With a package of incentives, including $10.1 million in cash incentives, the city of Jacksonville, Florida has lured the North American headquarters of London-based global payment provider Paysafe Processing Solutions, according to the Jacksonville Daily Record.

According to the article,  the bill filed by Council President Terrance Freemen on behalf of Mayor Lenny Curry breaks down the Paysafe incentives into three grants:

  • A $1.5 million headquarters relocation grant. 
  • A $3.6 million employment creation grant.
  • A $5 million headquarters retention grant.
  • The city incentives are tied to Paysafe creating and retaining 600 jobs in Northeast Florida and locating the headquarters office in Jacksonville. 

The city Office of Economic Development projected the short-term return on investment would produce 60 cents for every $1 of public investment in the company’s North American consolidation to Jacksonville. The updated summary states the city will eventually break even. 

“While the ROI for Paysafe will not reach 1:1 until year 25, the investment in the project is clearly justified,” the amended summary says. 

“Bringing 600 new full-time jobs with an exceptional pay and benefits package qualifies this as a ‘Mega Project.’”