A financial services company that is considering a move to Temple Terrace would bring 180 jobs to the “Amazing City” by 2015 if it decides to relocate here.
The company, whose name is not being released, is expected to make its relocation decision by the end of the year, according to Rick Homans, president and chief executive officer of the Tampa-Hillsborough Economic Development Corporation. It is also looking at locations in Ohio and Utah.
Homans told the Temple Terrace City Council earlier this month that the company is “one of the target industries for Hillsborough County.” It would create 110 new jobs in Temple Terrace and relocate 70 jobs that already exist in Florida to Temple Terrace. There would be 30 new jobs by 2013, another 50 by 2014, and another 30 by 2015. The average yearly salary for each of these jobs would be $55,000.
“You’re talking about an annual payroll in excess of $6 million,” Homans said. “The company will make a capital investment in their space in Temple Terrace of over $6 million as well, so it’s a considerable investment in the community.”
In order to draw the company to Temple Terrace, the state has coordinated an incentive program under the Qualified Target Industry Tax Refund program, Homans said. The program is designed to encourage job creation and growth in targeted industries.
The total award the company would receive is $550,000, and 80 percent of that would come from the state. The other 20 percent would be split between Hillsborough County and the City of Temple Terrace.
“Temple Terrace’s share of that would be $55,000 that would be paid out over a period of six years,” Homans said.
City Councilwoman Alison Fernandez pointed out that the incentive is a rebate of taxes paid by the company, not a bonus or money the city is paying out ahead of time.
The incentive would not be paid unless the jobs were created in Temple Terrace, Homans added.
The City Council voted unanimously Nov. 5 to support Temple Terrace’s portion of the incentive.
Temple Terrace Finance Director Diane Reichard said the company would help the economic environment in the city if it chooses to move here.
“If the company invests $6.6 million capital investment into the budget, that’s about $40,000 a year in taxes,” she said, “and it’s just a really good deal for us.”