By David Bauerlein
Story updated at 11:20 PM on Monday, Mar. 8, 2010
Lender Processing Services could receive almost $3 million in city and state financial incentives for adding 350 jobs in Jacksonville.
The Jacksonville Economic Development Commission is scheduled to consider the incentive package at its Wednesday meeting. The JEDC’s recommendation would go next to the City Council.
LPS would add 175 jobs by the end of this year and another 175 in 2011. The average wage for the jobs would be about $44,807. The new jobs would result in a total of about 2,100 positions for LPS in Jacksonville. The company has 8,900 employees nationwide.
The incentives would come through a state program that aims to increase jobs in industries Florida has targeted for expansion.
LPS would get $8,500 per job for a total of up to $2,975,000. Of that amount, the city would pay up to $595,000 and the state would pay the rest.
Mayor John Peyton met with LPS executives in January and officials said at that time they were discussing incentives for the company to add hundreds of jobs in Jacksonville. The upcoming JEDC agenda is the first time the city has pegged the incentives to a specific number of jobs.
LPS processes roughly 50 percent of residential mortgages in the United States by dollar volume, according to a JEDC staff summary of the proposed incentives.
In addition to increasing jobs at a time of double-digit unemployment, the expansion of LPS would bolster downtown by continuing redevelopment of the Brooklyn neighborhood, according to JEDC.
I wonder if Mayor John Peyton and the JEDC know about Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Filing