A New York City-based international financial services firm is seeking $480,000 in city and state incentives to open a Jacksonville office.
Code-named project Kodiak would create 80 full-time jobs with an average annual salary of $74,209 and invest $1.2 million in real estate and office improvements in Jacksonville, according to Resolution 2020-0226 filed April 22 with City Council.
A city Office of Economic Development project summary says Kodiak is requesting $480,000 from the state’s Qualified Target Industry Tax Refund Program, $6,000 per job.
The city would pay 20%, or up to $96,000, of the QTI money. That’s $1,200 per job. Up to $384,000 of the tax refund, or 80%, would come from the state at $4,800 per job.
The summary states the 80 jobs could have an annual payroll of $5.9 million, excluding employee benefits.
City economic development documents say Kodiak will create the jobs no later than Dec. 31, 2021. Kodiak is described as a financial services company considering other Southern U.S. states for the office.
Kodiak's Jacksonville office would handle some of the company’s international securities processing activities.
Kodiak’s wages will have to be verified by regulators in the Florida Department of Economic Opportunity before the four-year QTI payout could begin in 2022.
The bill filed by Council President Scott Wilson at the request of Mayor Lenny Curry will be introduced at the Council’s next meeting April 28.