Plan to lure 1,000 Everbank jobs downtown

[Ocklawaha]

So how much will the garage cost? My best guess is about twice the price that a direct Skyway link from the Southbank Garage to the Landings 2Nd Floor level!  But of course darling, we only built it for looks...

OCKLAWAHA

[duvaldude08]

So how much will the garage cost? My best guess is about twice the price that a direct Skyway link from the Southbank Garage to the Landings 2Nd Floor level!  But of course darling, we only built it for looks...

OCKLAWAHA

Now Im definately not to happy about the garage thing either. It solves absolutely nothing. But I think Everbank deal is a plus. The parking garage situation needs to be re looked at.

[Tacachale]

I don't understand how this is to the "detriment of so many". Is he talking about the city funds used to facilitate the incentives?

It is only a detriment to the Local Tea Party is what they meant. lol

I don't understand how it's a detriment of any magnitude. By my math we're talking about 5 million in local and state aid, including tax refunds, to pull the EverBank deals off. Is there something the article is missing, or is that really what they're worried about?

[duvaldude08]

I don't understand how this is to the "detriment of so many". Is he talking about the city funds used to facilitate the incentives?

It is only a detriment to the Local Tea Party is what they meant. lol

I don't understand how it's a detriment of any magnitude. By my math we're talking about 5 million in local and state aid, including tax refunds, to pull the EverBank deals off. Is there something the article is missing, or is that really what they're worried about?

As well all know, the Tea Party always trys to make something out of nothing. And this is prime example. Just like when Brown won the election, the tea party was demanding a recount. I am really starting to think they have nothing else better to do.

[A-Finnius]

The two EverBank projects are:

• EverBank QTI, also called “Project Plaza. Jacksonville-based EverBank requests Qualified Target Industry Tax Refund and Quick Response Training Program assistance of up to $2.4 million from the City and state to add 200 new, full-time jobs at an average wage of $49,000, creating a payroll of $9.8 million and an investment of about $1.6 million in capital for technology, infrastructure and furniture.

If EverBank locates within the Enterprise Zone, which includes the urban core, it could qualify for the $2.4 million, consisting of $420,000 in tax refunds from the City and $1.98 million from the state. The state total would consist of $1.68 million in tax refunds and $300,000 for quick response training. If EverBank chooses a site outside the Enterprise Zone, the incentives are $1.3 million, consisting of tax refunds of $200,000 from the City and $800,000 from the state, along with the $300,000 training assistance.

• EverBank Relocation. The City proposes to provide $2.75 million to help EverBank relocate a minimum of 1,000 jobs by Sept. 30, 2012, from the suburbs to Downtown. EverBank has negotiated to lease more than 225,000 square feet of space and 1,400 parking spaces Downtown and said it will spend more than $26.5 million in tenant improvements.

No site was specified in the summary except to say it is within the urban core bounded by Jefferson, State and Main streets and the St. Johns River. The Daily Record has reported that AT&T Tower 301 is a likely site. Also, EverBank must maintain at least 1,350 jobs among its Riverside Avenue area headquarters and the urban core site for at least five years.

http://jaxdailyrecord.com/showstory.php?Story_id=533741

So basically Everbank is bringing 200 jobs to Jacksonville.  If those jobs are located downtown; Everbank will receive 1.1 million more in tax incentives than if they are located in the suburbs?

And to sweeten the deal if Everhome locates the 200 jobs downtown, Jacksonville will offer 2.75 million in relocation assistance to bring another 1000 jobs from the suburbs to downtown?

Do I have this right?

[duvaldude08]

The two EverBank projects are:

• EverBank QTI, also called “Project Plaza. Jacksonville-based EverBank requests Qualified Target Industry Tax Refund and Quick Response Training Program assistance of up to $2.4 million from the City and state to add 200 new, full-time jobs at an average wage of $49,000, creating a payroll of $9.8 million and an investment of about $1.6 million in capital for technology, infrastructure and furniture.

If EverBank locates within the Enterprise Zone, which includes the urban core, it could qualify for the $2.4 million, consisting of $420,000 in tax refunds from the City and $1.98 million from the state. The state total would consist of $1.68 million in tax refunds and $300,000 for quick response training. If EverBank chooses a site outside the Enterprise Zone, the incentives are $1.3 million, consisting of tax refunds of $200,000 from the City and $800,000 from the state, along with the $300,000 training assistance.

• EverBank Relocation. The City proposes to provide $2.75 million to help EverBank relocate a minimum of 1,000 jobs by Sept. 30, 2012, from the suburbs to Downtown. EverBank has negotiated to lease more than 225,000 square feet of space and 1,400 parking spaces Downtown and said it will spend more than $26.5 million in tenant improvements.

No site was specified in the summary except to say it is within the urban core bounded by Jefferson, State and Main streets and the St. Johns River. The Daily Record has reported that AT&T Tower 301 is a likely site. Also, EverBank must maintain at least 1,350 jobs among its Riverside Avenue area headquarters and the urban core site for at least five years.

http://jaxdailyrecord.com/showstory.php?Story_id=533741

So basically Everbank is bringing 200 jobs to Jacksonville.  If those jobs are located downtown; Everbank will receive 1.1 million more in tax incentives than if they are located in the suburbs?

And to sweeten the deal if Everhome locates the 200 jobs downtown, Jacksonville will offer 2.75 million in relocation assistance to bring another 1000 jobs from the suburbs to downtown?

Do I have this right?

Kind of. There are relocating the 1000 jobs downtown. The city if offering to pay for the relocation for those jobs, and incentives to create 200 more jobs (I know it gets confusing).

