Next week, Sarasota County commissioners will consider $60,000 in economic incentives to land a New Jersey-based company’s headquarters.
An IT and web hosting company based in New Jersey is considering relocating its corporate headquarters to Sarasota County, and area officials might provide $60,000 in performance-based incentives to lure the business.
The incentives, under the codename Project Panther, are scheduled to go before Sarasota County commissioners at a Feb. 15 meeting. A portion of the funds, $20,000, is from the Qualified Target Industry Tax Refund Program and the other $40,000 is an Economic Development Financial Incentive Grant, according to county documents.
The company seeks to leave New Jersey “due to the cost of doing business,” according to the memo from Director of Business and Economic Development Jeff Maultsby.
“The company is considering Sarasota County along with Manatee County, Austin and Charlotte, N.C.,” the memo adds. “All locations have incentives so it is a large factor in the company’s decision. The company is looking for financial support from Sarasota County to help make the final decision.”
The potential incentives are based on the company, unnamed in the public documents, hiring 20 employees over the next three years at salaries above the area’s average annual wage. The company, if it moves to the region, says it will make a capital investment of $100,000, the documents show.
All of the company’s sales are generated out of Sarasota County, the memo adds.
The memo from Maultsby states that the business is an “innovative Information Technology business (with) an in-house HR manager who recruits people through recruiters or job posting outlets. Future practices would also include utilizing the EDC to recruit from local colleges and universities.”