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Friday, May 25, 2018
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Pasco Considers $7 Million Package To Lure T. Rowe Price

LAND O’ LAKES - Pasco County could offer more than $7 million in incentives to lure investment firm T. Rowe Price Associates Inc. to the Sunlake Boulevard area off State Road 54. County commissioners will consider the incentive package when they meet Wednesday in Dade City. The meeting is scheduled for 1:30 p.m. at the historic Dade City Courthouse. T. Rowe Price's interest in Pasco has been kept largely under wraps since the company began looking for another Tampa Bay area location in May, according to county officials. The company has struck a deal with the Geraci brothers, owners of Long Lake Ranch, to buy at a discount a portion of their property just south of State Road 54. County officials are in the process of rewriting the Geracis' development deal for their land to replace a regional mall site with a large office complex to accommodate T. Rowe Price.
In addition to the land deal and county incentives, T. Rowe Price is seeking nearly $4 million in state Qualified Targeted Industry grants, based on the fact that more than 1,200 of its projected jobs will pay 150 percent or more of the Pasco's average wage. If that grant goes through, Pasco would have to put up 20 percent of the funds, or about $972,000. County funds would be paid in installments between 2013 and 2022. Pasco officials also plan to ask the state's Office of Tourism, Trade and Economic Development for $3 million to offset costs of building roads and other infrastructure to support the office complex. The county is prepared to absorb $1.5 million in road costs to win that grant. The county also is prepared to give T. Rowe Price a substantial break on impact fees and other development-related expenses. T. Rowe Price plans to build three 150,000-square-foot office buildings on its corner of Long Lake Ranch. The company would transfer the 435 employees it already has in the area to the new location and add about 1,200 more, making a total of 1,650 new jobs in Pasco. The average wage would be about $47,000, county officials said.

Reporter Kevin Wiatrowski can be reached at (813) 948-4201.

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