Summary:
Innovative Data Solutions, Inc. d/b/a PowerDMS (PowerDMS)
offers a cloud-based content management platform that allows clients to reduce risk and manage their critical content
. This product assists organizations in managing crucial documents, training and testing employees and maintaining regulatory and accreditation standards. Industries serviced by PowerDMS include education, government, health care and finance/banking.
The company headquarters is currently located in Downtown Orlando
PowerDMS is considering expanding its workforce in response to rapid growth. The company currently has 46 employees in Florida and prefers to expand to/remain within a major metropolitan area in order to attract and retain qualified talent. If the Qualified Target Industry (QTI) program incentive is made available to the company, PowerDMS will create an additional 65 new-to-Florida jobs by December 31, 2016, paying an annual average wage of $84,672, which is at least 200% of the Orange County annual wage. The average value of benefits that will be available to employees is $7,500, which includes health and dental insurance, short term and long term disability insurance, AD&D policy and life insurance. Non cash benefits include in-office massages, fitness reimbursement and connectivity allowances. PowerDMS’ total capital investment is estimated to be $400,000 in construction and equipment. In addition to the City of Orlando, the company is considering Texas, New York and California for this expansion.
The State of Florida will provide a total of $650,000 to PowerDMS, Inc. under the QTI program, which includes the City's local financial support. City staff proposes to provide the local 20% QTI match, up to $2,000 per job created, paying an average annual wage of $84,672. Under this arrangement, the City of Orlando would provide $130,000 as an incentive over a six-year period. This match includes a High Impact Sector Bonus. City staff is recommending this match because PowerDMS is: 1) a targeted growth industry; 2) creating 65 new jobs; 3) retaining 48 existing jobs; 4) investing $400,000 in construction and equipment; and 5) considering other states for expansion.
The City of Orlando will benefit through the creation of 65 positions over the next three (3) years and the likelihood of continued job growth and investment well beyond this time frame. Florida's Qualified Target Industry Program includes strict accountability requirements of the applicant. The pledge of funds pursuant to this resolution shall be contingent upon PowerDMS, Inc. being qualified by the State of Florida as a QTI Program participant, meeting its job and wage obligations under the program and future budget appropriations by the Orlando City Council.
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