Deutsche Bank is closing in on its expected Jacksonville expansion.
The financial services giant seeks almost $5.5 million in city and state incentives to create 475 jobs by 2017. They will pay an average $64,356 plus a benefits package of $18,020, according to a project summary filed today by the city Office of Economic Development.
Legislation 2015-544 will be introduced to City Council on Tuesday for the city’s $1.1 million portion of the incentives.
Deutsche Bank, which opened in Jacksonville seven years ago, has grown to 1,608 employees in Southeast Jacksonville and is engaged in a detailed site selection process for the expansion.
The project summary shows the city will be asked for a Qualified Targeted Industry tax refund of $570,000 and a Recaptured Enhanced Value grant up to $539,000.
The city would repay 20 percent of the total QTI while the state would pick up the remainder.
The state would pay $2.28 million for its portion of the QTI, $1 million in the Quick Action Closing Fund and almost $1.1 million in Quick Response Training.
Deutsche Bank, whose Jacksonville campus is at the Meridian Business Park, did not detail a location for the expansion.
However, it estimates the project will generate a private capital investment of $16.3 million in tenant leasehold improvements and $6.7 million in technology, infrastructure, furniture and fixture.
The project summary said Deutsche Bank is evaluating sites that include New York and Jersey City, N.J. It said those markets have a more robust employment base for the financial services sector and offer aggressive incentive programs.
However, the summary said, “DB has been very pleased with its operations in Jacksonville.”
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