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RESOLUTION APPROVING PROJECT ACI WORLDWIDE CORP AS A TARGETED JOBS INCENTIVE FUND PROGRAM BUSINESS PURSUANT TO CHAPTER 2, ARTICLE LXXXVI OF THE CODE OF MIAMI-DADE COUNTY, FLORIDA; CONFIRMING THAT THE COMMITMENT OF INCENTIVE AWARDS FOR CONFIDENTIAL PROJECT ACI WORLDWIDE CORP EXISTS; PROVIDING AN APPROPRIATION OF UP TO $174,772.00 FROM COUNTYWIDE GENERAL FUND REVENUES FOR FISCAL YEARS 2022-23 THROUGH 2031-32; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO MAKE NON-SUBSTANTIVE MODIFICATIONS OR TO MODIFY THE JOB CREATION AND DISBURSEMENT DATES TIMELINE, AND TO EXECUTE ALL CONTRACTS, AGREEMENTS AND AMENDMENTS, AND PROVIDING FOR AN EFFECTIVE DATE

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WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, Targeted Jobs Incentive Fund (�TJIF�) Project ACI Worldwide Corp�s Application (�Application�) and Agreement for Targeted Jobs Incentive Fund (�Agreement�), copies of which are incorporated herein by reference; and
WHEREAS, Project ACI Worldwide Corp qualifies as a target industry business under Chapter 2, Article LXXXVI of Code of Miami-Dade County, Florida (�TJIF Ordinance�),
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board hereby:
Section 1. Adopts and ratifies the matters set forth the foregoing recitals.
Section 2. Finds that attracting, retaining and providing favorable conditions for the growth of target industries provides quality employment opportunities for residents of the County and enhances the County�s economic foundation.
Section 3. Authorizes the County Mayor or County Mayor�s designee to execute the Application and Agreement for TJIF between Miami-Dade County and ACI Worldwide Corp, as a TJIF business pursuant to the TJIF Ordinance, in substantially the forms attached hereto and incorporated herein by reference.
Section 4. Further authorizes the County Mayor or County Mayor�s designee to make non-substantive modifications to the job creation and disbursement dates timeline, and to execute all contracts, agreements, and amendments necessary to further the purposes set forth in this resolution.
Section 5. Finds that the commitment of incentive awards for Project ACI Worldwide Corp exists in an amount not to exceed $174,772.00 from countywide General Fund revenues, and is conditioned on and subject to specific annual appropriations by the Board in the following increments:
Fiscal Year 2022-23 - $13,416.00
Fiscal Year 2023-24 - $13,416.00
Fiscal Year 2024-25 - $13,416.00
Fiscal Year 2025-26 - $13,416.00
Fiscal Year 2026-27 - $13,416.00
Fiscal Year 2027-28 - $13,416.00
Fiscal Year 2028-29 - $13,416.00
Fiscal Year 2029-30 - $13,416.00
Fiscal Year 2030-31 - $13,416.00
Fiscal Year 2031-32 - $54,028.00 (Job Bonus)
TOTAL $174,772.00

with the provision that any tax abatement granted to Project ACI Worldwide Corp under section 196.1995, Florida Statutes, reduces any TJIF incentive award granted by the amount of any such tax abatement granted, and will be paid to ACI Worldwide Corp with the stipulation ACI Worldwide Corp is in compliance with the TJIF program as set forth in the TJIF Ordinance, including, but not limited to, the requirement that at least 182 jobs be created. In no event shall this resolution operate to obligate the County to make disbursements to ACI Worldwide Corp in an amount that contradicts or violates the program requirements as set forth in the TJIF Ordinance.
Section 6. Requires that the commitment of incentive awards shall be contingent on ACI Worldwide Corp maintaining the jobs during the life of the incentive and ensuring that its hiring practices are consistent with and reflect the diversity of the Miami-Dade County community. ACI Worldwide Corp also agrees to a �good faith� effort to hire, to the maximum extent, residents from Miami-Dade County.

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Date: To: Honorable Chairman Jose �Pepe� Diaz
and Members, Board of County Commissioners From: Daniella Levine Cava
Mayor
Subject: Resolution Approving Targeted Jobs Incentive Fund Tax Refund for Project ACI Worldwide Corp

STAFF RECOMMENDATION
Recommendation
The Beacon Council, on behalf of Project ACI Worldwide Corp, has submitted an application for economic development incentives under the County�s Targeted Jobs Incentive Fund (TJIF) Program, Chapter 2, Article LXXXVI of the Miami-Dade County Code. It is recommended that the Board of County Commissioners (Board) approve the request for ACI Worldwide Corp to participate in the TJIF Program. It is also recommended that the Board make available $174,772.00 in TJIF assistance from Countywide General Fund Revenues.

Scope
Project ACI Worldwide Corp is a digital payments fintech company seeking to relocate its international headquarters to Miami-Dade County. The proposed location is confidential at this time however, the company is looking for a facility in Commission District 7, which is represented by Commissioner Raquel A. Regalado. The company is committing to create 182 new full-time equivalent jobs, as defined in section 288.106, Florida Statutes. The jobs will have a positive Countywide impact through indirect employment and an economic multiplier effect.

