A Canadian company seeking to move its global headquarters to Miami and create 450 well-paying jobs was given the go-ahead on Tuesday to receive $167,500 under a Miami-Dade incentive program. Dallas was in contention for the seat.
The global wealth and asset management firm has pledged to spend $5 million on a 45,000 square foot office and create the jobs by 2028, paying around $200,000 each plus $15,000 of advantages.
Without discussion, county commissioners approved a resolution by Eileen Higgins to give inducements to the company, dubbed “Project Confidential Maple” in a memo from county operations manager Jimmy Morales.
The incentives come from the Targeted Jobs Incentive Fund (TJIF), which taps into the general fund to attract large companies. Companies seeking incentives can request anonymity.
The Beacon Council, which requested the Maple incentives, recommended that the county modify the program within a year so that the company could receive further incentives.
Maple’s application says the new Miami headquarters will “eventually” serve as a hub for 1,500 employees “over the next decade.” As such, Mr. Morales’ memo stated, “Maple should receive the higher level of incentives to which it would be entitled under the modified program.
Neither the memo, nor Maple’s application, nor a letter from Beacon’s senior vice president of economic development, James Kohnstamm, indicated how much additional incentives the company might get under a program. amended.
Based on the capital investment promised by Maple, the county expects $182,061 in tax revenue over a decade. “Actual disbursement of the TJIF program award is dependent on verification of new job creation and capital investment on the tax roll,” the memo reads.
The company told the county that a subsidiary had agreed to a settlement with the Ontario Securities Commission for alleged misconduct in the management of mutual funds.