Summary:
On April 17, 2006, the CRA approved the High Wage/High Value Job Creation Program for the purpose of locating targeted industries and targeted headquarters with high-value jobs to Downtown Orlando by leveraging available state and local economic development programs and providing location assistance for the purpose of accomplishing goals such as: diversifying the local economy, growing high-wage, high-value jobs; and growing targeted industries. In 2013 the program was amended to offer four incentives; Job Creation Incentive, Creative Village Pioneer Incentive, Downtown Living Incentive, and Public Transportation Incentive. Total incentives are payable up to $5,000 per job.
Topps Digital APPS, a division of the Topps Company, Inc., is expanding the digital games division of the company and seeking to expand its Florida studio, established in July 2015, in the Orlando area for the digital production of sports mobile games. The employees will be focused on software development for the various games under the Topps Company, Inc. brand.
The Topps Company, Inc. is considering leasing approximately 3,500 sq ft of office space in Downtown Orlando. The Topps Company, Inc. will add 16 new jobs to Downtown over a period consisting of three (3) years with an average annual wage of $87,778 which is at least 200% above the Orange County annual wage. The Topps Company, Inc.’s total capital investment is estimated to be $145,000 in equipment. The CRA would provide $2,000 in program funding for each of the 16 high value/high wage jobs that will be located in Downtown Orlando over a three-year period.
The CRA Advisory Board recommended that CRA approve the High Wage/High Value Program Funding Agreement between the CRA and The Topps Company, Inc., and authorization for the Chairman of the CRA and the Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney's Office, and approval of expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in the amount of up to $32,000 in High Wage/High Value Job Creation Program funding for The Topps Company, Inc. |
Recommended Action:
Approval of the High Wage/High Value Program Funding Agreement between the CRA and The Topps Company, Inc., and authorization for the Chairman of the CRA and the Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney's Office, and approval of expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in the amount of up to $32,000 in High Wage/High Value Job Creation Program funding for The Topps Company, Inc. |