By a unanimous vote, the Pasco County Board of County Commissioners approved a $10 million incentive package in an attempt to get Raymond James Financial to move to the Wesley Chapel area.
With construction on the first two of the new Raymond James Financial
towers in Wiregrass Ranch
to begin as early as next year, the county offered the company millions in tax breaks and road word in hopes that the project will bring approximately 750 jobs to Pasco County
“Raymond James has signed a purchase agreement for the property,” says Steve Hollister, Raymond James corporate communications PR manager. “A final due diligence period of up to nine months will allow the firm to examine geotechnical, environmental and other aspects of the property to ensure compatibility with the project.”
Should the examination result in a decision to move forward, the company will begin work on the site, located at State Road 56 and Mansfield Boulevard in Wiregrass, in hopes to get the first tower completed as early as 2013; the second tower won't see completion until 2020.
According to an analysis by the Pasco Economic Development Council
, Raymond James Financial's move to the county is expected to generate $135 million in taxable sales, add $40 million to county property tax and $9 million in other taxes. In addition, Pasco agreed to invest nearly $4.5 million to improve road conditions around the site.
“We will have more information as the process proceeds,” says Hollister.
Writer: Alexis Quinn Chamberlain
Source: Steve Hollister, Raymond James Corporate Communications