Orlando city commissioners this week signed a more than $6 million incentive package to help propel Travel & Leisure toward its planned downtown headquarters.
The company, officially called Wyndham Destinations, plans to relocate more than 900 current employees from its current offices in Williamsburg, near SeaWorld Orlando, to 501 W. Church St., near the Kia Center. Travel + Leisure also plans to hire an additional 102 people over the next few years.
The agreement is the culmination of discussions that Orlando Mayor Buddy Dyer first publicly unveiled in a downtown speech last September.
Over the years, the city has used a variety of incentives to persuade major companies, from Electronic Arts to Sonesta, to relocate their offices to Orlando. The hope is that the high-paying jobs will boost the local economy. In a 2019 deal between the city and EA, the company, which relocated from nearby Maitland, will recoup up to $9 million in property taxes if it retains at least 600 employees at its new studio in Creative Village. Become.
The city and its Community Redevelopment Agency offered separate incentives to encourage the Travel + Leisure movement, and both were approved by unanimous votes.
The city's agreement would pay up to $2,250 per job over eight years, capping the subsidy at $2,272,500, according to the City Council agenda. According to the agreement, the median wage for this position will be $109,136.
The company, which manages a portfolio of more than 20 timeshare resorts and travel brands, could receive up to an additional $4,000 per property through the CRA, or $4.04 million over 10 years.
Under the agreement with the CRA, Travel and Leisure will receive $2,000 for each “high-wage, high-value” job created, as well as funding for a program to attract companies to set up offices in Parramore with 750 or more employees. Below, they will receive an additional $2,000 for each case. Officials from neighboring cities have been committed to economic development.
As part of the agreement with the CRA, the company's 102 new positions will be paid 200 percent of Orange County's average annual wage, or $120,934.
“The move to downtown Orlando provides a modern office environment in the heart of a growing city, while also providing an excellent location in a highly competitive market,” said Kimberly Marshall, Travel & Leisure's chief human resources officer. “It helps us attract and retain talent.” statement.
The company plans to spend $29.5 million to build a new office space at the corner of Church Street and Division Avenue.
It plans to move downtown after its current lease expires next year.
rygillespie@orlandosentinel.com
