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An unnamed television production company will spend $14 million to establish a business in Lakewood Ranch, according to the Economic Development Corp. of Sarasota County.
The company has committed to creating 117 jobs over the next two to three years with an average salary of $72,000, along with the leasing of a 30,000 square-foot building in Lakewood Ranch.
To attract the firm's business, Sarasota County has approved $650,000 in cash incentives, which will be paid over time as hiring increases. In addition, the state of Florida will provide $468,000 in tax rebates, contingent on the county's contribution of one fourth of that total ($117,000).
In total, incentives provided by local and state governments could exceed $1.2 million. But as Sarasota EDC executive Vice President Ron Maloney tells the Business Review, “It's all tied to performance.”
The entire deal depends on the government's ability to maintain a level of confidentiality about several key details, including the company's name. Thus, Sarasota residents will have to wait a bit longer before the identity of the newest member of its business community is revealed.
And as Maloney says, “That won't be for a few more days.”
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