Deutsche Bank is seeking up to $405,000 in City incentives to expand its Jacksonville presence and create 260 jobs with an average wage of more than $52,000.
Legislation for the project, code-named “Project Blue,” was filed Wednesday.
The legislation includes a request for $1.95 million in state and City incentives, $1.3 million of which would come through the Qualified Target Industry Tax Refund program.
Of the QTI, $260,000 will be the City’s portion with the state covering the remainder.
The tax refund is available for companies that create high-wage jobs in targeted industries and includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium and other taxes.
In addition to the QTI, the company is seeking up to $145,000 from the City through a “Revenue Enhanced Value” grant, which is an incentive based on increased taxes generated by property improvements and is paid after the company pays its taxes.
The remaining portions of the $1.95 million come from a $364,000 state workforce development grant and $140,000 from the state Quick Action Closing Fund.
Deutsche Bank proposes a $10 million capital investment to its existing Southside campus and the new jobs would include technology, front-office and finance functions, according to a news release.
JAXUSA Partnership President Jerry Mallot said Wednesday that Jacksonville is in competition with North Carolina and New York for the expansion and jobs.
“They are very serious about moving forward,” Mallot said.
Mallot credited the potential expansion to the relationship and success the City has had with the bank since it opened a global technology and operations center in 2008 in Jacksonville.
Deutsche Bank has created about 1,000 jobs and operates along Gate Parkway in Southside.
Mallot said he believes City Council, which will review the legislation, will be pleased with the deal and the opportunity to create jobs, and he hoped the legislation would move along “as quickly as possible.” Approval by the end of August would be ideal, he said.
“We are interested in creating these types of jobs and this does just that,” Mallot said.
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