Resolution 2021-31620 RESOLUTION NO. 2021-31620
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION
OF THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE AT ITS
FEBRUARY 19, 2021 MEETING, AND AUTHORIZING THE
ADMINISTRATION TO CREATE A JOB CREATION INCENTIVE
PROGRAM FOR THE PURPOSE OF ATTRACTING TARGETED
INDUSTRIES TO MIAMI BEACH.
WHEREAS, on February 19, 2021, the Finance and Economic Resiliency
Committee (FERC) unanimously recommended that the City Commission prioritize the
attraction of technology and financial services firms to the city in order to diversity the
economy and promote resiliency; and
WHEREAS, in recent years, the City of Miami Beach has become more
economically diverse with the establishment of headquarters and offices among the
technology and financial services industries with the potential for a hub to develop; and
WHEREAS, in recent months and in correlation with the COVID-19 pandemic,
Miami-Dade County has seen an uptick in relocations of technology and financial services
firms from the Northeast and Silicon Valley; and
WHEREAS, median and average wages among the technology and financial
services industries are substantially higher than median and average wages in Miami-
Dade County; and
WHEREAS, the Mayor and City Commission have identified the need for making
Miami Beach more business and user-friendly as a key objective in the City's 2019
Strategic Plan; and
WHEREAS, the Mayor and City Commission recognize the benefits of a local
approach to growing these industries in the City of Miami Beach in consideration of the
competitive regional and national market; and
WHEREAS, the Mayor and City Commission seek to further diversity the Miami
Beach economy by attracting, retaining and expanding businesses in these targeted
industries through the development of inducements and services to promote growth; and
WHEREAS, financial incentives for projects or developments related to the
attraction, retention or expansion of businesses in the technology and financial services
industries promote economic diversification, resiliency and an enhanced business
climate; and
WHEREAS, the Job Creation Incentive Program ("JCIP") is a performance-based
financial incentive available to technology and financial services firms and headquarters
relocating to or expanding in the City of Miami Beach; and
WHEREAS, the purpose of the JCIP is to diversify the economy by strategically
increasing the number of quality, high-wage jobs in the community; and
WHEREAS, recipients of the JCIP must create or relocate a minimum of ten (10)
new, fulltime equivalent jobs which average annual wages meet or exceed 125% of the
State of Florida or Miami-Dade County average wage, whichever is higher, at the time of
the application.
WHEREAS, the Mayor and City Commission accept the recommendation of the
Finance and Economic Resiliency Committee to direct the Administration to create a Job
Creation Incentive Program for the purpose of attracting targeted industries to Miami
Beach.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA that the Mayor and City
Commission hereby accept the recommendation of the Finance and Economic Resiliency
Committee at its February 19, 2021 meeting, and authorize the Administration to create
a Job Creation Incentive Program for the purpose of attracting targeted industries to the
City of Miami Beach.
PASSED and ADOPTED THIS 17 day of /74r 2021.
ATTEST:
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RAFAEL E. GRANAD , CI CLERK DAN GELBER, MAYOR
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MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Raul J.Aguila, Interim City Manager
DATE: March 17, 2021
SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF
THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE AT ITS
FEBRUARY 19, 2021 MEETING, AND AUTHORIZING THE
ADMINISTRATION TO CREATE A JOB CREATION INCENTIVE PROGRAM
FOR THE PURPOSE OF ATTRACTING TARGETED INDUSTRIES TO
MIAMI BEACH.
RECOMMENDATION
See attached Consolidated Commission Memorandum
SUPPORTING SURVEY DATA
See attached Consolidated Commission Memorandum
Applicable Area
Citywide
Is this a "Residents Right Does this item utilize G.O.
to Know" item. pursuant to Bond Funds?
City Code Section 2-14?
No No
Strategic Connection
Prosperity- Revitalize targeted areas and increase investment.
