City Council approves $21 million for Dun & Bradstreet HQ move to Jacksonville
Posted by Carlos Renteria on
By: Mike Mendenhall
The Jacksonville City Council signed off on a $21 million local cash incentive package to bring financial services and data management firm Dun & Bradstreet Corp.’s headquarters to Jacksonville.
Council voted 18-0 on June 22 to approve grants as the international company considers a $67 million commercial real estate purchase cited in the legislation’s project summary.
Ordinance 2021-0346 heads to Mayor Lenny Curry for his signature.
Details in the city’s negotiations with Dun & Bradstreet include a:
• $12 million Headquarters Retention Grant paid in $600,000 increments over 20 years.
• $6 million Relocation Grant paid over three years.
• $3 million Target Industry Grant at $6,000 per job paid in $1,500 increments over four years.
The state is committing a $4 million High Impact Performance Incentive Grant, making Dun & Bradstreet’s complete assistance package $25 million.
On May 20, Dun & Bradstreet CEO Anthony Jabbour announced the company’s desire to relocate its headquarters from Short Hills, New Jersey, and create 500 full-time jobs in Jacksonville.
The city released its proposed incentives package the following day.
As of June 22, Dun & Bradstreet has not announced where in Jacksonville it will relocate, but the Town Center Two office building in South Jacksonville near St. Johns Town Center has the space and value that fit the firm’s needs.
The building sold for $64.52 million in 2020, near Dun & Bradstreet’s $67 million reference.
City Office of Economic Development Executive Director Kirk Wendland would not say June 15 if the firm is considering Town Center Two.
“To my knowledge, they have not actually closed on any purchases, so I assume they’re still evaluating their options,” he said.
Florida and Jacksonville taxpayers are covering about one-third of Dun & Bradstreet’s estimated $75 million capital investment in the project, comprising the purchase price and $8 million in IT, furniture, fixtures and improvements.
The bill requires 100 of the 500 jobs created to be filled by Duval County residents.
A bill amendment by Council member Brenda Priestly Jackson and approved June 22 requires those local employees to have lived in Duval County for at least two years. Those hires include college students residing in the county.
Wendland said Dun & Bradstreet’s leadership agreed to the stipulation.
Priestly Jackson said June 22 that she hopes all future job creation incentives from the city can have the a 20% Duval County residency goal.
According to a May 20 memo from Wendland, the company was considering other U.S. cities for the project and the incentives were a factor in Dun & Bradstreet’s decision.
Council member Randy DeFoor abstained from the Finance Committee vote June 15 and the final Council vote because her employer, Fidelity National Financial Inc., shares board members with Black Knight Inc., a company with investment ties to Dun & Bradstreet.