1. Approve the Jobs Growth Incentive Funding Agreement between Deloitte Consulting, LLP and Seminole County, providing an incentive of $1,200 per job, for a total of $480,000, for the creation of four hundred (400) new jobs;

or

2. Deny approval of the Jobs Growth Incentive Funding Agreement between Deloitte Consulting, LLP and Seminole County, providing an incentive of $1,200 per job, for a total of $480,000, for the creation of four hundred (400) new jobs; or

3.     Continue this item until a time and date certain.

Deloitte Consulting is one of the nation's leading professional services firms, providing broad-based business consulting services in areas of human capital, strategy, operations, and technology.  This Jobs Growth Incentive (JGI) project will expand Deloitte’s current Technology Delivery Center at the Lake Mary office, 901 International Parkway.

Deloitte Consulting located this Technology Delivery Center in Seminole County in 2015. Since that time, more than 2,300 new jobs in the fields of coding, data processing, and computer analytics have been created, earning an average wage of $60 – 70,000 annually.

This project proposes the creation of a minimum of four hundred (400) new, high-value jobs beginning in 2022. The average annual salary for the new positions will be $70,056, which is 139% of the County's average annual wage of $50,314, as listed in the State of Florida Incentive Average Wage Requirements which became effective on January 1, 2021. The job creation schedule is as follows:

·    134 new jobs by December 31, 2022

·    133 new jobs by December 31, 2023

·    133 new jobs by December 31, 2024

Deloitte Consulting, LLP is pursuing a Jobs Growth Incentive (JGI) in the amount of $1,200 per job, which would result in a total incentive award in the amount of $480,000 for the 400 newly created jobs.

Incentive awards for this project would not commence before the Deloitte, Phase 2 incentive awards are completed and jobs for the Deloitte, Phase 3 project are created and vested for two years. The earliest award for this project would be FY2024/25.

This expansion also involves a capital investment of at least $12,613,841 which includes construction and renovations, new equipment, and a five-year lease involving an additional 49,777 square feet at Deloitte’s current location, 901 South International Parkway, Lake Mary.

The conditions that will apply for this award are as follows:

1. The creation of four hundred (400) new jobs by December 31, 2024; 
2.  An average annual wage of $70,056 for the new positions created;
3. Payments will not be initiated until all commitments are satisfied for the initial JGI Agreements and the 400 jobs incentivized as part of this agreement are maintained for a period of two years; and
4.  A capital investment of at least $12,613,841.

If awarded by the Board of County Commissioners, funds would be allocated from the General Fund Reserves.

Staff recommends that the Board approve the Jobs Growth Incentive Funding Agreement between Deloitte Consulting, LLP and Seminole County, providing an incentive of $1,200 per job, for a total of $480,000 for the creation of four hundred (400) new jobs.