Legislative Tracking
Economic Development
ATTACHMENTS:
Description
❑ Resolution
o Consolidated Commission Memorandum
Page 293 of 2284
❑ Job Creation Incentive Program
Page 294 of 2284
MIAMI BEACH
City of Miami Beach, '700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Raul J. Aguila, Interim City Manager
DATE: March 17, 2021
SUBJECT: BUSINESS ATTRACTION, RETENTION AND EXPANSION
STRATEGIES AND INITIATIVES FOCUSED ON TARGETED
INDUSTRIES INCLUDING TECHNOLOGY AND FINANCIAL SERVICES
This is a Consolidated Commission Memorandum related to targeted business
attraction, retention and expansion of firms within the technology and financial
services industries, including Resolutions urging Miami-Dade County and directing
the Administration to prioritize attraction of targeted industries (Agenda Item C7
E); authorizing the development and implementation of inducements and services
such as expedited plan review and permitting for targeted industries (Agenda Item
C7 F); as well as creating a Job Creation Incentive Program (Agenda Item C7 G).
RECOMMENDATION
Adopt Resolutions (Agenda Items C7 E, C7 F and C7 G) to encourage and
promote attraction, retention and expansion of technology and financial services
firms to and within the City of Miami Beach.
BACKGROUND
The Mayor and City Commission have identified the need for making Miami Beach
more business and user-friendly as a key objective in the City's 2019 Strategic
Plan. On September 17, 2020, the Land Use and Sustainability Committee
discussed the migration of corporate office tenants from locations outside of
Florida to the greater Miami area, particularly in correlation with the COVID-19
pandemic.
As the pandemic has uncovered the economic vulnerabilities of the City, at the
December 18, 2020 and January 22, 2021 Finance and Economic Resiliency
Committee (FERC) meetings, there were discussions pertaining to methods to
diversify the economy and reduce the city's dependency on the tourism and
hospitality industries. The discussions surrounded identifying targeted industries
and establishing an approach to attracting these industries to Miami Beach while
Page 297 of 2284
Consolidated Commission Memorandum
Business Attraction of Targeted Industries
March 17, 2021
Page 2 of 5
continuing to support and strengthen core industries.
The focus on technology and financial services firms emerged based on recent
industry trends. With current interest in Miami-Dade County from out-of-state
technology and financial services firms and investors, Miami Beach is poised to
attract firms that create jobs at above average wages in industries proven to be
resilient in the face of the COVID-19 pandemic. Additionally, in recent years and
more so in recent months, business owners are changing their perspective on what
a desirable business environment looks like.
Class A Office space is often a prerequisite for securing relocations within these
industries. As demand for Class A Office space has increased, Miami Beach has
taken steps to create a pipeline for this product including recent changes to zoning
regulations and a Request for Letters of Interest to redevelop certain city-owned
parking lots.
In recognition of the growing migration of technology firms to Miami-Dade, and
more particularly to Miami, on January 21, 2021, the Miami-Dade Board of County
Commissioners adopted a Resolution (Exhibit A) directing the County Mayor to
develop recommendations for economic development measures to attract
technology companies to relocate their headquarters to Miami-Dade County, to
foster technology start-ups to launch and remain in the County, and to retain and
promote the development of technology companies currently existing in the
County.
Recently, the Administration has taken steps to bolster the relationship between
the city and the Beacon Council, Miami-Dade County's official economic
development organization. The Beacon Council has provided a summary of
business attraction and relocation considerations (Exhibit B) which in general are
likely to influence relocation decisions to the area.
ANALYSIS
With growing interest among financial services and technology firms and investors
from the Northeast and Silicon Valley and in a competitive market that includes
nearby development authorities and community redevelopment agencies, the City
must be aggressive with business recruitment efforts. On February 19, 2021, the
Finance and Economic Resiliency Committee discussed a three-pronged
approach to business attraction focused on targeting technology and financial
services firms. The Administration identified a strategy to incorporate the following
elements:
1) Policy Direction and Relationship-building;
2) Inducements and Services; and
3) Public Relations and Marketing.
Page 298 of 2284
Consolidated Commission Memorandum
Business Attraction of Targeted Industries
March 17, 2021
Page 3 of 5
The Finance and Economic Resiliency Committee also recommended the
following six (6) tactics in furtherance of business attraction, retention, and
expansion of businesses within the identified targeted industries. The
Administration seeks City Commission action on three (3) of the six (6) tactics.
1) Affirmative Resolution (Agenda Item C7 E): A Resolution of the
Mayor and City Commission declaring an intent to attract technology
and financial services firms/businesses to Miami Beach. Additionally,
the Resolution provides direction to the Administration and urges
Miami-Dade County to pursue steps to make this type of business
attraction a priority. This declaration sends the message to existing
and potential businesses that the city is committed to cultivating and
supporting these targeted industries.
