County Oks Incentives For Amex Expansion
By Candice Ventra
A worldwide travel and financial services company got the green light Tuesday to receive tax incentives to expand its Latin American Caribbean division in the area, creating 131 direct and indirect jobs over three years while investing $5 million in the local economy.
Miami-Dade County commissioners approved $375,000 in Qualified Target Industry Tax Refund incentives to help American Express Travel Related Services Inc. expand its Latin American Caribbean division in Miami Lakes.
The amount is contingent upon the company’s creation of 75 direct jobs with an average salary of $67,900 and 56 indirect jobs over the next three years, according to county documents.
The State of Florida is to provide incentives totalling $300,000, which the county agreed to match by 20% for a total contribution not to exceed $75,000 over the next six years, according to an economic impact model submitted by the Beacon Council, the county’s public-private economic development arm.
The total payroll for the new jobs is expected to grow to $28 million over that six-year period, records state.
American Express Travel plans a 50,000-square-foot expansion of its Miami Lakes headquarters at 14901 NW 79th Ct., county documents show.
Executives for the company have not yet decided whether to expand at that site or relocate, according to Joe Martinez, Beacon Council vice president of business development.
The company employs 310 in Miami Lakes, including employees who work in the firm’s Latin American Caribbean division, he said.
"This expansion is important because the name adds to the prestige of Miami-Dade County," Mr. Martinez said. "It shows that there is confidence for more growth and potential for our area."