Software business considers Longboat

Longboat Key is among several candidates for an out-of-state software company that is looking to move its headquarters.

The company is being recruited as a Qualified Target Industry (QTI), a Florida incentive program that looks to attract “highly desirable” companies to the state. As part of the process, the prospective company’s name is not reveled publicly until after it has made its relocation decision.

At its Sept. 15 meeting, the Longboat Town Commission voted 7-0 to support the relocation efforts in conjunction with Manatee County. If the company chooses Longboat, the town agreed to commit up to $25,000 in incentives during a five-year period.

These incentives can include refunds on income tax, sales tax, ad valorem taxes, insurance premiums or a wide range of other options. They are not provided up front and are contingent on the company meeting benchmarks set by the state.

The company would bring a minimum of 20 jobs to the town but could bring up to 40, said Max Stewart, Director of Business Development of the Bradenton Area Economic Development Committee. The average wage for company employees is 150% of the mean wage in Florida, or more than $100,000 annually.

“We’re very excited about the project and what it could do for the area,” Stewart said.    

Longboat Key Town Manager Dave Bullock said QTI projects are common in Sarasota and Bradenton but he said this is likely the first QTI project for which Longboat Key  has been eligible. He said the company was attracted to the town because of its proximity to water and opportunities to occupy existing building space on the island.

Though details are not yet publicly available on where the business would physically relocate if it chooses Longboat, Bullock said the proposed location would not require any zoning changes or land-use changes.

“This seems like a very good thing for us to do for a number of reasons,” said Commissioner Jim Brown.