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Sarasota Monday, Jul. 18, 2016 4 years ago

Sarasota, state offer $450K to reel in headquarters

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The County Commission last week approved another economic incentive package to lure a new business to the area.

State and local officials have committed $450,000 in financial aid to a company considering Sarasota for a new headquarters.

The business, “a supplier of superior rare-earth valuables,” according to a statement, will receive the $450,000 through the Qualified Targeted Industry Tax Refund, which includes a $90,000 local match. The local match portion of the project, nicknamed Project George, will be paid over an eight-year period following last weeks approval from the Sarasota County Commission.

The business behind Project George has committed to creating 75 full-time jobs with an average annual wage of at least $58,757, the statement says. It recently acquired a Sarasota company with 38 employees and is considering consolidating its locations, the statement adds. 

The company was eligible for $4,000 per new job from the QTI program. As a corporate headquarters within the designated “high impact sector”, it is eligible for an additional $2,000 per new job from the county.

Earlier this year, officials committed more than $1 million to bring a national roofing company to Sarasota. Local firms protested the funding of that project, called Project Mulligan, and Sarasota County Commissioners voted 4-1 to turn it down.

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