On Monday January 9th, KPMG (Website) shared a press release (Here) officially announcing the company's plans to build a 55-acre training campus in the Lake Nona development in Orlando.
KPMG is one of the Big Four professional audit, tax and advisory services firms and chose Lake Nona over 50 other cities according to Orlando Business Journal.
Orange County Mayor Theresa Jacobs said she "look(s) forward to bringing this proposal to our Board of County Commissioners for their consideration later this month." County Commissioners will vote on it on January 24th.
KPMG is one of the Big Four professional audit, tax and advisory services firms and chose Lake Nona over 50 other cities according to Orlando Business Journal.
Orange County Mayor Theresa Jacobs said she "look(s) forward to bringing this proposal to our Board of County Commissioners for their consideration later this month." County Commissioners will vote on it on January 24th.
About the Center
KPMG's 55-acre campus will feature the following:
KPMG plans to start construction Spring 2017 and complete in late 2019.
The New York-based design and architecture firm Gensler (Website) will design the complex.
Benefits to the City
- 80 positions* to work at the facility
- 250 third-party contract operator positions
- 48,000 visits by KPMG employees each year to this Orlando campus for training and professional development.
*Mayor Jacobs called them "high wage" jobs
Costs to the City
On December 21, 2016 we told you the City of Orlando was giving KPMG a $3.5 million tax refund over 7 years through the Qualified Target Industry Tax Refund Program (About) if approved by City Council so that KPMG would build its training center in Orlando.
Tavistock, the developer of Lake Nona, told the Sentinel that these tax refunds "were necessary given the competition from cities like Dallas and Atlanta."
The Qualified Target Industry Tax Refund Resolution was adopted by City Council on December 12. The Economic Development Incentive Agreement was approved then as well.
The City of Orlando will provide KPMG a Tax Rebate in an amount not to exceed 25% of the City of Orlando real and tangible property taxes assessed on the property for a period of seven years beginning in Fiscal Year 2020-2021 through 2026-2027, with a maximum cumulative rebate amount over that time period not exceeding $3,502,887 and the maximum annual rebate amount not exceeding $500,412.
What does KPMG do?
Headquartered in New York City, KPMG (Website) provides audit, tax and advisory services and industry insight to help organizations negotiate risks and perform. More stats about the company:
- U.S. staff, including partners: 29,000+
- Worldwide staff, including partners: 174,000
- U.S. offices: 90 in all 50 states
- Worldwide offices: 700+ in 155 countries
- Annual revenue in the U.S.: $7.9 billion for the fiscal year ending Sept. 30, 2015
- Worldwide annual revenue: $24.44 billion for the fiscal year ending Sept. 30, 2015
- Market share: KPMG serves more than 80% of the FORTUNE Global 500 and more than 75% of the Forbes Global 1000
