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.
Arrow Sky Media, LLC is a Nashville, TN 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. The company is considering relocating their production studio/headquarters to Downtown Orlando.
Arrow Sky Media, LLC is considering leasing approximately 5,000 sq. ft. of office space in Downtown Orlando. The company has signed a Memorandum of Understanding with Creative Village and will relocate as an anchor tenant in the first office building developed within Creative Village in Downtown Orlando.
Arrow Sky Media, LLC will add 114 new jobs to Downtown over a period consisting of three years with an average annual wage of $67,333 which is at least 150% above the Orange County annual wage. Arrow Sky Media, LLC’s total capital investment is estimated to be $2,930,000. The CRA would provide $5,000 in program funding for each of the 114 high value/high wage jobs that will be located in Downtown Orlando over a three-year period.
On September 28, 2016 the CRA Advisory Board recommended approval of the High Wage/High Value Program Funding Agreement between the CRA and Arrow Sky Media, LLC. |
Recommended Action:
Approval of the High Wage/High Value Program Funding Agreement between the CRA and Arrow Sky Media, LLC. 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 $570,000 in High Wage/High Value Job Creation Program funding for Arrow Sky Media, LLC. |