Fortune 500 company receives another incentive to move to St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 27, 2021

Pinellas County commissioners are throwing their weight behind the attempt to bring a Fortune 500 company to the area.

An unnamed Fortune 500 company — which county and city of St. Pete documents indicate is more than likely Foot Locker Retail Inc. — wants to relocate its global headquarters to St. Petersburg. Foot Locker currently ranks No. 385 on the Fortune 500 and is based out of New York City, is in 27 countries and has a revenue of over $7.5 billion, which are some of the characteristics referenced in the documents. They also show Pinellas County is competing with New York and Atlanta to secure the project.

During a meeting on Tuesday, county commissioners unanimously supported an ad valorem tax exemption package for the unnamed company. Under this incentive agreement, the company would receive a total exemption amount based on the “final assessed value of the real property improvements, additions to tangible personal property, and the exemption period (from one to 10 years) and exemption percentage (from 25% to 100%) approved by the board.”

These tax exemptions are offered by the city council to new businesses or any expanding business that is going to create a variety of new jobs in the community. It was adopted by St. Petersburg voters in November 2011.

The documents show a preliminary estimate of the county receiving more than $1.3 million in net benefit over the first 10 years and within the rules of the tax exemption, the county will still receive $146,000 in annual taxes for the property in question.

According to the county, the company will create at least 350 new jobs in the area with an average wage of $120,000 per year. The direct payroll impact from those jobs via the average salary is $42 million per year and $460 million over the course of 10 years. Documents also show that Pinellas County Schools will receive an estimated net benefit of $1.7 million over 10 years. The business activity from the company is expected to also generate approximately 1,300 hotel room rentals a year in the county.

The tax exemption is just one of several incentives being offered to the Fortune 500 company to decide that St. Pete will be the new home of its global headquarters. St. Petersburg City Council members approved $475,000 worth of financial incentives earlier this month.

Those funds are broken up into three categories that include a variety of requirements the company has to meet to get the money, including creating a minimum of 300 jobs with an average annual wage of $120,000 or more and executing a lease for at least 100,000 square feet of office space. The company also has to hire employees that live in the area of South St. Petersburg CRA and will need to submit a workforce plan.

Foot Locker is no stranger to St. Pete and is currently hiring dozens of positions at 140 Fountain Parkway. It has been rumored for months to be looking for office space ranging from 75,000 to 100,000 square feet in St. Pete, another indication the unnamed company is Foot Locker.