Title
Qualified Target Industry (QTI) Resolution - CyberSponse, Inc. (B)
This item seeks City Commission approval for a QTI Resolution associated with prospective job creation for the location within the City of Gainesville of CyberSponse, Inc., a cybersecurity software company.
Explanation
In this particular case, CyberSponse, Inc. has indicated that it will create up to 25 net new jobs at an average wage of approximately $45,000 in downtown Gainesville. This firm has pledged a capital investment of approximately $10,000 over two years regarding the new location in addition to the proposed job creation.
The QTI incentive is a state tool available to Florida communities to encourage job growth in targeted, high value added businesses. Pre-approved applicants creating jobs in Florida receive refunds on the various State taxes they pay including corporate, sales, ad-valorem, insurance premium and other taxes. The QTI incentive is performance based and the firm will only receive funds based upon jobs created and meeting other criteria as required by Florida statute.
Due to the incentive calculated per job ($6,000 for location in Enterprise Zone and $2,000 for jobs located in an Enterprise Florida designated High Impact Business Sector) the total incentive would be $200,000. Of this, the City would be asked to provide a 10% match ($20,000) over a period of two years with an equal 10% match ($20,000) coming from Alachua County for a total local match of $40,000.
The Gainesville Area Chamber of Commerce and its economic development arm, the Council for Economic Outreach (CEO), have worked with Enterprise Florida and CyberSponse, Inc. and recommends approval of this request.
Fiscal Note
If this item is approved, the City Commission agrees to budget and appropriate up to $20,000 over two years in the event that tax refunds are approved by the state.
Recommendation:
The City Commission: 1) Adopt the QTI Resolution; 2) Authorize the Mayor to execute and t...
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