2) Business Attraction Inducements and Services — Expedited Plan
Review and Permitting (Agenda Item C7 F): No-cost incentive
offered to certain eligible businesses and developers to encourage
targeted relocations or expansions and associated development.
Efforts by the city to provide concierge and expedited services are
attractive to businesses seeking to relocate or expand.
3) Business Attraction Incentives —Job Creation Incentive Program
(Agenda Item C7 G): Business relocations are often spearheaded by
site selectors who do the legwork necessary for a relocation decision
to be made, such as evaluate and vet the various opportunities
available to the prospective business. Site selectors often inquire
about financial incentives as part of their fact-finding and decision-
making process. The Job Creation Incentive Program (JCIP) (Exhibit
C) is a baseline financial incentive package that would ensure that the
city has a greater competitive advantage in the local market and the
ability to leverage existing incentives available from the State and
County. The purpose of the JCIP is to strategically attract companies
and expand existing businesses within the City of Miami Beach while
increasing the number of quality, high-wage jobs in the community.
The applicant must create or relocate a minimum of ten (10) new,
fulltime equivalent jobs which average annual wages meeting or
exceeding 125% of the Miami-Dade County or State of Florida average
wage, whichever is higher, at the time of the application.
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Consolidated Commission Memorandum
Business Attraction of Targeted Industries
March 17, 2021
Page 4 of 5
Fiscal Impact: The proposed incentive is performance-based. Job
creation must be demonstrated and/or sustained prior to disbursement
of award. The JCIP proposes a lengthy installment period in order to
avoid shocking the General Fund without the additional revenue
generation that the incentive is intended to induce. JCIP applications
and awards will vary in quantity and amount based on the number of
applications and the application details. Applications may be accepted
and awarded at the discretion of the City Commission. A submitted
application does not bind the City Commission to grant an award. The
maximum annual award for a single company in a single year is
$60,000 if all jobs are created or relocated during that year. The
maximum total award over a 3 to 4-year period is between $180,000
and $240,000 for a single company. Award funding may be budgeted
on an annual basis or through a budget amendment.
4) Messaging and Collateral: Communicating with the appropriate
audience is critical to being successful in efforts to recruit businesses
and investors. With a myriad of options both locally and nationally, it is
essential that the city highlight the strengths and opportunities that set
us apart from other locales. The Administration will develop and
disseminate collateral and content through public relations and
marketing efforts. (To be implemented administratively)
5) Business Leadership Advisory Council: Development of a Business
Leadership Advisory Council in coordination with existing business
groups. The Council is to be comprised of relevant, top-tier industry
leaders in order that the City Commission and Administration may
draw from the insights of the Council to develop policies well suited to
attract like businesses within the focus areas of technology and
financial services. (To be implemented administratively)
6) Access to Leadership: The Mayor and City Commission play a
significant role in the business attraction process. Many business
owners and leaders make relocation decisions, at least in part, based
on the professional relationships built with elected officials and their
perception of whether the elected body is supportive. The Mayor and
City Commission serve as ambassadors for the city in this regard. This
tactic may be achieved by developing a structured, yet flexible method
of offering potential business owners access to the elected body which
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Consolidated Commission Memorandum
Business Attraction of Targeted Industries
March 17, 2021
Page 5 of 5
includes a combination of the Mayor along with all or designated
members of the City Commission. (To be implemented
administratively in consultation with the Mayor and City Commission)
SURVEY DATA
Taking steps to diversify the economy by improving the business climate is
essential to the resiliency of the city. According to the 2019 Miami Beach
Community Satisfaction Survey, when asked how you would currently rate the City
of Miami Beach as a place to do business, 30% of businesses reported that the
City has improved. By implementing a multifaceted approach to business
attraction, retention and expansion, the City of Miami Beach will strengthen
existing businesses as well.
CONCLUSION
Traditionally, the city has benefited from its international status in order to attract
visitors and investment. Today, it is imperative that the city enact a tailored
approach and take proactive measures to seek out and attract new industry.
Attracting new business and investment to the city is a top strategic priority and
the tactics discussed above are necessary to promote and increase awareness of
Miami Beach's competitive strengths. The Administration supports the
recommendation of the Finance and Economic Resiliency Committee to enact the
measures outlined herein.
