904 356-JOBS (5627)

904 356-JOBS (5627)

Jacksonville would pay $6 million for Dun & Bradstreet to come here and $12 million to stay (Courtesy of the Florida Times-Union) — Jacksonville’s pursuit of landing Dun & Bradstreet’s headquarters would require the city to pay $6 million for a relocation grant and then up to $12 million spread over 20 years in additional cash grants for each year the headquarters remains in Jacksonville, according to details of the proposed agreement.

The incentives are beyond what the city usually offers to companies in exchange for locating and expanding in Jacksonville, but having an internationally known company plant its headquarters here is a “unique opportunity” that warrants the taxpayer investment, said Kirk Wendland, executive director for the city’s Office of Economic Development.

The Mayor’s Budget Review Committee on Monday unanimously approved recommending the deal that will go next to City Council for a final decision.

Wendland said Jacksonville faced tough competition from other cities that also wanted to land a high-profile company like Dun & Bradstreet.

“Obviously, this is a significant investment on our part, but this is what the market is,” he told the mayor’s review committee.

Mayor Lenny Curry and some City Council members joined Dun & Bradstreet executives last week for an announcement at JAX Chamber about the firm’s plan to move to Jacksonville from Short Hills, N.J.

The firm would bring 500 jobs to Jacksonville over a five-year period at an average wage of $77,000, Wendland said. https://www.usatodaynetworkservice.com/tangstatic/html/nftu/sf-q1a2z3be0d353f.min.html Based on the total amount of city incentives, the return on investment for the city would be 49 cents for each $1 dollar from taxpayers, according to an Office of Economic Development memo from Wendland.

Wendland’s memo said the benefit of Jacksonville becoming the home of Dun & Bradstreet “significantly enhances our status” in the financial services sector. He told the mayor’s committee that those benefits are not captured in the standard return-on-investment calculations.

Note: Dun & Bradstreet has announced plans to relocate its corporate headquarters from Short Hills, NJ, to Jacksonville, FL. The business data and analytics provider’s move will create 500 new high-wage jobs over the next five years and generate $75 million in capital investment.

Logo courtesy of Dun & Bradstreet