Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Last night at City Hall

Largo company gets tax break with pledge to create 30 jobs

City leaders Tuesday unanimously approved a tax break for a Largo manufacturer that expects to add 30 jobs.

Teresa Brydon, the city's economic development manager, sees the company's desire to expand in Largo as a glimmer of hope in a rough economy.

"It's coming in bits and pieces, but we're starting to eat away at the unemployment problem," Brydon said before the meeting.

The tax refund would be paid through the state's Qualified Target Industry incentives program, which aims to recruit businesses and retain expanding ones.

But at least one commissioner has an issue with the secrecy of the QTI process.

The name of the company was not disclosed because Florida law lets companies seeking these incentives request confidentially to protect against competition. Only three people on the city's management team, including Brydon, know the identity of the company.

"It just puts us in a precarious spot in relying on staff to come up with everything," said Commissioner Robert Murray.

Brydon, who has reviewed detailed information about the manufacturer, assured commissioners about the company.

"I truly believe that, in this case, this is an excellent expansion to an existing business," Brydon said.

The manufacturer is pledging an average salary of more than 150 percent above Pinellas County's average annual wage of $37,302. The new jobs would create about $1.73 million in annual payroll in the city.

The company would be eligible for a total tax refund of $120,000. Largo would be responsible for 10 percent, or a maximum of $12,000. Pinellas County agreed to match that amount Tuesday. The state would cover rest.

The manufacturer plans to spend $1.83 million in capital expenditures, which would generate about $7,036 each year in tangible personal property tax revenues.

The company would have three years to create 30 jobs and Largo would have six years to pay its portion.

"If they don't create all of those jobs," Brydon said, "they do not receive those dollars."

Largo company gets tax break with pledge to create 30 jobs 10/06/09 [Last modified: Tuesday, October 6, 2009 8:58pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Hudson man, 19, killed by hit-and-run driver while walking in street, FHP says

    Accidents

    A 19-year-old Hudson man walking in the street Friday night was struck and killed by a pickup truck that fled the scene, the Florida Highway Patrol said.

  2. Road Ranger hurt after truck catches fire in crash at I-275, Busch

    Blogs

    TAMPA — A Road Ranger was seriously injured when a drunk driver ran into the back of his truck on Interstate 275 and both vehicles burst into flame, the Florida Highway Patrol said.

    Brian Nelson Barrett, 42, of Wimauma, was headed north on I-275 in his Road Ranger truck Saturday morning 10/21/17 when a car hit him from behind, causing both vehicles to erupt in flames.
  3. Nicked-up Lightning vs. Penguins tonight

    Blogs

     

  4. Trump to allow the release of JFK assassination records

    Politics

    WASHINGTON (AP) — President Donald Trump says he doesn't plan to block the scheduled release of thousands of never publicly seen government documents related to President John F. Kennedy's assassination.

    FILE - In this Nov. 22, 1963 file photo, President John F. Kennedy waves from his car in a motorcade in Dallas. Riding with Kennedy are First Lady Jacqueline Kennedy, right, Nellie Connally, second from left, and her husband, Texas Gov. John Connally, far left.  President Donald Trump, on Saturday, Oct. 21, 2017,  says he plans to release thousands of never-seen government documents related to President John F. Kennedy's assassination.  (AP Photo/Jim Altgens, File) NY107
  5. Romano: C'mon Rick Baker, tell us how you really feel about Trump

    Local Government

    A brief timeline of presidential politics in St. Petersburg:

    Rick Baker, center,  waves to drivers while holding a sign that reads "Thank You" along with his family and supporters.