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Incentive Package For T. Rowe Price OK'd

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TODD LESKANIC

tleskanic@tampatrib.com

Published: November 6, 2008

DADE CITY - Efforts to lure T. Rowe Price to Pasco County moved forward Wednesday, with Pasco County commissioners approving a package of incentives to offer the investment giant.

The $7 million package is designed to convince the company from relocating its Tampa offices here instead of Texas or to three other possible states. T. Rowe Price has 435 full-time employees at its offices in the West Shore area.

A move to Pasco would bring those jobs here, along with 1,215 new jobs. The average salary is projected to be about $47,000.

"I think if this happens we will start to see a lot more companies thinking about Pasco County," said County Administrator John Gallagher. "We won't just be somewhere at the end of the interstate or somewhere up there 25 miles from the airport."

If the company chooses to move to Pasco, it will build three 150,000 square-foot office buildings at State Road 54 and Sunlake Boulevard, between the Suncoast Parkway and U.S. 41. The county expects to know the company's intentions by the end of the year.

T. Rowe Price has struck a deal with the Geraci brothers, owners of the property, to purchase 70 acres at a discount. The county's incentive package includes a $2.5 million economic development grant as well as breaks on building fees, road improvements and matching contributions to state grants.

The county stands to gain about 2,400 jobs directly and indirectly linked to the move, should the company relocate here. And the improved property would add an estimated $58.5 million in new tax revenues.

Reporter Todd Leskanic can be reached at (727) 815-1084.

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