Page 301 of 2284
EXHIBIT C
JOB CREATION INCENTIVE PROGRAM
1. Background and Purpose
The City of Miami Beach is invested in economic resiliency through economic diversification. New or existing
businesses in the City of Miami Beach may be eligible for a performance-based incentive known as the Job Creation
Incentive Program (JCIP).The purpose of the JCIP is to strategically attract companies and expand existing businesses
within the City of Miami Beach while increasing the number of quality, high-wage jobs in the community.The applicant
must create or relocate a minimum of ten (10) new, fulltime equivalent jobs which average annual wages meeting or
exceeding 125%of the County's average wage at the time of the application.
2. Eligibility
The City of Miami Beach JCIP will be available to new-to-market businesses or expanding businesses that will either
hire or relocate, a minimum of ten (10) new employees to the City of Miami Beach within a four(4)year period for
New-to-Market businesses or three (3)year period for existing businesses.
The Program is available to the following industries:
a. Financial/Professional Services
b.Technology
c. Headquarters including regional headquarters
The City Commission, at its discretion, may waive the eligible industry requirement at the request and
recommendation of the City Manager.
a. Companies applying for the JCIP Program must be "new-to-market"or an "expanding" business already operating
within the City of Miami Beach. New-to-market businesses may relocate from anywhere outside of the City of
Miami Beach.
b. Requirements for Expanding Businesses at the time of application:
• An expanding business must either own its office space property or have an executed multi-year lease (3-
year minimum)for the office location within the City of Miami Beach.
• An expanding business must have a valid Miami Beach business tax receipt (BTR) and may not have any
pending City fees or fines,or be involved in any litigation with the City of Miami Beach.
• An expanding business must be properly licensed and approved by the State and County as applicable.
c. All awarded Expanding businesses and New-to-Market businesses must meet the requirements above when the
incentive will be claimed and disbursed for each eligible fiscal year.
d. Businesses that do not report employees'wages are not eligible for assistance under the JCIP Program.
The JICP is contingent on annual funding availability, City Commission approval,and the execution and continued
compliance with the requirements of an agreement between the City and the applicant,and is not to be construed
as an entitlement or right of an applicant or property owner.
3. Requirements
a. New Job Category:A New Job must be a fulltime equivalent position (minimum of 2,080 hours annually)and shall:
o be created in the City of Miami Beach and add to the City's total job base;
o add incrementally to the company's payroll;
o result in a net increase in the number of employees of the applicant company; and
o involve only a new employee working on-site (at least partially) at the company's facility located in the
City of Miami Beach.
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A New Job excludes an existing employee on current payroll of the business at the time of the application.
b. Relocated Job Category:A Relocated Job includes fulltime equivalent positions(minimum of 2,080 hours annually)
currently identified on the company's payroll at the time of application.
o Only New-to-Market companies(moving to Miami Beach)can utilize relocated jobs as part of the incentive
application.
o Existing Miami Beach companies seeking to expand operations in Miami Beach may not utilize relocated
jobs as part of the job creation requirement.
c. Job Creation Timeline: Approval of the JCIP application and agreement by the City Commission must occur before
the jobs are added or relocated.A business that enters into an incentive agreement with the City of Miami Beach
and is located in or relocating to existing office space that does not require significant tenant improvements must
add the minimum number of jobs (10) within an agreed to number of months after the effective date of the
incentive award.The company and the City of Miami Beach will negotiate a job creation/relocation timeframe.
d. Living Wage Requirement: The JCIP will not be available to companies that pay any of their employees less than
the Living Wage Rate as defined by Section 2-8.9 of the Code of Miami-Dade County, as adjusted annually by the
Department of Small Business Development or its successor department, or as defined by Section 2-408 of the
Code of the City of Miami Beach and by choosing the higher rate of both. Companies receiving JCIP awards must
continue to pay all its employees no less than the Living Wage Rate to remain eligible for the Program.
e. Wages of New Jobs Created or Relocated: New Jobs or Relocated Jobs must pay an estimated Average Annual
Wage at least equal to 125% the average of wages in Miami-Dade County or the State of Florida (across all
industries or occupations) as determined by Miami-Dade County or the State of Florida using the most currently
available data as determined by the City of Miami Beach and by choosing the higher rate.
