CITY OF ORLANDO
COUNCIL AGENDA ITEM


Items Types:
Economic Development
For Meeting of:
October 10, 2016
District: 4 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Subject:
Arrow Sky Media Qualified Target Industry Tax Refund Resolution

Summary:

Arrow Sky Media, LLC (Arrow Sky Media) is a Nashville based multi-media digital animation production and game development studio that produces Emmy award winning environmental educational television series and game apps for children ages 2 to 14.

If the Qualified Target Industry (QTI) program incentive is made available to the company, Arrow Sky Media will create 114 new-to-Florida jobs by December 31, 2019, paying an annual average wage of $67,333, which is at least 150% of the Orange County annual wage. The average value of benefits that will be available to employees is $12,000, which includes health insurance, performance bonuses and paid vacations.  Arrow Sky Media’s total capital investment is estimated to be $2,930,000.   In addition to the City of Orlando, the company is considering Nashville, Tennessee and Atlanta, Georgia for this expansion.

The State of Florida will provide a total of $684,000 to Arrow Sky Media under the QTI program, which includes the City's local financial support. City staff proposes to provide the local 20% QTI match, up to $1200 per job created, paying an average annual wage of $67,333. Under this arrangement, the City of Orlando would provide $136,800 as an incentive over a six-year period. 

The City of Orlando will benefit through the creation of 114 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 Arrow Sky Media 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.


Fiscal & Efficiency Data: Fiscal Impact Statement Attached. 

Recommended Action:
Approval of Arrow Sky Media, LLC Qualified Target Industry Tax Refund Resolution and authorizing Mayor or Mayor Pro Tem and City Clerk to execute the same, subject to review and approval of the City Attorney's Office. 


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: 407.246.3123
Approved By:

Department Date and Time
Budget Outside Routing Approval 9/28/2016 11:41 AM
City Clerk 9/28/2016 12:15 PM

ATTACHMENTS:
Name: Description: Type:
QTI_Resolution_-_Arrow_Sky_Media_-_final.pdf Arrow Sky Resolution Backup Material
Arrow_Sky_FIS.docx Fiscal Impact Statement Fiscal Impact Statement

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