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Approve and authorize the chairman to sign the Jobs Growth Incentive (JGI) Funding Agreement with ExamRoom.AI Corp. for the creation of one-hundred sixty-two (162) new Seminole County jobs providing Local Financial Support (LFS) of $1,000 per job, for a total of $162,000 (ExamRoom.AI Corp). District4 - Lockhart (Guilherme Cunha, Economic Development Administrator)
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Division:
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County Manager Office - Economic Development
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Authorized By:
Andrea Wesser-Brawner, Chief Strategy and Innovation Officer
Contact/Phone Number:
Guilherme Cunha/407-665-2901
Motion/Recommendation:
1. Approve and authorize the chairman to sign the Jobs Growth Incentive Funding Agreement between ExamRoom.AI Corp. and Seminole County, providing an incentive of $1,000 per job, for a total Seminole County Local Financial Support of $162,000, for the creation of one hundred sixty-two (162) new jobs; or
2. Deny approval of the Jobs Growth Incentive Funding Agreement between ExamRoom.AI Corp. and Seminole County, providing an incentive of $1,000 per job, for a total Seminole County Local Financial Support of $162,000, for the creation of one hundred sixty-two (162) new jobs; or
3. Continue this item until a time and date certain.
Background:
ExamRoom.AI Corp. is a web-based AI proctoring platform delivering and developing assessments for clients worldwide. ExamRoom.AI Corp. currently employs 378 people worldwide, with only 4 of those in Florida. They intend to establish their global HQ in Seminole County, relocating staff from various locations to Seminole, working at a physical office in Lake Mary. The other option would be in Orange County or to remain at the current location.
This project proposes the creation of a minimum of one hundred sixty-two (162) new, high-value jobs with an average annual wage of $88,586.48, which is 153% of the County's average annual wage of $57,624, as listed in the State of Florida Incentive Average Wage Requirements which became effective on January 1, 2023.
The job creation schedule is as follows:
• 35 new jobs by December 31, 2024
• 32 new jobs by December 31, 2025
• 32 new jobs by December 31, 2026
• 32 new jobs by December 31, 2027
• 31 new jobs by December 31, 2028
ExamRoom.AI Corp. is pursuing a Jobs Growth Incentive (JGI) in the amount of $1,000 per job, which would result in a total incentive award in the amount of $162,000 for the 162 newly created jobs.
This project also involves a capital investment of $1,593,522, which includes $1,383,522 in lease and leasehold improvements, along with $210,000 in equipment.
The conditions that will apply for this award are as follows:
• The creation of one hundred sixty-two (162) new jobs by December 31, 2028;
• An average annual wage of $88,568.48 for the new positions created;
• Payments will not be initiated until jobs have been vested for a period of two years for each phase; and
• A capital investment of at least $1,593,522.
This project is located within the City of Lake Mary, however, the City of Lake Mary has declined to participate.
If awarded by the Board of County Commissioners, $162,000 would be allocated from the General Fund Reserves.
Staff Recommendation:
Staff recommends that the Board approve the Jobs Growth Incentive Funding Agreement between ExamRoom.AI Corp. and Seminole County, providing an incentive of $1,000 per job, for a total Local Financial Support of $162,000 for the creation of one hundred sixty-two (162) new jobs.