THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
Project Supreme, founded in 1990 in the city of Weston in Broward County, Florida, is an award-winning, publicly traded software development company and cloud service provider specializing in comprehensive human resource and people management solutions. The company has experienced significant growth over the last five years and anticipates continued significant growth. With over 2,500 customers and employees in 136 countries, Project Supreme employs over 1,400 people worldwide, with 800 currently located in Broward County, Florida. This project would allow Project Supreme to expand its existing headquarter location, consolidate some or all of its existing buildings, and create a new, flagship campus-style headquarter facility in the City of Weston in Broward County, Florida. Location in Atlanta, Georgia is also under consideration for this project.
If Project Supreme chooses to expand operations in Broward County, company officials propose renovation of existing office space and construction of new corporate office facilities in the City of Weston. The total projected capital investment is $40,200,000. The new job average annual wage is $75,000. The average wage amount exceeds 150% of the County’s average annual wage for new jobs created under the QTI and Direct Cash/Job Creation Incentive Grant Programs. These programs are available for companies on a performance-driven basis that create high wage jobs in targeted, high value-added industries.
As an approved participant in the State of Florida Qualified Targeted Industry Tax Refund Program (QTI) with a QTI High Impact Sector Bonus Tax Refund, and the Broward County Direct Cash /Job Creation Incentive Program, Project Supreme will continue to provide human resource and people management solutions cloud computing applications to meet growing industry demand. Project Supreme falls within one of the high impact sectors designated under Florida Statute 288.108, as a software development corporate headquarters location. Project Supreme, as a member of the Global Business Services industry sector will enhance the County’s Targeted Industry strategy. Project Supreme’s business model aligns with the Board of County Commissioner’s vision: Unlimited Economic Opportunities, which supports “an economically successful, multi-faceted international community with high paying jobs and a well-educated, skilled, and motivated workforce.”
The accompanying Tax Revenue/Incentive Pay Out Analysis memorandum and spreadsheet (Exhibit 2) indicates that the anticipated tax revenue generated from the project meets Broward County’s threshold for positive Net Return, based on the creation of 400 new, high-wage/high-skill jobs in excess of 150% of Broward County’s average annual wage, capital investment of $40.2 million, and a positive net return of approximately 159.92%. Therefore, approval is recommended.
The City of Weston is scheduled to consider approval of the City portion (10%) of local financial support for the QTI and High Impact Sector Bonus Incentive and Direct Cash Incentive on June 16, 2014. The company is also applying for additional support from the Governor’s Quick Action Closing Fund. All recommended incentives are pay for performance incentives.
Based on creation of 400 high-wage/high-skill jobs and the projected capital investment, the total proposed incentive amount is as follows:
QTI and High Impact Sector Bonus – State of Florida (80%) $1,920,000
QTI and High Impact Sector Bonus Local Financial Support (10%) – County $240,000
QTI and High Impact Sector Bonus Local Financial Support (10%) – City $240,000
Direct Cash/Job Creation Incentive Grant – County $100,000
Direct Cash/Job Creation Incentive Grant – City $100,000
Total Proposed Incentive Amount $2,600,000
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