Resolution 2022-32134 it - - - - --- --- -,
RESOLUTION NO1 2022-32134
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 MARCH 30, 2022 MEETING, AND
APPROVING AND AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AGREEMENT WITH PENNANTPARK INVESTMENT
ADVISERS, LLC, FOR PARTICIPATION IN THE JOB CREATION
INCENTIVE PROGRAM (THE "PROGRAM"), IN AN AMOUNT NOT
TO EXCEED $60,00.0 PER YEAR, FOR UP TO FOUR (4) YEARS,
SUBJECT TO FUNDING APPROPRIATION AND APPROVAL
DURING THE CITY'S ANNUAL BUDGETARY PROCESS FOR EACH
FISCAL YEAR DURING THE TERM OF THE AGREEMENT.
WHEREAS.,the Mayor and City Commission have identified the need,for making
the City of Miami Beach (the"City") more business and user-friendly as a key objective
in the City's 2019 Strategic Plan;and
WHEREAS, during the COVID-1 9 pandemic, Miami-Dade County has seen an
uptick in relocation of technology and financial services firms from the Northeast, Silicon
Valley, and other regions; and
WHEREAS, the City 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, 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, at its February 19, 2021 meeting, the Finance and Economic
Resiliency Committee 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, the Mayor and City Commission recognize the benefits of a local
approach to growing these industries in the City in consideration of the competitive
regional and national market; and
WHEREAS, the Mayor and City Commission seek to further diversify the City's
economy by attracting, retaining, and expanding businesses in these targeted
industries through the development of'incentives and services to promote growth; and
WHEREAS, financial incentives related to the attraction, retention, or expansion
of businesses in the technology and financial services industries will promote economic
diversification; resiliency, and an enhanced business climate; and
WHEREAS, on March, 17, 2021,, the Mayor and City Commission adopted
Resolution No.'2021-31618, directing the Administration to encourage and promote
the attraction of these targeted industries; and
WHEREAS, on March 17, 2021, the Mayor and City Commission also adopted
Resolution No. 2021-31620, authorizing,the Administration to create a Job Creation
Incentive Program ("JCIP" or "Program") for the purpose of attracting targeted
industries to Miami Beach; and
WHEREAS, the 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 Miami Beach; and
WHEREAS, recipients of the JCIP must create or relocate a minimum often (10).
new, fulltime equivalent jobs with average annual wages meeting or exceeding 125% of
the State of Florida or Miami-Dade County average wage, whichever is higher, at the
time of application to the Program; and
WHEREAS, New, to. Market companies that are recipients of the JCIP may be
eligible for an award of up to $60,000 per year for a total of four(4) years, subject to
the appropriation and approval of the incentive payment. during the City's budgetary
process for each fiscal year; and
WHEREAS, PennantPark Investment Advisers, LLC ("PennantPark"), a New
York-based investment advisory firm focused on middle market lending, is relocating its
headquarters to Miami Beach and applied for the JCIP with plans to relocate, or create
twenty(20) high wage jobs over a four(4)year period; and
WHEREAS, PennantPark is also participating in the Expedited Plan Review and
Permitting Incentive Program,approved by the City Commission via Resolution No. 2021-
31619; and
WHEREAS, at its March 30, 2022 meeting, the Finance and Economic Resiliency
Committee recommended approval of PennantPar..k's JCIP application based on its
qualification as a New to Market company within the targeted industries, and other criteria
including high-wage job creation,.
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 March 30, 2022 meeting, and approve and authorize the City
Manager to execute an Agreement with PennantPark Investment Advisors, LLC, for
participation in the Job Creation Incentive Program (the "Program"), in an amount not to
exceed $60,000 per year, for up to four (4) years, subject to funding appropriation and
approval during the City's annual budgetary process for each fiscal year during the term
of the Agreement.
PASSED and ADOPTED this 4 day of '117 , 2022.
Dan Gelber, Mayor
ATTEST: MAY 1 `0 2022
Rafael E. Granado, City Clerk .�g „
s.
IINCOttATEli
WI
•
APPROVED AS TO
FORM& LANGUAGE
&FOR EXECUTION
City Attorney ol,r Date
Resolutions-C7 E
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: May 4, 2022
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
MARCH 30, 2022 MEETING, APPROVING AND AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT WITH PENNANTPARK
INVESTMENT ADVISERS, LLC FOR PARTICIPATION IN THE JOB
CREATION INCENTIVE PROGRAM, IN AN AMOUNT NOT TO EXCEED
$60,000 PER YEAR, FOR UP TO FOUR (4)YEARS, SUBJECT TO FUNDING
APPROPRIATION AND APPROVAL DURING THE CITY'S BUDGETARY
PROCESS FOR EACH FISCAL YEAR DURING THE TERM OF THE
AGREEMENT.
RECOMMENDATION
The Administration recommends the approval and authorization of the City Manager to execute
an agreement with PennantPark Investment Advisers, LLC for'` aiticipation in the Job Creation L �"
Incentive Program, in an amount not to exceed $60,000 per year,for up to four years, subject to
funding appropriation and approval during the City's budgetary process for each fiscal year
during the term of the agreement.
BACKGROUND/HISTORY
On March 17, 2021, the Mayor and City Commission adopted Resolution 2021-31620,
authorizing the Administration to create a Job Creation Incentive Program (the "Program") for
the purpose of attracting targeted industries to Miami Beach. The Program offers a
performance-based financial incentive available to technology and financial services firms and
headquarters relocating to or expanding in the City of Miami Beach.
