|
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.
SightPlan, Inc. provides a suite of resident service and asset management tools for the real estate industry including the fast growing multifamily apartment sector. The company’s mobile and cloud solutions improve the predictability and responsiveness of site operations. The company is currently operating in the UCF Business Incubator and is considering locating their headquarters to Downtown Orlando.
SightPlan, Inc. is considering leasing approximately 3,600 sq ft of office space in Downtown Orlando. SightPlan, Inc. will add 28 new jobs to Downtown over a period consisting of three (3) years with an average annual wage of $64,000 which is at least 150% above the Orange County annual wage. SightPlan, Inc.’s total capital investment is estimated to be $280,000 in build out and equipment. The CRA would provide $3,500 for each of the 28 high value/high wage jobs that will be located in Downtown Orlando over a three-year period.
On May 29th, 2015 the CRA Advisory Board recommended approval of the High Wage/High Value Program Funding Agreement between the CRA and SightPlan, Inc., Inc. |
|
|
Fiscal & Efficiency Data:
Attached.
|
|
Recommended Action:
Approval of the High Wage/High Value Program Funding Agreement between the CRA and SightPlan, Inc., 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 $98,000 in High Wage/High Value Job Creation Program funding for SightPlan, Inc.. |
|
|
|
|
|
Agenda Item attachment(s) on file in the City Clerks Office.
|
|
|
Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
|
|
|
Contact:
|
Approved By:
|
|
|
Department
|
Date and Time
|
| Budget Outside Routing Approval |
6/4/2015 5:14 PM |
| Real Estate and Finance Attorney |
6/5/2015 10:54 AM |
| City Clerk |
6/5/2015 11:56 AM |
|
|
|