CRA Approves Funding Package for AssuredPartners
Last updated on April 13, 2021
In recent years, our city and its many partners have worked together to diversify our economy, bring high-wage, high-value jobs to Orlando, continue to grow our targeted industry sectors and accelerate downtown’s reputation as a place for headquarters and other businesses to relocate, expand and thrive.
Yesterday, the Orlando City Council approved a package of actions to support the relocation of AssuredPartners global headquarters from Lake Mary, FL to downtown Orlando.
AssuredPartners is a national partnership of leading independent insurance brokers specializing in property and casualty and employee benefits. The relocation plans include creating 200 new high-value jobs over five years with an average annual employee wage of $98,824, which is more than 200% of the average annual private-sector wage in Orange County.
AssuredPartners received approval for the CRA High Wage/High Value program - a program available to downtown businesses that aims to increase business investment and job creation in downtown Orlando by providing up to $4,000.00 per job in total incentives. Additionally, the organization received STRIVE funding - which provides a new performance-based local job incentive program to assist in advancing broad-based prosperity in the City of Orlando.
AssuredPartners is considering leasing approximately 40,000 to 50,000 square feet of office space in downtown with total capital investments estimated to be $1.75 million. The project will commence in third quarter 2021.
Innovative companies and industries are essential to strong demand growth. Programs like High Wage/High Value and STRIVE increase job creation and remove obstacles to job growth, thereby stimulating economic recovery.