The JCIP affords the city a greater competitive advantage and ability to leverage existing
incentives from the State and County. The purpose of the JCIP is to strategically attract new
and expanding businesses within the City of Miami Beach and to diversify the economy by
strategically increasing the number of quality, high-wage jobs in Miami Beach. Program
participants must create or relocate a minimum of ten (10) new, fulltime equivalent jobs with
average annual wages meeting or exceeding 125% of the State of Florida or Miami-Dade
County average wage, whichever is higher, at the time of application. After each annual
performance period, participants are eligible to receive an incentive based on number of new
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and relocated employees with additional incentives for participants locating in North Beach, and
those hiring Miami Beach residents and employees with education or training received at local
institutions.
New-to-market companies that are recipients of the incentive may be eligible for an award of up
to $60,000 per year for four(4) years. Expanding companies are eligible for an award of up to
$60,000 per year for three (3)years.
On April 6, 2022, the City Commission authorized an amendment to the Program to encourage
small businesses to participate and to develop a greater focus on subcategories within the
targeted industries including cryptocurrency, blockchain, Web3, decentralized finance,
sustainability, resiliency, hospitality, tourism, health and wellness, and arts and culture. As
outlined in the program guidelines, recommendations for award of this incentive must be
reviewed by the Finance and Economic Resiliency Committee (FERC) and approved by the
City Commission.
ANALYSIS
The Administration provides a quarterly update on a number of economic development activities
to the FERC. The update includes details on efforts to attract and retain businesses including
communications and marketing plans, tradeshow and conference opportunities, options to
leverage city assets through public-private-partnerships, and recent applications for the Job
Creation Incentive Program. During the March 30, 2022 FERC meeting, the Administration.
recommended approval of PennantPark Investment Advisers, LLC's (PennantPark) Program
application as the firm meets the eligibility criteria.
PennantPark is an investment advisory firm focused on middle market lending, with offices in
New York City, Chicago, Los Angeles, and Houston. The firm is expanding and relocating its
headquarters from New York to Miami Beach. Founded by Arthur Penn in 2007, Pennant Park is
an independent manager of a diverse portfolio with approximately $6 billion in assets currently
under management. The firm offers investors access•to middle market credit and to date,Ethas
invested over$15 billion involving over 650 transactions across a range of industries including
government services, healthcare, software,technology, consumer, and business services.
PennantPark is investing in Miami Beach for the long term with a five and a half (5 1/2) year
lease, with renewal options for over 5,500 square feet, at 1691 Michigan Avenue near Lincoln
Road. In alignment with the City Commission's efforts to diversify the economy and encourage
workforce opportunities, PennantPark intends to create or relocate approximately twenty (20)
jobs over a four (4) year period, with estimated annual wages averaging $350,000. The
Administration is recommending this company for the JC I P to support the growth of the financial
services industry. PennantPark is also participating in the Expedited Plan Review and Permitting
Incentive Program, approved by the City Commission via Resolution No.No. 2021-31619.
PennantPark: Project Summary
Industry and business services Financial services; investment
management
Location 1691 Michigan Avenue
Type of Office Headquarters
Lease Term 5.5-years
Office Size 5,537 sq ft
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Capital Investment TBD (to be provided by landlord)
New or Relocated Jobs 10 (year 1); 20 (over 4 years)
Average Wages $350,000
Estimated annual award amount $11,000
Estimated final award amount $ 44,000 (over 4 years)
Economic Impact Analysis See Exhibit A
(I MP LAN)
On March 30, 2022, the FERC unanimously recommended approval of`PennantPark's
application based on its qualifications as a new-to-market company within the targeted industries
and other criteria including high-wage job creation.
SUPPORTING SURVEY DATA
The Mayor and City Commission identified the need for making Miami Beach more business
and user-friendly as a key objective in the City's 2019 Strategic Plan. Based on the 2019 Miami
Beach Community Satisfaction Survey, 59.9% of businesses would recommend the City of
Miami Beach to others as a place to run a business. It is anticipated that this percentage will
increase over time as the economy diversifies and companies within the targeted industries
relocate to Miami Beach and promote the City's incentive programs to industry peers.
FINANCIAL INFORMATION
The fiscal impact to the City is up to $60,000 per year for four (4) years subject to funding
appropriation and approval during the budgetary process for each fiscal year during the term of
the agreement.
Amount(s)/Acount(s):
CONCLUSION
The City Commission's efforts to market the city and attract, retain, and expand top-notch
financial services and technology firms has yielded success. To continue this initiative, the
Administration is recommending PennantPark Investment Advisers, LLC for Program approval.
Their bold expansion to the city will have a positive impact on the business climate in furthering
economic diversification. The Administration recommends the approval of the FERC
recommendation to approve and authorize the City Manager to execute an agreement with
PennantPark Investment Advisers, LLC for participation in the Job Creation Incentive
Program in the form attached as Exhibit B accompanying this Memorandum.
Applicable Area
South Beach
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.
