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‘Project Presidential’ Gets Match Money
Leon County and Tallahassee commissioners this week approved resolutions to pitch in up to $54,000 each in incentives toward a job-creation effort called “Project Presidential.”
Both governments are splitting a 20-percent local match that will stretch over a three- to five-year period. The hope is to sweeten a deal for a Tallahassee-based company that’s discussing a major move. It’s considered a qualified targeted industry eligible for the state’s QTI tax refund, which includes refunds on corporate income, sales property taxes and other taxes for pre-approved applicants.
With an average annual salary of $43,000 per year, the company plans to relocate, expand and create 180 jobs within three years if it stays in Tallahassee.
Local officials said confidentiality rules restrict them from identifying the company at this stage. However, it’s a “national financial and professional services firm headquartered in Tallahassee,” documents indicate. The company began with a dozen employees and now has more than 160 full- and part-time employees.
“The approval of the city and county is a huge step to ensure this company continues to be headquartered here, stays here and grows here,” said Ben Pingree, director of the joint city-county Department of Planning, Land Management and Community Enhancement (PLACE), which oversees the newly formed Office of Economic Vitality.
Pingree said the Office of Economic Vitality conducted an analysis of the company’s impact if it expands and creates 180 news jobs in Tallahassee. The report states those new jobs will result in 250 direct and indirect jobs and $8.6 million in wages.
Earlier this year, Pingree said the “hot project” was first handled by the Economic and Development Council of Tallahassee/Leon County before it dissolved. Then the project was handed off to the Tallahassee Chamber of Commerce, the point agency during the transition.
The Intergovernmental Agency’s board later gave the green light to create the Office for Economic Vitality, which serves as the city and county’s consolidated economic development offices.
Credit: Tallahassee Democrat