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State and Local Tax Incentives Spark Deutsche Bank’s $10 Million Expansion In Jacksonville, Florida

Area Development Online News Desk (03/21/2013)
Deutsche Bank is plans a $10 million, 30,000 square foot, expansion at its Jacksonville, Florida, campus that will create an estimated 300 jobs, with the assistance of state and local tax incentives.

The success of developing the investment banking back office functions in Jacksonville has caused the bank to explore other highly specialized roles in technology, front office and finance jobs, local economic development officials said.

“We are excited about Deutsche Bank’s success in Jacksonville and look forward to additional growth opportunities for this dynamic global financial services leader,” said Mayor Alvin Brown. “We need to continue to position Jacksonville aggressively to win these very competitive economic development projects.”

Under terms of the agreement the bank would be approved to receive state and local tax incentives, as a Qualified Tax Industry business, worth $1.8 million. In addition the city will provide an incentive package of $500,000.

"We were impressed by the global nature of Deutsche Bank and the current and future opportunities for growing their operations in Jacksonville,” said JAX Chamber Chair Tom Van Berkel, who is also chairman and CEO of The Main Street America Group in an earlier interview. “Deutsche Bank has targeted Northeast Florida for expanding their U.S. presence because our region has proven to be an excellent location with deep and flexible talent.”

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