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Legislative Tracking
Economic Development
ATTACHMENTS:
Description
o Exhibit A- PennantPark Investment Advisors Economic Impact Summary
o Exhibit B- PennantPark JCIP Draft Agreement with Revised-Guidelines
m
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Exhibit A
Economic Impact Summary— PennantPark Investment Advisers, LLC
APPLICANT: PennantPark Investment Advisers, LLC
CURRENT LOCATION: 590 Madison Avenue, 15 Floor, New York, New York
PROPOSED LOCATION: 1691 Michigan Avenue, Suite 500, Miami Beach, FL
CAPITAL INVESTMENT: To be determined. Landlord to fund.
JOB CREATION: 10 relocated or new employees in the first 12 months;
20 new employees in four years from 2022 to 2026
Average salary of new jobs: $350,000
Economic Impact results using IMPLAN PRO Version 6.2 (reported in 2022 Dollars)
Total Job Creation Output Impact Direct,Indirect and Induced Jobs 20.38 @ 4-years
Total Labor Income Impact Direct Jobs Only $1,242,132.41 @ 4-years
State&Local Tax Impact
(Excluding ad valorem tax) Direct Jobs Only $14,287.82 @ 4-years
Direct Jobs 20.00
Total Employment Impact Indirect Jobs 0.35
Induced Jobs 0.03
Total jobs resulting from this investment 20.38
Cumulative Impact—PennantPark Investment Advisers
Impact ' 'Employment Labor Income Value Added Output
1-Direct 20.00 $1,242,132.41 $1,412,577.38 $3,498,352.99
2-Indirect 0.35 $22,210.43 $35,089.44 $66,374.53
3-Induced 0.03 $1,232.73 $1,976.63 $3,645.73
Total 20.38 $1,265,575.57 $1,449,643.45 $3,568,373.25
Impact of Tax Revenue —PennantPark Investment Advisers
Impact Sub County General Sub County Special Districts County State Federal Total
1-Direct $1,765.03 $2,327.16 $2,791.31 $7,404.32 $191,094.12 $205,381.95
2-Indirect $210.61 $277.64 $333.06 $759.63 $3,979.04 $5,559.97
3-Induced $21.79 $28.70 $34.45 $72.05 $218.97 $375.95
Total $1,997.42 $2,633.50 $3,158.82 $8,236.00 $195,292.13 $211,317.87
Page 278 of 1451
Definitions
Direct Effect Refers to the impact created directly by the business activity.All jobs created as a direct result of the business activity.
Refers to those effects created by the producers of intermediate goods and service.All goods and services purchased
Indirect Effect as a result of the business activity.
Refers to the subsequent round of spending in the local economy made by the households Of the employees Of
Induced Effect businesses that incur both direct and indirect expenditures.
Total Effect Refers to the Direct,Indirect,and Induced impacts summed together.
Total annual average jobs.This includes self-employed and wage and salary employees,and all full-time,part-time and
Employment seasonal based on a count of full-time
jobs,
/part-time averages over twelve months.
Defines the total value paid to local workers within a region.Labor Income is the income source for Induced
Labor Income household spending estimations.
Labor Income=Employee Compensation+Proprietor Income
Comprised of Labor Income,Indirect Business Taxes,and Other Property Type Income.Value Added demonstrates an
industry's value of production over the cost of its purchasing goods and services required to make its products.
Total Value Added Value Added is often referred to as Gross Domestic Product(GDP).
Value Added=Labor Income+Indirect Business Taxes+Other Property Type Income
The total value of an industry's production comprised of the value of the Intermediate Inputs and Value Added. In
IMPLAN this is typically viewed as the value of a change in sates or the value of increased production.However,annual
Output production is not always equal to annual sales.If production levels are higher than sales,surpluses become inventory.
Because inventory does not drive additional impact in the year it was produced,in IMPLAN Direct Industry sales=Direct
Output.
Output=Intermediate Inputs+Value Added
IMPLAN Software for Economic Impact Analysis-Version PRO 6.2
Copyright 2021 IMPLAN Group,Inc.
tik
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EXHIBIT B
' r r`. 1 T r A f•' Li
/VI ib
City of Miami Beach Economic Development Department
AGREEMENT
JOB CREATION INCENTIVE PROGRAM
This Agreement("Agreement")for the Job Creation Incentive Program ("Program")is entered into this
day of , 20 , by and between the City of Miami Beach, Florida, a municipal
corporation organized and existing under the laws of the State of Florida, having its principal offices
at 1700 Convention Center Drive, Miami Beach, Florida, 33139 (hereinafter the "City"), and
PennantPark Investment Advisers, LLC, a Delaware limited liability company, whose principal
business address is 590 Madison Avenue 15 Floor, New York, NY 10022 (hereinafter the"Applicant"
or"Participant").
Article I/Program Summary
1. Applicant/Participant: PennantPark Investment Advisers, LLC
Applicant/Participant Contact: Arthur Penn, Founder and Managing Partner
Local Business Address: 1691 Michigan Avenue, Suite 500
City, State, Zip: Miami Beach, FL 33139
{Phone,fax', e-mail:
Targeted Industry: Financial Services
Industry Subcategory: N/A
New to Market(Relocation)
or Existing Business (Expansion):New to Market
2. Incentive amount/Fiscal Impact: Not to exceed Sixty Thousand Dollars ($60,000 per
year during the Performance Period ("Incentive")
3. Program Guidelines: See Exhibit 1, attached hereto
4. Project: See Exhibit 2, attached hereto
5. Incentive effective date: Upon execution of Agreement by the parties
6. Performance Period/Term: July 1, 2022 ("Commencement Date")
to June 30, 2026
The first year of the Performance Period shall commence
on the Commencement Date and continue for 365 days,
with each consecutive year following thereafter.
