Friday, January 19, 2018
Business

Company may bring 1,700 jobs to Seminole

SEMINOLE — A company that could bring more than 1,700 jobs to the area is eyeing this city as a possible location.

The startup is aviation related, will create a new product and is interested in two parcels totaling about 21 acres on the west side of Park Street. The 1,733 jobs would pay higher than the average annual wage for Pinellas County — more than $45,000 per year in some cases.

There's not much more to tell.

Details are secret until the company makes a final decision to locate in Seminole. Then they'll be released in accordance with provisions of the Qualified Tax Industry Refund, a state program designed to lure businesses to Florida.

New or expanding businesses in high-growth industries that create at least 10 new jobs that pay 115 percent of the average annual wage are eligible. If the company locates in the state, it will receive an annual tax refund up to $3,000 per job created. If the company pays more, it could receive additional bonuses.

QTI tax refunds are paid over a four-year period, at minimum, after the jobs are created and the company pays taxes. The company must meet all requirements to receive the refund. The state audits the company to make sure it has met the requirements.

In Seminole's case, the city and county would each pay a total of $693,200 in tax incentives spread over eight years.

Seminole council members agreed to the deal by a 6-1 vote, with Tom Barnhorn voting against it.

The next step is for the County Commission to pass a similar resolution. If it does, then the state will make an offer and negotiate with the company.

Reach Anne Lindberg at [email protected] or (727) 893-8450.

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