City officials awarded over $900,000 in performance incentives to a new artificial intelligence-powered mortgage company that will open offices in downtown Orlando.
During Monday afternoon’s Community Redevelopment Agency portion of the Orlando City Council meeting, commissioners approved an incentive agreement with Home Lending Pal, Inc. that could be worth up to $990,500.
The company, which currently operates its headquarters in the Millenia area, will relocate to downtown Orlando and will initially lease a 13,000 square-foot space as part of the deal. According to city records, the company will use the new downtown space to expand its “functions and business activities” and create nearly 300 new jobs by 2027.
The agreement is part of the city of Orlando’s Strategic Targeted Recruitment Incentive for Valued Employment (STRIVE) Program, which provides performance-based incentives to companies who create high-wage jobs within city limits.
In addition to jobs, the downtown program rewards companies when their employees choose to live in downtown and use public transportation, according to city officials.
In total, the company projects the creation of 275 jobs by December 31, 2027 that pay a median annual wage of approximately $110,000.
According to the United States Bureau of Labor Statistics, the median annual wage for full-time workers in 2021 was $52,520.
Under the program, each year, the company will have to provide its annual report to the city for verification through a third party CPA. After the CPA’s review and approval, the city will partially award funds. Those funds will be distributed fully over an eight-year period beginning with the next fiscal year, according to city records.