7. Disbursement claim deadline: July 1, annually
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Article II/ General Conditions
1. BACKGROUND AND PROGRAM DESCRIPTION:
A. The City seeks to further diversify the Miami Beach economy by attracting, retaining, and
expanding businesses in the targeted industries (technology and financial services) through
the development of inducements and services to promote growth. On March 17, 2021, the
Mayor and City Commission adopted Resolution No. 2021-31618, directing the
Administration to encourage and promote the attraction of these targeted industries. On
March 17, 2021, the Mayor and City Commission also adopted Resolution 2021-31620,
authorizing the Administration to create the Program for the purpose of attracting targeted
industries to Miami Beach.
The Program 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. The
purpose of the Program is to diversify the economy by strategically increasing the number of
quality, high-wage jobs in Miami Beach. Participants of the Program must create or relocate a
minimum of ten (10) new, fulltime equivalent jobs which average annual wages meeting or
exceeding 125%of the State of Florida or Miami-Dade County average wage,whichever is higher,
at the time of the application.
New to market companies that are relocating to Miami Beach may be eligible for an award of up
Z � _.
to $60,000 per fiscal year for four(4)years with total Incentive not to exceed $240,000. Existing
Miami Beach companies that are expanding may be eligible for an award of up to $60,000 per
fiscal year for three(3)years with total Incentive not to exceed$180,000. Satisfactory job creation
performance and Incentive amount will be evaluated and calculated by the City for each year of
the Performance Period prior to annual disbursement of Incentive funds.
B. Program Requirements
i. The parties to this Agreement are the Applicant/Participant listed in Article I and the City
of Miami Beach (the"City"). The City has delegated the responsibility of administering this
Agreement to the City Manager or the City Manager's authorized designee, who shall be
the City's Economic Development Director.
ii. The Program is being offered to Participant in connection with the approval of an
application to participate in the Program, based upon the project described in Exhibit 2,
attached hereto (the "Project"). Participant is required to comply with the Program
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Guidelines incorporated herein by reference and set forth in Exhibit "1", attached hereto;
and all applicable Federal, State, County and City laws.
iii. The employment goals and projected wages for the Project serve as the target for annual
performance.The Participant may exceed employment and wage criteria throughout the
course of the Performance Period. If the Participant does not meet the target for annual
performance, the Participant must at least meet the minimum eligibility as outlined in the
Program Guidelines.
iv. The Incentive is awarded with the understanding that the Project will enhance, diversify,
and develop the City's economic climate. To demonstrate that the Incentive is fulfilling, or
has fulfilled, its purpose,the Participant must furnish the City with all personnel documents
necessary to verify the Participant's compliance with the created or relocated job salary
requirements. This documentation must be received by the Economic Development
Department each year within the Performance Period. Economic Development
Department staff may monitor and conduct an evaluation of the Project, which may
include, without limitation, onsite visits to observe the Project and verify personnel related
to created or relocated jobs as required by the Program Criteria.
v. The total amount of the Incentive is determined annually, as specified in Exhibit 1, and
payment of any portion thereof shall be subject to and contingent upon Participant's
compliance with the terms and conditions set forth in this Agreement. To be eligible to
claim an Incentive award during the Performance Period, Participant must apply annually
by submitting a Disbursement Request form, attached hereto as Exhibit 3, to the City
Manager's designee at the address contained in Section 8 of Article II.
vi. In awarding this Incentive, the City assumes no obligation to provide financial support of
any type whatsoever in excess of the total Incentive amount. Incentive funds will be
awarded to the Participant annually provided that Participant has performed satisfactorily
and is otherwise in compliance with the terms and conditions herein.
2. ACCOUNTING AND FINANCIAL REVIEW: Participant shall keep accurate and complete books and
records of all•payroll and financial documents relating to the Program in accordance with reasonable
accounting standards, and shall retain such books and records for the later of at least four (4) years
after completion of the Project, or at least two (2)years after the expiration of the Performance Period
specified in article 1-6. These books and records and documents pertaining to the Program shall be
retained in Miami Beach, Florida in a secure place, in an orderly fashion. At the request of the City,
Participant shall provide the City Manager or City Manager's designee reasonable access to its files,
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records and personnel, during regular business hours, for the purpose of making financial audits,
evaluations or verifications related to the Program, as the City deems necessary. Furthermore, the City
may, at its expense, audit or have audited, all personnel and financial records related to the Program.
3. INSPECTOR GENERAL AUDIT RIGHTS:
A. Pursuant to Section 2-256 of the Code of the City of Miami Beach, the City has established the
Office of the Inspector General which may, on a random basis, perform reviews, audits,
inspections and investigations on all City contracts, throughout the duration of said contracts.
This random audit is separate and distinct from any other audit performed by or on behalf of the
City.
B. The Office of the Inspector General is authorized to investigate City affairs and empowered to
review past, present and proposed City programs,accounts, records,contracts and transactions.