f. Job Creation: Participating businesses must create at least ten (10) New Jobs within four (4) years for New-to-
Market Businesses or within three (3) years for Expanding Businesses. The time begins to toll once the business
begins operation in the City of Miami Beach (designated by issuance of a BTR)or once the Agreement is executed,
whichever is later.
g. New or Relocated Jobs must be maintained for a minimum of one (1) additional year. City of Miami Beach staff
will verify compliance with New Job creation and wage requirements as specified in the City Commission approved
JCIP application/agreement prior to any disbursement of City of Miami Beach incentives.The Company must agree
to furnish all documents necessary for City of Miami Beach staff to verify the Company's compliance with the New
Job or Relocated Job salary requirements pursuant to the City of Miami Beach JCIP application/agreement.
h. Taxes, Fines or other Fees: Where a Company is delinquent in paying its taxes,fines, or any other fees due to the
City of Miami Beach,the City of Miami Beach shall withhold Incentive funds until the Company is current. Where
a Company is more than one (1) year delinquent, the Company's City of Miami Beach incentive award shall be
canceled, and the Company shall be disqualified from participating in the Program.
i. Media Announcement:Applicant must(a) mention the City of Miami Beach by name within its initial press release
announcing the new office location, (b) at least forty-eight(48) hours in advance, provide the exact date and time
of when the press release will be published, and (c) at least forty-eight (48) hours in advance, provide a copy of
the press release.The City's Marketing and Communications Department will also issue a press release and media
coverage.
j. Media Appearances: The company must provide an employee representative, of at a minimum a senior level
executive position, for a minimum of four (4) engagements in year 1, two (2) engagements year 2, two (2)
engagements in year 3, and if applicable, two (2) engagements in year 4,to assist with recruitment efforts of the
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City of Miami Beach to attract additional companies to the City. Required engagements will consist of a
presentation, panel discussion, interview, quote for media story, or comparable engagement.
4. Incentive Award
The amount of the JCIP award is determined based on the information provided and verified in the application process
and requires approval by the City Commission. The actual award will be determined after the Company has begun
operations,and at the end of each City of Miami Beach fiscal year, upon the verification of New Jobs or Relocated Jobs
as specified in the City Commission-approved application/agreement, and all other obligations set forth in the
application/agreement and the Resolution approving authorizing the award.
The maximum award amount is based on the number of employees brought or relocated to the City of Miami Beach
during the initial move, and any subsequent new hires. For expanding companies already located in the city, the
maximum award is based on the New Jobs created.The incentives over the four(4)year or three (3)year period after
the applicant's start of operations or the execution of this agreement, whichever is later, may not exceed:
a. $600 per employee for the first 50 jobs(minimum of 10)
b. $400 per employee for each job added between 51-100
c. $250 per employee for each job added above 100
Applicant may be eligible for the following bonuses for new hires only:
a. An additional $125 per employee if a company is located within the North Beach area, as defined by the City
of Miami Beach
b. An additional $125 per employee if new hire received a degree from a public university, private university, or
technical school located within Miami-Dade County and graduated within three (3)years of the hire date
c. An additional $125 per employee if previously unemployed or employed below the Living Wage Rate
immediately preceding employment with company
d. An additional $150 per employee if their primary residence is within the City of Miami Beach
A Company may not receive more than $60,000 in incentive awards in any single fiscal year, even if all the New Jobs
are created or relocated in one(1)year.A Company may not receive more than $240,000 in award payments over the
four(4)year period for new-to-market or$180,000 in award payments over the three (3) year period for expansions.
The City Commission, at its discretion, may waive the applicable $180,000 or$240,000 total award cap at the request
and recommendation of the City Manager.
5. Application Process
• A company wishing to participate in the Program will apply to the City of Miami Beach. Upon request,a Company's
confidentiality will be protected,to the best of the city's ability, for any information regarding a project's location
and/or expansion evaluation of any Miami Beach site.
• The application will be evaluated by City of Miami Beach staff and approved by the City Commission.
• An application must be signed by an executive officer or owner of the applying company.
• Any New-to-Market company that commits the Company to a location within the City of Miami Beach prior to City
Commission approval of the Application/Agreement will render a Company ineligible to participate in the JCIP.
The City Manager may waive this prior decision rule and forward the Company's Application to the City
Commission for consideration upon the written request by the Company to preserve the incentive for a limited
time. However, the City Commission retains the sole and absolute discretion to approve or deny the Company's
Application.This prior business decision rule waiver shall not be available to a Company that has already publicly
disclosed the intent to locate or expand its operations in the City of Miami Beach.
