Palm Beach Gardens, Fla., city council gave the go-ahead to spend $500,000 to keep TBC Corp.’s headquarters in the city.
That incentive package joined another $1.8 million in incentives from the state.
The incentive deal earned TBC’s pledge that it would "invest $12 million and create 175 jobs" averaging $81,000 in salary in the city, according to the Palm Beach Gardens Post. City council reportedly feared TBC would pull up stakes and move its headquarters to Itasca, Ill., the base for Midas, which TBC recently acquired.
TBC Corp. currently has some 500 employees at its offices in Palm Beach Gardens and another in nearby Juno Beach.
According to the newspaper, TBC will receive the first $200,000 “in 2014 after it has hired at least 50 new employees and invested at least $4 million in capital improvements.
“The rest will be distributed when TBC proves it has hired the 175 new employees, the 120 current jobs have been retained and the rest of the $12 million in capital improvements have been made, according to the plan.
The city’s final payment would be in 2020,” the newspaper reported.