In addition, the Inspector General has the power to subpoena witnesses, administer oaths,
require the production of witnesses and monitor City projects and programs. Monitoring of an
existing City project or program may include a report concerning whether the project is on time,
within budget and in conformance with the contract documents and applicable law.The Inspector
General shall have the power to audit, investigate, monitor, oversee, inspect and review
operations, activities, performance and procurement process including but not limited to project
design, bid specifications, (bid/proposal) submittals, activities of Participant, its officers, agents
and_employees, lobbyists, City staff and elected officials to ensure compliance with the contract
documents and to detect fraud and corruption. Pursuant to Section 2-378 of the City Code, the
City is allocating a percentage of its overall annual contract expenditures to fund the activities
and operations of the Office of Inspector General.
C. Upon ten (10)days written notice to Participant, Participant shall make all requested records and
documents available to the Inspector General for inspection and copying. The Inspector General
is empowered to retain the services of independent private sector auditors to audit, investigate,
monitor, oversee, inspect and review operations activities, performance and procurement
process including but not limited to project design, bid specifications, (bid/proposal) submittals,
activities of Participant, its officers, agents and employees, lobbyists, City staff and elected
officials to ensure compliance with the contract documents and to detect fraud and corruption.
D. The Inspector General shall have the right to inspect and copy all documents and records in
Participant's possession, custody or control which in the Inspector General's sole judgment,
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pertain to performance of the contract, including, but not limited to original estimate files, change
order estimate files, worksheets, proposals and agreements from and with successful
subcontractors and suppliers, all project-related correspondence, memoranda, instructions,
financial documents, construction documents, (bid/proposal) and contract documents, back-
change documents, all documents and records which involve cash, trade or volume discounts,
insurance proceeds, rebates; or dividends received, payroll and personnel records and
supporting documentation for the aforesaid documents and records.
E. Participant shall make available at its office at all reasonable times the records, materials, and
other evidence regarding the acquisition (bid preparation) and performance of this Agreement,
for,examination, audit, or reproduction, until three (3) years after final payment under this
Agreement or for any longer period required by statute or by other clauses of this contract. In
addition:
i. If this Agreement is completely or partially terminated, Participant shall make available
records relating to the work terminated until three (3) years after any resulting final
termination settlement; and
ii. Participant shall make available records relating to appeals or to litigation or the settlement
of claims arising under or relating to this Agreement until such appeals, litigation, or claims
are finally resolved.
F. The provisions in this section shall apply to Participant, its officers, agents, employees,
subcontractors and suppliers. Participant shall incorporate the provisions in this section in all
subcontracts and all other agreements executed by Participant in connection with the
performance of this Agreement.
G. Nothing in this section shall impair any independent right to the City to conduct audits or
investigative activities. The provisions of this section are neither intended nor shall they be
construed to impose any liability on the City by Participant or third parties.
4. INDEMNIFICATION: Participant agrees to indemnify, defend, save and hold harmless the City, its
officers, employees or agents, from any and all claims, liability, lawsuits, damages and causes of action
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which may arise out of this Agreement, including Participant's participation in this Program.
5. ASSIGNMENT: Participant shall not be permitted to assign this Agreement, and any purported
assignment will be void, and shall be treated as an event of default pursuant to this Agreement.
6. DEFAULT/TERMINATION PROVISIONS:
A. In the event Applicant shall fail to comply with any of the covenants, terms or provisions of this
Agreement including, without limitation, Applicant's failure to: (i) comply with the Program
Guidelines, as set forth in Exhibit 1, attached hereto; (ii) complete the Project, as expressly
contemplated in the Project Description; (iii) timely submit any reports or documentation, when
due, as required under this Agreement; or (iv) comply with any other term or condition of this
Agreement, the City Manager or the City Manager's designee shall issue written notice to the
Participant and provide Participant with thirty (30) days to cure the default. If, at the City
Manager's sole discretion, the breach is cured within that period, continued participation in the
Program may be allowed. If, however,the Participant fails to cure the breach, or again breaches
this Agreement during the Performance Period, no further cure period shall be allowed and the
City Manager may terminate this Agreement with written notice to the Participant, thereby
relieving the City of any further obligation to Participant under this Agreement.
B. Where a Participant is delinquent in paying its taxes, fines, or any other fees due to the City in
its governmental capacvty,,or in connection with any other agreements between the City and
Applicant, the City shall withhold Incentive funds until the Participant is current. Where a
Participant is more than one (1) year delinquent, the Participant's Incentive award shall be
canceled, and the Participant shall be disqualified from participating in the Program, and the City
shall have no further obligation to the Applicant under this Agreement.
C. Termination for Fraud or Material Misrepresentations: Additionally, if the default is of a nature
that cannot be cured,. such as fraud or a material misrepresentation in connection with
Participant's performance under this Agreement, the termination shall be effective upon receipt
of the termination notice and no cure period shall apply.
D. Further, in the event that the City, in the City Manager's designee's sole discretion,finds that the
Incentive funds were ineligible payments under the terms of the Agreement, whether as a result
of fraud, misrepresentation, or negligence of Participant, Participant shall be required to repay
to the City all or a portion of the Incentive payments received by Applicant, as of the date that
the written demand is received ("Demand for Recapture"), within thirty(30) days from receipt of
• Page 285 of 1451
the Demand for Recapture.
E. Applicant further acknowledges and agrees that any Default may, at the City's sole discretion,
render Applicant ineligible for any future Incentive funds.
F. These provisions shall not waive or preclude the Ciy from pursuing any and all remedies at law
and in equity.
G. Notwithstanding any provision of this Agreement to the contrary, and without regard to whether
City has exercised the Default provisions thereof, the City reserves the right, at its sole and
absolute discretion, to discontinue funding of the Incentive if it is not satisfied with the progress
of the Project.
