Since 1972, Ruby Tuesday, Inc. (RT) has become one of the most well-known and beloved brands in the casual dining arena. The company has grown to include nearly 800 restaurants within the United States and around the world. It employs more than 30,000 corporate and franchise team members.
RT is considering locating a new corporate/regional headquarters to provide support for its Ruby Tuesday and Lime Fresh restaurant concepts. If the Qualified Target Industry (QTI) program incentive is made available to the company, RT will create 45 new-to-Florida jobs by December 31, 2017, paying an annual average wage of $85,208, which is at least 200% of the Orange County annual wage. The average value of benefits that will be available to employees is $12,750, which includes healthcare and 401(k) contributions. Ruby Tuesday’s total capital investment is estimated to be $250,000 in construction and equipment. In addition to the City of Orlando, the company is considering Atlanta and Knoxville for this project.
The State of Florida will provide a total of $315,000 to Ruby Tuesday, 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 $1,400 per job created, paying an average annual wage of $85,208. Under this arrangement, the City of Orlando would provide $63,000 as an incentive over a six-year period. This match includes a High Impact Sector Bonus. City staff is recommending this match because Ruby Tuesday is: 1) a targeted growth industry; 2) creating 45 new jobs; 3) investing $250,000 in construction and equipment; and 5) considering other states for relocation.
The City of Orlando will benefit through the creation of 45 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 Ruby Tuesday, 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.