JPMorgan Chase proposes to add 250 financial services jobs in Jacksonville in return for approval of $1.25 million in City and state incentives.
The jobs, in the Home Lending Group, would pay an average $53,000, resulting in an additional payroll of $13.3 million. The jobs would also offer an average benefits package of $13,250.
The Jacksonville Economic Development Commission scheduled a special meeting for 9 a.m. Thursday at the Police and Fire Pension Fund Building to review the proposal, called “Project Chip.”
Chase also is considering communities in Ohio and Texas, according to a JEDC project summary.
According to the draft economic development agreement, Chase would expand at its existing operations in Deerwood Park or in Flagler Center. It would need 66,000 square feet of additional space.
The summary said the project would include private capital investment of about $2.4 million, including $975,000 in space improvements and $1.45 million in technology, infrastructure, machinery, equipment, furniture and fixtures.
The Home Lending Group reviews and processes loan modifications, services existing loans and manages newly acquired loan portfolios. It also proves customer service support for borrowers.
Pending approvals of the incentives and Chase’s choice of Jacksonville, the expansion would add desktop services and facilities management teams, according to the summary.
Chase requests $1.25 million in Qualified Target Industry Tax Refund incentives and the QTI High-Impact Bonus. The City’s portion would be $250,000, if approved by the JEDC and City Council.
The QTI would refund $3,000 per job and the high-impact designation qualifies it for another $2,000 per job, said the summary.
Of the total, the City would pay $250,000, which is 20 percent of the refund, and the state would refund the remaining $1 million. The refund is made after the jobs are created and taxes are paid.
The jobs would need to be created by Dec. 31, 2012.
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