Lee County Commissioners voted unanimously today to provide $4 million in incentive funding to an unnamed Fortune 500 company that wants to move its headquarters here.
Enterprise Florida, the state’s public/private economic development arm will provide another $12 million. Commissioner Tammy Hall said the funds come attached to a performance agreement contract.
“This company receives no dollars until it creates 350 jobs and it has so much capital investment. Then it receives a portion of that $4 million and then there’s a pro-rata share. It has to invest more money into its capital,” she said.
The average wage will be around $102,000 and the increase in the tax base will well outweigh any incentive the state or county provides, she added. Hall also said the company has been thoroughly vetted by county staff and its finances are in good order. She said the incentive dollars were necessary because other states were also competing for the company which is relocating its head-quarters.
Hall went on to say bringing the company to Lee County will provide welcome diversification.
“This board has made the commitment that while we want to support tourism and construction we recognize that we have a phenomenal university and we’d love to see some of those students have their careers here in engineering and other forms of business besides just our service industry that we have,” she said.
Hall says success breeds success and Lee County has the right business climate and amenities to attract additional corporate entities.
The company’s identity should be made public in about two weeks.
