Orlando approves $140K for companies to expand operations in city

The city of Orlando recently announced that it would be offering upwards of $140,000 to two companies that will expand their presences in the city. Although government incentives to private businesses are controversial in some quarters, the migration of good-paying jobs into the Orlando area is indisputably a good thing for our local employment rate, our tax rates and the collective intelligence of our general business community.

The companies are Benecard Services, Inc., a New Jersey-based firm administers prescription benefits; and Mazor Robotics Ltd., an Israeli firm that distributes medical robotics.

Benecard has said it will bring 159 jobs to the Orlando area in the next three years. The jobs will pay an average of $46,955. It plans to expand its existing location on Millenial Boulevard and is said to be considering moving its corporate headquarters to Orlando.

Mazor has committed to creating 34 jobs over the next three years that will pay an average of $81,660. It will set up camp in Florida Hospital's Health Village, which is near the main campus on the north side of Orlando.

As we mentioned, between the two of them, these companies are getting $140,000 from Orlando to create jobs here. Obviously, money like that can be used to accomplish some significant business objectives, such as research and development, hiring, acquiring commercial real estate, etc. That being said, it is not always a good idea to plan on receiving such incentive and fold them into your business plan, because that's too close to counting your chickens before they hatch.

For a wise strategy on developing a business plan and pursuing government economic incentives, it would not be a bad idea to sit down with an Orlando-area business and commercial law attorney. We are one of the law offices that could offer assistance in this field; in order to learn more about us, visit the Business Formation and Planning portion of our website.

Source: Orlando Sentinel, "Orlando OKs economic incentives for 2 companies," Marni Jameson, Aug. 22, 2012