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Suncoast Pasco News
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An Investment
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Published: November 5, 2008
With two traditionally key cylinders of Pasco's economic engine, building construction and real estate, struggling to fire, county leaders are anxious to have something that will boost the performance of the rest of the county's power plant. Today, the County Commission will consider a package of incentives that might lure investment management firm T. Rowe Price Associates to a Central Pasco location.
The commission will consider a roughly $7 million package of incentives, including a direct grant of $2.5 million, to entice T. Rowe Price to move its operations and 435 employees in Tampa to the intersection of S.R. 54 and Sunlake Boulevard. When Price moves to its new location, its executives say, it will add 1,200 jobs. A majority of the existing employees live in Pasco and commute to work, the company says.
In addition to Pasco's part of the deal, which would include a break on the county fees for the trio of 150,000-square-foot building Price would build here, the state would add $6 million to the pot.
The county has to count its pennies because of the economic slowdown and mandated tax reductions. So a $2.5 million grant and fee waivers would seem a steep price to pay for Price. In the long term, however, it could prove a sensible investment that could help Pasco stand out on the economic development map.
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