Bill number for JPMorgan

2011-662
ORD Auth an Economic Dev Agreemt bet City, JEDC & JPMorgan Chase & Co to Support Expansion of Operations; Recommend Apv by Fla Dept of Economic Opportunity as a QTI Business with a High Impact Sector Bonus; Evidence City's Local Financial Support of $250,000 under the QTI Tax Refund Prog with State Match of $1,000,000 (Including a High Impact Sector Bonus of $2,000 per Job) for total of City & State QTI Amt of $1,250,000 for 250 Jobs; Designate Oversight by JEDC; Timeline for Execution of Agreemt by the Company. (Rowland) (Req of JEDC)
Public Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 10/25/11

1. 10/11/2011 CO Introduced: F,RCDPHS

What exactly is happening here? It sounds like they are paying us to take over more of our city. Is this even close to correct?

JPMorgan wants the City to pay $250.000 and wants another $1 million from the state of Florida - all from tax payers, of course- to add 250 jobs in Jacksonville , and they would be in incentives of $ 5000 over a 5 year time period and the positions would have to be filled. JPMorgan received $25 Billion in TARP monies they repaid plus interest in June 2009. They continue to post profits each year $10 billion paid out to their own investment bankers in January of 2011 for their 2010 bonuses. This would appear to be a prime example of corporate welfare. We had a deficit of $ 60 million last month to produce a balanced budget, yet we have money to give to JPMOrgan? Ron Littlepage wrote this on OCt 12 this is not the complete editorial I have a copy of the whole thing if anyone wants it. My personal opinion that $250.000 would be better served helping JSO or going to small businesses already here in Jax

We should not be pay JPMorgan $1.25 million to move 250 jobs here