[A-Finnius]

The two EverBank projects are:

• EverBank QTI, also called “Project Plaza. Jacksonville-based EverBank requests Qualified Target Industry Tax Refund and Quick Response Training Program assistance of up to $2.4 million from the City and state to add 200 new, full-time jobs at an average wage of $49,000, creating a payroll of $9.8 million and an investment of about $1.6 million in capital for technology, infrastructure and furniture.

If EverBank locates within the Enterprise Zone, which includes the urban core, it could qualify for the $2.4 million, consisting of $420,000 in tax refunds from the City and $1.98 million from the state. The state total would consist of $1.68 million in tax refunds and $300,000 for quick response training. If EverBank chooses a site outside the Enterprise Zone, the incentives are $1.3 million, consisting of tax refunds of $200,000 from the City and $800,000 from the state, along with the $300,000 training assistance.

• EverBank Relocation. The City proposes to provide $2.75 million to help EverBank relocate a minimum of 1,000 jobs by Sept. 30, 2012, from the suburbs to Downtown. EverBank has negotiated to lease more than 225,000 square feet of space and 1,400 parking spaces Downtown and said it will spend more than $26.5 million in tenant improvements.

No site was specified in the summary except to say it is within the urban core bounded by Jefferson, State and Main streets and the St. Johns River. The Daily Record has reported that AT&T Tower 301 is a likely site. Also, EverBank must maintain at least 1,350 jobs among its Riverside Avenue area headquarters and the urban core site for at least five years.

http://jaxdailyrecord.com/showstory.php?Story_id=533741

So basically Everbank is bringing 200 jobs to Jacksonville.  If those jobs are located downtown; Everbank will receive 1.1 million more in tax incentives than if they are located in the suburbs?

And to sweeten the deal if Everhome locates the 200 jobs downtown, Jacksonville will offer 2.75 million in relocation assistance to bring another 1000 jobs from the suburbs to downtown?

Do I have this right?

Kind of. There are relocating the 1000 jobs downtown. The city if offering to pay for the relocation for those jobs, and incentives to create 200 more jobs (I know it gets confusing).

So they are moving the 1000 jobs downtown regardless? 

I heard Chuck White ranting about this on a Saturday morning radio show.  He was complaining that the city's assistance was a waste of tax payers' money and the move would create vacancy in an already established business location (maybe the suburbs are starting to know how downtown has felt over the past 50 years) but basically he called in to promote his show.

If Jacksonville offered the 2.75 in assistance to help sway Everbank on their decision to locate the 200 new jobs Downtown then this a great plan for reinvestment in the core.  I feel the relocation and the 200 new jobs should go hand in hand though.   

[Tacachale]

The city wants it to go hand in hand. It's two separate incentives they're trying to pull off together. One incentive is to bring 1000 current jobs downtown (2.75 million). The other incentive is to create 200 new jobs. They get a higher tax refund (2.4 mil) if they put them in the Enterprise Zone, which includes downtown. Conceivably they could add 200 jobs in a different location and they'd get the lower tax refund, but yes, the city's plan is for both to happen together.

[Tacachale]

Okay, so from the sound of it White's complaint is about spending the money to shuffle employees from an established location in the city to downtown. I'd like to know more about EverBank's current suburban locations.

[thelakelander]

Where was the Tea Party when JTA put $40 million into the Atlantic/Kernan overpass or FDOT pouring $100 million into the Collins/Blanding/I-295 projects?  At least this much cheaper investment has an ROI that will stimulate indirect jobs and the tax rolls in the form of a better downtown environment for small business growth.

[Tacachale]

Where was the Tea Party when JTA put $40 million into the Atlantic/Kernan overpass or FDOT pouring $100 million into the Collins/Blanding/I-295 projects?  At least this much cheaper investment has an ROI that will stimulate indirect jobs and the tax rolls in the form of a better downtown environment for small business growth.

I know, right? This seems like a relatively small amount of money for what would clearly be a substantial impact downtown. The dollar amount itself can hardly be the reason for the fuss.

[JeffreyS]

Where was the Tea Party when JTA put $40 million into the Atlantic/Kernan overpass or FDOT pouring $100 million into the Collins/Blanding/I-295 projects?  At least this much cheaper investment has an ROI that will stimulate indirect jobs and the tax rolls in the form of a better downtown environment for small business growth.

Let me tell you the Tea Party is even more concerned that some single mother is getting $100 tax payer money to buy infant formula than if we spent mega millions on a wasteful road project that subsidizes another county like Collins does.  Talk to them see what gets them red face mad faster.  Their is hope for the Tea Party but they are still years away from being useful to society.

[vicupstate]

For decades, essentially no one questioned spending for highways. Not citizens, not bureacrats, not elected officials.

Only recently has that started to change, and the contrarians are few and far between.  The vast majority of folks NEVER consider building or expanding a road or highway, to be a waste of money.

[jcjohnpaint]

and I  wonder if these 'concerned developers' have something to loose from this?  And yeah we have money just pouring in from the private sector.  I agree to Peyton's strategy, but most of these people don't think an inch in front of their faces.  Either they are extremely short sighted or greedy. 

[Tacachale]

There's more in the FTU this morning:

http://jacksonville.com/business/2011-06-07/story/everbank-incentives-move-southside-downtown-opposed

White's stated concern is over using taxpayer money to shuffle EverBank from one part of town to another. The article notes he's president of NAI Commercial, which has interest in one of EverBank's current Southside sites. White's firm represents ING, which currently subleases space in the building it's not using to EverBank.