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Financial firm promises St. Petersburg high-paying jobs in exchange for tax breaks

ST. PETERSBURG — A financial services company is seeking almost $370,000 in tax breaks to bring 35 high-paying jobs to the city by the end of 2013.

The firm is eyeing a brownfield site and pledges to potentially create 35 positions with annual salaries of $80,744. The total payroll would be $2.8 million when all the jobs are created, according to a city memo.

Not much else is publicly known about the firm.

Details are secret until the company makes a final decision on where to locate. Records will then be released in accordance with provisions of the Qualified Tax Industry Refund, a state program designed to lure businesses to Florida.

The firm has filed a QTI application with the state, county and city. The total tax break would be $367,500, based on an award of $10,500 per job created.

Pinellas County and St. Petersburg would each be responsible for $36,750.

The Pinellas County Commission and the St. Petersburg City Council will each vote Thursday on whether to support the tax break. Mayor Bill Foster's administration is recommending the council approve the resolution.

If both resolutions pass, the state will then make an offer to negotiate with the company.

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 firm to make sure it has met the requirements.

Mark Puente can be reached at mpuente@tampabay.com or (727) 893-8459. Follow him on Twitter at @markpuente.

Financial firm promises St. Petersburg high-paying jobs in exchange for tax breaks 09/04/12 [Last modified: Tuesday, September 4, 2012 3:04pm]
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