Canadian finance firm to relocate headquarters, 450 jobs to Miami
A Canadian firm seeking to relocate its global headquarters to Miami and create 450 high-paying jobs got a go-ahead Tuesday to receive $167,500 through a Miami-Dade incentives program. Dallas was competing for the headquarters.
The global wealth and asset management firm has vowed to spend $5 million on a 45,000-square-foot office and by 2028 create the jobs, to pay about $200,000 each plus $15,000 benefits.
Without discussion, county commissioners OK’d a resolution by Eileen Higgins to give the incentives to the firm, dubbed “Confidential Project Maple” in a memo by county Chief Operations Officer Jimmy Morales.
The incentives are from the Targeted Jobs Incentive Fund (TJIF), which taps the general fund to lure large businesses. Companies seeking the incentives can request anonymity.
The Beacon Council, which applied for Maple’s incentives, recommended that the county amend the program within a year so the firm could receive further incentives.
Maple’s application said the new Miami headquarters will “eventually” serve as a hub for 1,500 employees “over the next decade.” As such, Mr. Morales’ memo said, “Maple should be awarded the higher level of incentives it would be entitled to under the amended program.”
Neither the memo, Maple’s application nor a letter from Beacon Senior Vice President of Economic Development James Kohnstamm said how much more in incentives the firm could get under an amended program.
Based on Maple’s pledged capital investment, the county expects $182,061 in tax revenue over a decade. “The actual disbursement of the TJIF program award is contingent upon verifying the creation of the new jobs and the capital investment appearing on the tax roll,” the memo said.
The company told the county a subsidiary has agreed to a settlement with the Ontario Securities Commission for alleged misconduct in mutual fund management.