8. FLORIDA PUBLIC RECORDS LAW:
A. Participant shall comply with Florida Public Records law under Chapter 119, Florida Statutes,
as may be amended from time to time.
B. The term"public records"shall have the meaning set forth in Section 119.011(12),which means
all documents, papers, letters, maps, books,tapes, photographs, films, sound recordings, data
processing software, or other material, regardless of the physical form, characteristics, or
•
means of transmission, made or received pursuant to law or ordinance or in connection with�the
� el 6t`---1 c,
transaction of official business of the City.
C. Pursuant to Section 119.0701 of the Florida Statutes, if Participant meets the definition of
"Contractor"as defined in Section 119.0701(1)(a), Participant shall:
i. Keep and maintain public records required by the City to perform the service;
ii. Upon request from the City's custodian of public records, provide the City with a copy of the
requested records or allow the records to be inspected or copied within a reasonable time at
a cost that does not exceed the cost provided in Chapter 119,Florida Statutes or as otherwise
provided by law;
iii. Ensure that public records that are exempt or confidential and exempt from public records
disclosure requirements are not disclosed, except as authorized by law, for the duration of
the contract term and following completion of this Agreement if Participant does not transfer
the records to the City;
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iv. Upon completion of this Agreement, transfer, at no cost to the City, all public records in
possession of Participant or keep and maintain public records required by the City to perform
the service. If Participant transfers all public records to the City upon completion of this
Agreement, Participant shall destroy any duplicate public records that are exempt or
confidential and exempt from public records disclosure requirements. If Participant keeps
and maintains public records upon completion of this Agreement, Participant shall meet all
applicable requirements for retaining public records.All records stored electronically must be
provided to the City, upon request from the City's custodian of public records, in a format that
is compatible with the information technology systems of the City.
D. REQUEST FOR RECORDS; NONCOMPLIANCE
i. A request to inspect or copy public records relating to the City's contract for services, must be
made directly to the City. If the City does not possess the requested records, the City shall
immediately notify Participant of the request, and Participant must provide the records to the
City or allow the records to be inspected or copied within a reasonable time.
ii. Participant's failure to comply with the City's request for records shall constitute a breach of
this Agreement, and the City, at its sole discretion, may: (1) unilaterally terminate this
Agreement; (2) avail itself of the remedies set forth under this Agreement; and/or (3) avail
itself of any available remedies at law or in equity.
iii. If Participant fails to provide the public records to the City within a reasonable time may be
subject to penalties under s. 119.10.
E. CIVIL ACTION
i. If a civil action is filed against Participant to compel production of public records relating to the
City's contract for services, the court shall assess and award against Participant the
reasonable costs of enforcement, including reasonable attorneys'fees, if:
a. The court determines that Participant unlawfully refused to comply with the public records
request within a reasonable time; and
b. At least 8 business days before filing the action, the plaintiff provided written notice of the
public records request, including a statement that Participant has not complied with the
request, to the City and to Participant.
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ii. A notice complies with subparagraph (i)(b) if it is sent to the City's custodian of public records
and to Participant at Participant's address listed on its agreement with the City or to
Participant's registered agent. Such notices must be sent by common carrier delivery service
or by registered, Global Express Guaranteed, or certified mail, with postage or shipping paid
by the sender and with evidence of delivery, which may be in an electronic format.
iii. If Participant complies with a public records request within 8 business days after the notice is
sent is not liable for the reasonable costs of enforcement.
F. IF PARTICIPANT HAS QUESTIONS REGARDING THE APPLICATION
OF CHAPTER 119, FLORIDA STATUTES, TO PARTICIPANT'S DUTY
TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT,
CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT:
CITY OF MIAMI BEACH
ATTENTION: RAFAEL E. GRANADO, CITY CLERK
1700 CONVENTION CENTER DRIVE
MIAMI BEACH, FLORIDA 33139
EMAIL: RAFAELGRANADO a@MIAMIBEACHFL.GOV
PHONE: 305-673-7411
8. WRITTEN NOTICES: Any notices required under this Agreement will be effective when delivered to
the City in writing and addressed to the City Manager's designee:
Rickelle Williams .
Economic Development Director
1700 Convention Center Drive
Miami Beach, FL 33139
Tel: 305-673-7000 ext. 26186
Email: rickellewilliams@miamibeachfl.gov
Any notices required under this Agreement to Participant shall be delivered in writing to Participant's
contact.
Article III / Miscellaneous Provisions
Page 288 of 1451
•
9. NO DISCRIMINATION: Participant also accepts and agrees to comply with the following Special
Conditions:
A. Participant hereby agrees that it will comply with Title VII of the Civil Rights Act of 1964(42 U.S.C.
2000d et seq.) prohibiting discrimination on the basis of race, color, national origin, handicap, or sex.
B. Participant hereby agrees that it will comply with City's Human Rights Ordinance as codified in
Chapter 62 of the City Code, as may be amended from time to time, prohibiting discrimination in
employment, housing and public accommodations on account of actual or perceived race, color, national
origin, religion, sex, intersexuality, gender identity, sexual orientation, marital and familial status, age,
disability, ancestry, height, weight, domestic partner status, labor organization membership, familial
situation, or political affiliation.
