Perks for business

The Maitland City Council is moving ahead with steps to offer incentives for businesses looking to relocate to the city or expand there.

A fire was lit under Council on Monday when Councilman Phil Bonus announced that LSQ Funding wants to relocate to Maitland Center from its current location on West Colonial Drive. The financial services firm is also considering sites in Winter Park and Baldwin Park.

“Maitland is our primary choice,” LSQ Vice Chairman Rick Walsh said at the meeting.

But there’s one catch — the firm wants to move in less than three months. Permitting red tape could crush their July 4 deadline, Bonus said.

LSQ Funding’s headquarters currently has 43 employees with plans to add 40 employees in 2012 and another 80 in 2013, Walsh said. The jobs carry an average salary of more than $80,000, double Orange County workers’ average income.

The company hopes to move into their new digs during the July 4 federal holiday because the financial markets are closed. They’re looking for expedited permitting, handholding and turnaround time, not necessarily cash incentives, Walsh said.

“Meeting deadlines is as good or better than money,” he said.

’Business friendly’

City Council agreed to fast-track the permitting process, but also said incentives such as revenue sharing, tax exemptions or permitting cost waivers could be implemented in the future.

“More businesses out there would consider moving to Maitland if we could learn to consider saying yes before we say no,” Bonus said.

City Attorney Cliff Shepard said that certain incentives, such as a 10-year tax exemption, would require a voter referendum. If that passed, Council would decide on a case-by-case basis if an applicant qualified.

“That would be a nice carrot to get something to come here and/or stay here and grow,” Shepard said.

Metro Orlando and its cities are already in the incentive game. The Metro Orlando Economic Development Commission began in Orange County in 1977 and today markets four counties. Many cities have their own task forces called “miracle teams” that work with businesses.

In February, the Winter Park City Commission approved its own business incentives — the Targeted Industry Enhancement program, which will pay high-wage businesses to relocate to the city and to stay there for at least five years. The program gives businesses a maximum of $200,000, paid in installments of a maximum of $40,000 per year for five years.

“The word on the street is we’re not as business-friendly as other cities. We need to address that,” Mayor Ken Bradley said at the Feb. 14 meeting.

Going to voters

Maitland City Council agreed to have Shepard come back with a referendum that could go to voters in January. The attorney has prepared similar legislation for Mt. Dora.

Incoming Councilman Ivan Valdes said the city needs to tread lightly so they don’t upset current business owners.

“Once you offer incentives, it’s unfair to people that are already there that didn’t get it … We need to see how it all works and make sure it fits,” Valdes said.

LSQ hopes to finalize its deal within three weeks.

“This is one of these companies you’ll be proud to have in Maitland,” Walsh said.