Banking company seeks $1.8M in city, state incentives to bring 123 jobs Downtown

[thelakelander]

By Karen Mathis, Managing Editor

An unidentified international banking and finance company proposes to bring 123 jobs Downtown in exchange for almost $1.8 million in city and state incentives.
"Project Post," as the city Office of Economic Development calls it, asks for $393,600 in city incentives and $1.37 million in state assistance.

The financial accounting and management jobs would pay an average of $64,356 a year, plus benefits of $20,000.

Project Post would set up a new global banking shared services office. It does not have a Jacksonville presence now.

The city is keeping the name confidential.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=545652

[mtraininjax]

All downtown jobs are great, but how many people would be enticed to live in 32202?

[spuwho]

UBS

[urbanlibertarian]

That comes to $14.6K per job.  Kinda steep.

And mtrain, those of us who live in 32202 LOVE IT!

[finehoe]

An unidentified international banking and finance company proposes to bring 123 jobs Downtown in exchange for almost $1.8 million in city and state incentives.

UBS

They already got a  $59.2 billion government bailout, what's $1.8 million more?

[Captain Zissou]

$14.6k is a little steep, but $10k per person is about the going rate in Jax.  I did some research and Adecco and Deutsche Bank both got about $10k per employee that they brought to Jax.  The DB number now could be argued much lower because I don't think they have received the same amount of funding as they have grown organically in this office, but the city still spent a pretty penny to move them here.

As long as these would be jobs that are new to the city (as opposed to moving from the burbs, which is still good just not $14k good) I say go for it.

[ben america]

This is legal bribery. What is worse is that the bank is attempting to do this anonymously.

[simms3]

$14.6k is a little steep, but $10k per person is about the going rate in Jax.  I did some research and Adecco and Deutsche Bank both got about $10k per employee that they brought to Jax.  The DB number now could be argued much lower because I don't think they have received the same amount of funding as they have grown organically in this office, but the city still spent a pretty penny to move them here.

As long as these would be jobs that are new to the city (as opposed to moving from the burbs, which is still good just not $14k good) I say go for it.

I agree.  And it sounds like exactly the kind of company that employs the kind of person who would live in a market rate loft/condo/apartment downtown, frequent bars, and walk to work when possible.  "Financial districts" don't exist in some cities for no reason.

Not sure why all the haters are getting all political because it sounds like it might be one of those "evil banks", but sure, let's wait around a few years for another one of these opportunities and hope it's not a bank so that we feel "better" about giving it incentives not just to move jobs to Jax, but to DOWNTOWN Jax.

[simms3]

Frankly, 123 downtown jobs paid for with $1.8M in incentives could create somewhat of a market for Laura St Trio.  What if there are more downtown jobs and more demand for downtown living as a result.  The developers of LST might need less in incentives.  What comes around goes around.

All the hypocrites clamoring for incentives just to rehab some falling-down buildings but scoffing at [small] incentives to create an employment/housing base in the first place.  I swear some people can't see the forest from the trees.

[chipwich]

Fully agree Simms.

We are small potatoes compared to larger, more connected cities.  If this was NYC, you really don't have to pay anyone to come set up shop.  But this is Jacksonville.  Almost every other citypays "incentives" (bribes) to bring in the same businesses.  We have to compete.

More jobs= more services=more demand for flights= better chance at landing more companies = more money slushing around the city= good!

[dp8541]

Frankly, 123 downtown jobs paid for with $1.8M in incentives could create somewhat of a market for Laura St Trio.  What if there are more downtown jobs and more demand for downtown living as a result.  The developers of LST might need less in incentives.  What comes around goes around.

All the hypocrites clamoring for incentives just to rehab some falling-down buildings but scoffing at [small] incentives to create an employment/housing base in the first place.  I swear some people can't see the forest from the trees.

+1.  Filling 100+ positions at the quoted average salary point would require this employer to look well outside of Jax, meaning the vast majority would be moving here looking for somewhere to live.  This would help the current stock of downtown options (berkman, carling, 11E, 220 riverside, Brooklyn, etc.) fill, which would in turn create the need for additional downtown housing, such as the LST.

[CityLife]

COJ is only being asked for $3,200 per job. The remainder comes from a state program that has set parameters a company must meet to qualify.

As I've been saying for years on here, downtown workers are far less likely to live outside of Duval. So essentially COJ is paying $3,200 to bring new high paying jobs to Jax, while stimulating downtown/surrounding neighborhoods, and keeping more revenue in the county. That's sound public investment in my opinion.

[Gunnar]

This is legal bribery. What is worse is that the bank is attempting to do this anonymously.

It seems to me that this is how companies operate nowadays - avoid paying any taxes and ask for money to open offices in the first place.

[thelakelander]

I don't have a problem with it.  Especially, when we're funding new growth opportunities around SR 9B at the tune of $150 million.

[Rob68]

Too bad most of them will be liviing in stjohns county like everyone else thats moving here...it blackmail....weve closed libraries..given away umpteen million to millionaires who dont need it..i swear this city screw itsself every chance that come around.