C. The City endorses, and Participant shall comply with, the clear mandate of the Americans with
Disabilities Act of 1990 (ADA) to remove barriers, which prevents qualified individuals with disabilities
from enjoying the same employment opportunities that are available to persons without disabilities.
D. The City also endorses the mandate of the Rehabilitation Act of 1973 and Section 504 and
prohibits discrimination on the basis of disability and requires that Participant provides equal access and
equal..opportunity and services without discrimination 9n_.the basis of any disability. s 1-
10. GOVERNING LAW AND EXCLUSIVE VENUE AND ATTORNEY'S FEES: This Agreement shall
be governed by, and construed in accordance with, the laws of the State of Florida, both substantive and
remedial, without regard to principles of conflict of laws. The exclusive venue for any litigation arising out
of this Agreement shall be Miami-Dade County, Florida, if in State court, and the U.S. District Court,
Southern. District of Florida, if in federal court. In connection with any litigation arising out of this
Agreement, each party shall bear their own costs and attorney's fees. BY ENTERING INTO THIS
AGREEMENT, THE CITY AND PARTICIPANT EXPRESSLY WAIVE ANY RIGHTS EITHER PARTY
MAY HAVE TO A TRIAL BY JURY OF ANY CIVIL LITIGATION RELATED TO, OR ARISING OUT OF,
THIS AGREEMENT.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement.
FOR CITY: CITY OF MIAMI BEACH, FLORIDA
ATTEST:
By:
Rafael E. Granado, City Clerk Alina T. Hudak, City Manager
Date
FOR PARTICIPANT: PENNANTPARK INVESTMENT
ADVISERS, LLC
ATTEST:
By:
Authorized Signature
Arthur Penn, Founder& Managing Partner
Print Name and Title Print Name and Title
Date
Page 290 of 1451
Exhibit 1
JOB CREATION INCENTIVE PROGRAM GUIDELINES
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 (the"Program"or"JCIP"). The
purpose of the Program 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 with average annual wages meeting or exceeding 125% of Miami-Dade
County or State of Florida average wage at the time of the application.
2. Eligibility
The Program will be available to New-to-Market businesses or Existing Businesses within
the City that are expanding their operations, and 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 business expansions ("Expansions"
or"Expanding businesses").
The Program is available to the following industries:
a. Financial/Professional Services;
b. Technology; and
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 Program must be "New-to-Market" relocations 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 of
Florida and Miami-Dade County as applicable.
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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
Program.
The Program is contingent on annual funding availability, City Commission approval, and
the execution and continued compliance with the requirements of the Agreement is not
to be construed as an entitlement or right of the Participant to receive incentive funds.
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 Applicant's payroll;
o result in a net increase in the number of employees of the Applicant; and
o involve only a new employee working on-site (at least partially) at the Applicant's
facility located in the City of Miami Beach.
A New Job excludes an existing employee on current payroll of the business at the time
of the application.
b. Relocated Job Cateaorv: A Relocated Job includes fulltime equivalent positions
(minimum of 2,080 hours annually) existing on the Applicant's payroll at the time of
application.
o Only New-to-Market companies(moving to Miami Beach)can utilize relocated jobs
6 as part of the incentive application.=• ti .9-=•
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 Program application and agreement by the City
Commission must occur before the jobs are added or relocated. A business that enters
into an 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 Applicant and the City of Miami Beach negotiate a job
creation/relocation timeframe for the Project.
d. Living Wage Requirement: The Program 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. During the Performance
Period, Participant shall be required to continue paying all of its employees no less than
the Living Wage Rate to remain eligible for the Program.
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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 run 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) full year. City of
Miami Beach staff will verify compliance with New Job creation and wage requirements
as specified in the City Commission approved Program application/agreement prior to
any disbursement of any incentive payments. The Applicant shall furnish all personnel
and financial records related to the Program that is requested by City of Miami Beach
staff to verify the Applicant's compliance with the New Job or Relocated Job salary
requirements pursuant to the Agreement. As such, the City may request personnel and
financial records including, without limitation, payroll records; Paystubs; Form 941; and
worker's compensation reporting forms.
h. Taxes, Fines or other Fees: Where Applicant is delinquent in paying its taxes, fine, or any
other fees due to the City of Miami Beach,the City of Miami Beach shall withhold incentive
payments until Applicant is current. Where Applicant is more than one(1)year delinquent,
Applicant's incentive award shall be canceled; future incentive payments shall be
cancelled; and Applicant shall be disqualified from participatingin the Program.
i. Media Announcement: Participant 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 to encourage media coverage.
j. Media and Promotional Appearances: Applicant must provide an employee
representative, 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 City
of Miami Beach to attract additional companies to the City. Required engagements will
consist of, but not be limited to, a presentation, panel discussion, interview, quote for
media story, or comparable engagement.
4. Incentive Award
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The amount of the incentive award is determined based on the information provided and
verified in the application process and requires approval by the City Commission. The actual
amount of the incentive will be determined after the Applicant 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 Agreement, and all other obligations set forth in the
Agreement.
The maximum incentive amount for Relocated Jobs 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 businesses 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,
as applicable, 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; and
c. $250 per employee for each job added above 100.
Applicants specializing in technology and/or financial services industry subcategories related
to cryptocurrency, blockchain, Web3, decentralized finance, sustainability, resiliency,
hospitality, tourism, health and wellness, and arts and culture are eligible for additional
incentives, and may not exceed:
a. $650 per employee for the first 50 jobs (minimum of 10);
b. $450 per employee for each job added between 51 — 100; and
c. $300 per employee for each job added above 100.
