County," according to the resolution.
The proposal was submitted to the county under the heading Confidential Project Vision by James C. Kohnstamm, Beacon Council assistant vice present of business expansion, retention, recruitment & urban initiatives. The council is the county's economic development arm.
Miami Today © July 18, 2012
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