On October 7th, we told you City of Orlando and the State of Florida wanted to pay a total of $684,000 to Arrow Sky Media through the the Qualified Target Industry (QTI) program to get the company to bring 114 high-paying jobs to Orlando.
We've recently learned that according to City documents, the City wants to give this company even more money, $570,000, making a grand total of $1,254,000.
The City's Downtown Community Redevelopment Agency (Website) would provide them this additional $570,000 through what's known as the High Wage/High Value Job Creation Program. The agreement was approved using this program by the CRA Advisory Board on September 28th.
Arrow Sky must maintain those jobs for the ten-year period following the creation of the last incented job. Also, according to a Memorandum of Understanding, with Creative Village, they will relocate as an anchor tenant in a 5,000 sq ft office space in the first office building developed within Creative Village in Downtown Orlando.
What is the High Wage/High Value Program?
We've recently learned that according to City documents, the City wants to give this company even more money, $570,000, making a grand total of $1,254,000.
The City's Downtown Community Redevelopment Agency (Website) would provide them this additional $570,000 through what's known as the High Wage/High Value Job Creation Program. The agreement was approved using this program by the CRA Advisory Board on September 28th.
Arrow Sky must maintain those jobs for the ten-year period following the creation of the last incented job. Also, according to a Memorandum of Understanding, with Creative Village, they will relocate as an anchor tenant in a 5,000 sq ft office space in the first office building developed within Creative Village in Downtown Orlando.
What is the High Wage/High Value Program?
On April 17, 2006, the CRA approved the High Wage/High Value Job Creation Program for the purpose of locating targeted industries and targeted headquarters with high-value jobs to Downtown Orlando by leveraging available state and local economic development programs and providing location assistance for the purpose of accomplishing goals such as: diversifying the local economy, growing high-wage, high-value jobs; and growing targeted industries. In 2013 the program was amended to offer four incentives; Job Creation Incentive, Creative Village Pioneer Incentive, Downtown Living Incentive, and Public Transportation Incentive. Total incentives are payable up to $5,000 per job.
What is the job of the Downtown Orlando Community Redevelopment Agency?
The mission of the Community Redevelopment Agency (CRA) is to aggressively pursue redevelopment and revitalization activities within the Redevelopment Area, with emphasis on providing more housing and cultural arts opportunities, improving long-term transportation needs and encouraging retail development.Arrow Sky Media’s total capital investment for the move is estimated to be $2,930,000.