Delegating Authority
If adopted, the resolution delegates the authority to the County Mayor or the County Mayor�s designee to make non-substantive modifications or to modify the job creation and disbursement dates timeline, and to execute all contracts, agreements, and amendments between Miami-Dade County and ACI Worldwide Corp.

Fiscal Impact/Funding Source
Based on a total capital investment of $9,025,000.00 as stated in the attached application, Project ACI Worldwide is projected to generate $304,699.00, over a ten-year period, in incremental property tax revenues to the Countywide General Fund. As a result, the business is eligible to receive $174,772.00 in TJIF assistance, to be paid over a ten-year period. This amount includes the job creation bonus of $54,028.00 to be disbursed in the 10th year of the award. For every 50 jobs created, an additional 0.150 percent of the total capital investment will be added to the surplus job bonus. The Beacon Council on behalf of the business, has also applied for a Qualified Target Industry Refund (QTI) incentive award which is being considered by the Board, as a separate agenda item, in the amount of $189,000.00, of which $151,200.00 would be provided by the State and $37,800.00 is the local match to be provided by the County. If approved, the County will provide a total of $212,572.00 in economic incentives to this business. The Beacon Council projects that the combined TJIF and QTI incentives will result in a positive fiscal impact of $92,127.00 to the Countywide General Fund revenues. The actual disbursement of the TJIF Program award is contingent upon verifying the creation of the new jobs and the capital investment appearing on the tax roll. The TJIF Program award may equal up to 2.140 percent of the total real property capital investment and 1.440 percent of the tangible personal property capital investment to remain in compliance with the TJIF Program. Disbursements of the TJIF Program award is capped to not exceed the amount of incremental countywide General Fund revenues the County generates by the capital investment.

Track Record/Monitor
The TJIF Program specifies that a Board approved TJIF Program project must create at least 10 new jobs, retain those jobs in accordance with the program�s criteria, and make a significant capital investment to receive the incentive. ACI Worldwide Corp is promising to make a capital investment of $9,025,000.00 and create 182 new jobs.

Upon the company�s request for incentive payment, staff from the Research and Planning Division within the Department of Regulatory and Economic Resources will verify that it has met the required number of new jobs created, at the required wage rate and in accordance with the TJIF Program agreement. Staff will also confirm that the ad valorem and/or the tangible personal property taxes are sufficient to cover the TJIF Program payment.

Background
ACI Worldwide Corp is proposing to build and renovate a new 23,000 square foot corporate headquarters to expand its software design and research/development operations (North American Industry Classification System Code #551114). The company plans to commence construction during FY 2021. Alternative locations include Omaha, Nebraska.

As a condition of the TJIF award, ACI Worldwide Corp agrees that the 182 new workers hired will have an average annual salary of $180,000.00 (excluding benefits). Employee benefits associated with each newly created job will be $41,000.00. The value of employee benefits is not a requirement of the TJIF Program.

The anticipated dates for job creation and incentive award disbursements are set forth in the resolution but are subject to change upon the approval of the County Mayor or the County Mayor�s designee so long as they remain consistent with the TJIF Program.

The attached documents relating to the application of the incentive have been prepared by The Beacon Council and reviewed by the Department of Regulatory and Economic Resources.

Attachment



_______________________________
Jimmy Morales
Chief Operations Officer
ACI WORLDWIDE CORP
SUMMARY SHEET
APPLICANT:
ACI Worldwide Corp

HEADQUARTERS LOCATION: Miami-Dade County

PROPOSED LOCATION IN MIAMI-DADE COUNTY: District 7

OTHER LOCATIONS UNDER CONSIDERATION: Omaha, Nebraska

DATE OF QTI/TJIF APPLICATIONS: January 25, 2021

OVERALL BUSINESS ACTIVITY/MISSION:


Software development and production

PROPOSED LOCAL BUSINESS ACTIVITY: Software Publishers





County-based digital media companying operations into a contiguous adjacent warehouse along with refrigeration capacity.

PROPOSED CAPITAL INVESTMENT: $9,025,000.00 (Not a condition of the award)

TARGETED QTI/TJIF INDUSTRIES: Corporate Headquarters

PROPOSED LOCATION IN DESIGNATED PRIORITY AREA: No

NEW BUSINESS OR EXPANDING BUSINESS: New

TOTAL NUMBER OF DIRECT JOBS TO BE CREATED/RETAINED: 182

EFFORT IN HIRING RESIDENTS IN LOCAL AREA: Unknown

ESTIMATED ANNUALIZED AVERAGE WAGES FOR NEW JOBS: $180,000.00

ANNUAL EMPLOYEE BENEFIT PACKAGE: $41,000.00 (Not a condition of the incentive)

NUMBER OF INDIRECT JOBS TO BE CREATED: TBA

NUMBER OF YEARS TO CREATE NEW JOBS: 6

MAXIMUM INCENTIVE PER DIRECT JOB CREATED/RETAINED $960.01

MAXIMUM INCENTIVE AWARD APPLIED FOR: $174,722.00

PROJECTED INCREMENTAL COUNTY TAX REVENUE: $304,699.00


TYPE OF FUNDS REQUESTED IN APPLICATION: Countywide General Fund Revenues

COMMENTS: Information and data in this summary sheet provided The Beacon Council.