JEDC approves $884K incentive for Deutsche Bank

The Jacksonville Economic Development Commission has approved the city portion of three incentives for Deutsche Bank that would total nearly $4.8 million statewide.

Commissioners unanimously approved $884,071 from the city in the hope that one of the world's largest financial services companies will select Jacksonville as the site for its new Southeast "nearshore" operations hub bringing in 1,000 new full-time jobs to the area by the end of 2011.

On Monday, The Business Journal reported the bank was considering Jacksonville among sites where it would place operations for two of its subsidiaries, DB Services New Jersey Inc. and DB Security Services New Jersey Inc. The positions, in investment banking and technology, will have an average wage of about $49,200 plus benefits.

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About 950 positions will be local hires and the 50 others will be reallocations from the bank's New Jersey and New York operations, said Mike Anson, a Deutsche Bank managing director who spoke before the JEDC Thursday.

The bank will invest about $49.2 million in annual payroll and $12.1 million in tenant leasehold improvements and infrastructure. A mortgage subsidiary of the bank, Mortgage IT, is partially occupying 51,000 square feet of office space on the Southside. The company has proposed leasing and renovating 100,000 square feet to 125,000 square feet of space.

Anson told the JEDC that Deutsche Bank could not ensure it would build operations in Jacksonville just based on receiving all the incentives, but if it did receive them, "the likelihood of coming to Jacksonville is very high."

The city incentives must also be approved by the City Council.

If the company selects Jacksonville, Anson said, it will begin moving in "shortly after" the council approves the incentives.