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T. Rowe Price Boosts Deal

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By KEVIN WIATROWSKI

kwiatrowski@tampatrib.com

Published: February 4, 2009

LAND O' LAKES - Investment firm T. Rowe Price has won another round of state incentives, further sweetening the pot county officials hope will lure the company to State Road 54.

The Maryland-based company qualified Tuesday for $4.8 million in state incentives aimed at creating jobs, a figure that includes $972,000 in county funding.

The company also qualified for an unspecified amount from the state's Capital Improvement Tax Credit program. That funding will be based on the amount of construction T. Rowe Price does at its proposed location at Long Lake Ranch in south-central Pasco County, said Mary Jane Stanley, president of the Pasco Economic Development Council.

The capital improvement incentive will take the form of a credit against the company's corporate income tax, for as much as 5 percent of its construction costs. The credit could be available for as long as 20 years.

T. Rowe Price has proposed building a campus with three multistory office buildings and three multilevel parking decks. The complex would be home to more than 1,600 workers, a figure that includes the company's 435 existing workers in Tampa.
Company officials say they're still deciding which of five competing sites they'll choose for their new office complex. The Pasco site is the only one being considered in Florida.

"We continue to work with them on other issues they have in their due diligence," Stanley said. "We're one step closer."

Reporter Kevin Wiatrowski can be reached at (813) 948-4201.

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