Applicant maybe eligible for the following bonuses4or newhires and/or relocated employees: e -
a. An additional $125 per employee, if a business 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 university,
college, or technical school located within Miami-Dade County;
c. An additional $125 per employee, if previously unemployed or employed below the
Living Wage Rate immediately preceding employment with Applicant; and
d. An additional $150 per employee, if their primary residence is within the City of Miami
Beach.
Applicants specializing in technology and/or financial services industry subcategories related
to cryptocurrency, blockchain, Web3, decentralized finance, sustainability, resiliency,
hospitality, tourism, health and wellness, and arts and culture are eligible for additional
bonuses for new hires and/or relocated employees:
a. An additional $175 per employee if a business is located within the North Beach area,
as defined by the City of Miami Beach;
fi An additional $175 per employee if new hire received a degree from a university,
college, or technical school located within Miami-Dade County;
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c. An additional $175 per employee if previously unemployed or employed below the
Living Wage Rate immediately preceding employment with Applicant; and
d. An additional $200 per employee if their primary residence is within the City of Miami
Beach.
Applicant 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. Applicant may not receive
more than $240,000 in incentive payments over the four (4) year period for New-to-Market
businesses or$180,000 in incentive 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
• An Applicant wishing to participate in the Program will apply to the City of Miami Beach.
Upon request, an Applicant's confidentiality will be protected, in accordance with Section
288.075, Florida Statutes, 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 business.
• Any New-to-Market business that commits the Applicant to a location within the City of
Miami Beach prior to City Commission approval of the Application/Agreement will render
an Applicant ineligible to participate in the Program. The City Manager may waive this
prior decision rule and forward the Applicant's Application to the City Commission for
consideration upon the written request by the Applicant to preserve the incentive for a
limited time. However, the City Commission retains the sole and absolute discretion to
approve or deny the Applicant's Application. This prior business decision rule waiver shall
not be available to an Applicant 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 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.
• Upon receipt of a favorable 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.
• Upon approval by the City Commission of an application, the City of Miami Beach and
Applicant may execute an agreement, authorizing Applicant's participation in the
Program, which agreement 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;
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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 incentive awards which the Applicant is eligible to receive over
the three (3) or four (4) year term and the maximum amount of incentive awards that the
Applicant is eligible to receive annually;
e. That the City of Miami Beach may review and verify the financial and personnel records
of the Applicant and/or perform onsite visits to verify employment relating to the New or
Relocated Jobs, wages paid, and determine whether the Applicant is in compliance with
the terms of the Application/Agreement;
f. The date by which, in each fiscal year, the Applicant must file a claim to be considered to
receive an incentive 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 incentive award in a fiscal year and that
the Applicant's failure to comply with the terms and conditions of the approved
Application/Agreement results in the loss of eligibility for receipt of Program awards and
the revocation by the City Commission of the certification of the Applicant as a City of
Miami Beach eligible business;
h. That payment of 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 Applicant
will only be made after it has met all commitments as set forth in the City of Miami Beach
application/agreement.
d. Disbursement amounts are set forth and limited in each year of the disbursement
schedule approved in the Agreement.
e. To be eligible to claim any incentive award under the Program, an Applicant that has
entered into an approved application/agreement must annually apply to the City of Miami
Beach by submitting a Disbursement Request from to the City Manager's designee 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 Program
and determine Applicant compliance. Any awards determined to be due to Applicant and
processed by said designated staff shall require written approval and authorization by the
City Manager or City Manager's designee.
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Exhibit 2
PROJECT
Number of -
Projected New Average Wages Projected Annual
Full-Time Hires or (Not including Maximum
Relocation lobs benefits) Incentive Award
Year 1
Year 2
Year 3
Year 4
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Exhibit 3
DISBURSEMENT REQUEST FORM (Due July 1 each year)
Participant Information
Applicant/Participant: PennantPark Investment Advisers, LLC
Applicant/Participant Contact(s): Arthur Penn, Founder and Managing Partner
Local Business Address: 1691 Michigan Avenue, Suite 500
City, State,Zip: Miami Beach, FL 33139
Phone,fax, e-mail:
Targeted Industry: Financial Services
Industry Subcategory: N/A
New to Market(Relocation)
or Existing Business (Expansion): New to Market Miami Beach area: South Beach
Performance Period: June 1, 2022 to May 31, 2026
Incentive year(1, 2, 3, or 4):
Job Creation Performance—to be verified by City of Miami Beach staff on an annual basis
A. Relocated or Created Jobs
Number of Employees Description
Employees relocated or added up to first 50 (minimum of 10)
Employees relocated or added between 51 — 100
Employees relocated or added above 100
Number of Employees Description
New hires whooreceivea adegree from a public universi ty, private university,
or technical school located within Miami-Dade County and graduated within
three (3)years of the hire date
New hires previously unemployed or employed below the Living Wage Rate
immediately preceding employment with Applicant
New hires with primary residence within the City of Miami Beach
B. Wages
Average Annual Wages for all Jobs Relocated or
Created
Let this serve as a formal request for disbursement of the annual incentive for the current year of job
creation performance. I acknowledge that the City of Miami Beach will calculate the actual incentive
based on JCIP Program guidelines.
Participant Contact and Title:
Signature: V
Date:
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