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

[finehoe]

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.

This is pure speculation on your part.  If anything it would be the opposite.  Bankers aren't generally known for their cutting-edge lifestyles.

Too bad most of them will be liviing in stjohns county like everyone else thats moving here...

Exactly.

[thelakelander]

They'll eat at struggling DT restaurants and if the average wage is $64k, the majority won't be commuting from a single family home in SJC.

[finehoe]

...if the average wage is $64k, the majority won't be commuting from a single family home in SJC.

Why not?  The average household income in SJC is $64,876.  If there are two wage earners working at USB they could double that.

[thelakelander]

That's not the average household income of Northern SJC. I suspect the average household of Northern SJC is much larger. Nevertheless, call it a hunch. I work in the EverBank building in DT and the majority of people I've had conversations with over the years don't live in/commute from SJC. Judging from our roadway AADTs, I wouldn't be surprised if there is a stronger link between the office parks in the Southside and SJC, moreso than SJC and DT.

No one commutes from SJC in my office. No one lives DT either. I'm the closest to SJC and I stay off JTB. Overall, we're a mixed bag....Jax Beach, Southside, Riverside, Oceanway, etc. I suspect if these are new jobs, you'll end up with a similar mix.

[finehoe]

...the majority of people I've had conversations with over the years don't live in/commute from SJC.

Anecdote ≠ data.  How many of the  Adecco and Deutsche Bank people ended up living close-in?  That would be a much better gauge.

[thelakelander]

Neither Adecco or Deutsche are downtown. There is a strong connection between the newer office parks along JTB, Baymeadows and Bartram Park and northern SJC. Both Adecco and Deutsche have decided to locate in these areas. Being in the EverBank building, I've witnessed with my own eyes the benefit that the small businesses enjoy, being exposed to an extra 2,000 workers a day.

[CityLife]

Btw, Orlando, Tampa, Miami, and everywhere else in the state want to thank the posters in the thread for lobbying to divert more state dollars their way.

As I said earlier, this would cost $3,200 per job from COJ. While securing $11,138 per job from the state. This is like a getting a 4-1 match in your 401k from your employer. Practically free money.

[fieldafm]

Anecdote ≠ data.  How many of the   Deutsche Bank people ended up living close-in?

Not many.

Btw, Orlando, Tampa, Miami, and everywhere else in the state want to thank the posters in the thread for lobbying to divert more state dollars their way.

Exactly.

[Captain Zissou]

Btw, Orlando, Tampa, Miami, and everywhere else in the state want to thank the posters in the thread for lobbying to divert more state dollars their way.

As I said earlier, this would cost $3,200 per job from COJ. While securing $11,138 per job from the state. This is like a getting a 4-1 match in your 401k from your employer. Practically free money.

At $3,200 per employee, this is one of the cheapest ways COJ can bring jobs to jacksonville.  The deepening of the port will cost about $30k per employee (using one of the middle of the road job numbers, not the insane 50,000 "indirect" jobs) and at least in this situation controls can be put in place.  Usually the money is conditional on the company actually bringing in the promised number of employees.  For the port, there is no guaranty that the jobs will come and no recourse for the city when they don't.

As lake stated, this is far cheaper than what the city is providing to companies who will possibly locate on the newly developed 9B parcels.  We spent $150M just to build a road for them, we will probably still have to give them incentives to relocate to Jax, and we will have to pay for the new services (fire, police, etc) to support an area that was previously swamp and forest and outside the previous areas of coverage. 

With an 123 additional people downtown at an average salary of $65k, you'll get at minimum an additional $50k-$150k spent in the core (some will spend nothing, some will get shoes shined and repaired at Gus's shoes, get dinner at Super Food, drink at Volstead...).  By the port job creation logic, that's another 1-3 jobs created right there.  So you're actually getting 124-126 jobs for your money.

[finehoe]

I've witnessed with my own eyes the benefit that the small businesses enjoy, being exposed to an extra 2,000 workers a day.

No one's disputing that.  It's where these workers will live that's being debated.

[Tacachale]

I've witnessed with my own eyes the benefit that the small businesses enjoy, being exposed to an extra 2,000 workers a day.

No one's disputing that.  It's where these workers will live that's being debated.

St. Johns is better for us than Windermere.

[mtraininjax]

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

You could use a few more people. No matter how you look at it.

[thelakelander]

I've witnessed with my own eyes the benefit that the small businesses enjoy, being exposed to an extra 2,000 workers a day.

No one's disputing that.  It's where these workers will live that's being debated.

It's a debate with no data. There's no strong evidence to suggest that the majority of the 123 will live in SJC or Jax. All that we do know is that they won't be in DT Jax.  Even in the wild chance that the majority wanted too, DT Jax doesn't have the housing stock or diversity available. Nevertheless, regardless of where they live, I'm not sure it should be a significant factor in deciding whether to provide incentives or not.

[finehoe]

All that we do know is that they won't be in DT Jax. 

My point exactly, which is what I responding to those who were saying  "would live in a market rate loft/condo/apartment downtown" and "would help the current stock of downtown options fill, which would in turn create the need for additional downtown housing" and the like.

[dp8541]

All that we do know is that they won't be in DT Jax. 

My point exactly, which is what I responding to those who were saying  "would live in a market rate loft/condo/apartment downtown" and "would help the current stock of downtown options fill, which would in turn create the need for additional downtown housing" and the like.

I agree my post was purely speculative regarding these potential new employees possibly living near the core.  Without knowing the company and the specific job types they are looking to fill it is difficult to guess the age and socioeconomic status of the potential new hires.  However, you have to agree that there is a better chance at least one of these new hires lives near the core if Jax were to win this bid, which is more than would with the company going elsewhere.