• Within thirty (30) days of application receipt and initial review, City of Miami Beach Administration shall inform
the City Commission and schedule an application presentation at the following available Finance and Economic
Resiliency Committee (FERC) meeting (applicable public notice and agenda deadlines apply). Staff will notify the
Applicant when the application is scheduled for consideration at any public meeting.
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• Pending recommendation from the FERC, City of Miami Beach Administration shall prepare its recommendation
on the Application to the City Commission, including an economic impact analysis.
• Each City Commission approved Application shall serve as the written Agreement between City of Miami Beach
and the Company, and shall include all Application requirements outlined in this Section and, at a minimum,
specify:
a. The total number of New Jobs to be created or relocated and that will be dedicated to the project;
b. the Average Annual Wage of those jobs, any capital investment, and a time schedule or plan for when such
jobs will be in place and active;
c. The fiscal impact to the City of Miami Beach;
d. The maximum amount of JCIP awards which the Company is eligible to receive and the maximum amount of
JCIP awards that the Company is eligible to receive for each fiscal year;
e. That the City of Miami Beach may review and verify the financial and personnel records of the Company
and/or perform onsite visits to verify employment relating to the New or Relocated Jobs, wages paid, and
determine whether the Company is in compliance with the terms of the Application/Agreement;
f. The date by which, in each fiscal year,the Company must file a claim to be considered to
receive a JCIP award for the following fiscal year(October 1—September 30);
g. That compliance with the terms and conditions of the approved Application/Agreement is a conditional
requirement for the receipt of any JCIP award in a fiscal year and that the Company's failure to comply with
the terms and conditions of the approved Application/Agreement results in the loss of eligibility for receipt of
JCIP awards and the revocation by the City Commission of the certification of the Company as a City of Miami
Beach eligible business;
h. That payment of JCIP incentives is conditioned on and subject to specific annual appropriations by the City of
Miami Beach sufficient to pay amounts under the approved Application/Agreement; and
i. That the amount of the Incentives received will be based on the Incentive levels specified.
6. Award Disbursement
a. Annual disbursements will be contingent on the verification of the new jobs created and retained.
b. Disbursement will begin in the City of Miami Beach fiscal year following the Project's start of operations. The
City of Miami Beach's fiscal year runs from October 1 through September 30 of the following calendar year.
c. Companies will be monitored annually to ensure compliance with the projected number of new jobs and the
wages associated with the new jobs. Disbursements to the Company will only be made after it has met all
commitments as set forth in the City of Miami Beach application/agreement and the City Commission
approved Resolution,
d. Disbursement amounts are set forth and limited in each year of the disbursement schedule approved in the
Agreement and Resolution.
e. To be eligible to claim any award under the JCIP, an Applicant that has entered into an approved
application/agreement must annually apply to the City of Miami Beach for such award by July 1St. An
appropriation, if made by the City Commission, will be paid in the City of Miami Beach fiscal year that begins
on October 1 following the claims-submission date.
f. The City of Miami Beach shall designate staff, or a third party,to administer the JCIP and determine Company
compliance. Any awards determined to be due to Companies and processed by said designated staff shall
require written approval and authorization of the City of Miami Beach.
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Sample Annual Incentive Award
Company A Company B Company C
110
75 50 jobs x$600=$30,000
Number of 25 50 jobs x$600=$30,000 50 jobs x$400=$20,000
New Jobs 25 jobs x$600=$15,000 25 jobs x$400=$10,000 10 jobs x$250=$ 2,500
Subtotal: $40,000
Subtotal: $52,500
Company Yes Yes No
Located in 25 jobs x$125=$3,125 75 jobs x$125=$9,375 110 jobs x$0=$0
North Beach
Degree from Yes Yes Yes
Local Institution 10 employees x$125=$1,250 25 employees x$125=$3,125 50 employees x$125=$6,250
Below Living Yes
Wage 2 employees x$125=$250 No No
Residence in Yes Yes Yes
City 10 employees x$150=$1,500 20 employees x$150=$3,000 25 employees x$150=$3,750
Total Less
Amount Above
$60k Annual $21,125 $55,500 $62,500-$2,500=$60,000
Cap
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