ADT job growth linked to public funding incentives
Security Systems News has written previously about plans that The ADT Corp has to add 150 new monitoring jobs at its Irving, Texas facility by the end of November.
But now that new independent company—which emerged from the recent breakup of Tyco International and began trading on the New York Stock Exchange on Oct. 1—also reportedly has plans to add 120 jobs at its headquarters in Boca Raton, Fla.
However, to create those Florida jobs, ADT is seeking as much as $1.62 million in state, county and local funding, according to the South Florida Business Journal.
Here’s some of what that publication had to say about the security giant, which it notes has revenues of more than $3 billion per year:
ADT Security Services received $1.24 million from the state in 2010 for creating 100 jobs as part of the construction of its Yamato Road headquarters. … On Tuesday, Palm Beach County commissioners will vote on whether to extend ADT an offer for $184,000 in job growth incentives. Boca Raton has pledged to give the company the same amount, while the state has offered ADT $1.25 million.
The money would be paid out over three years, should ADT create 120 jobs with annual salaries of $81,110, plus retain 260 current jobs. The company must also spend at least $400,000 retrofitting 175,000 square feet in its headquarters. … The regional economic model shown to the county states that ADT would have a $138 million economic impact over five years.
I’ve reached out to ADT to learn more about the jobs, the plan to redo its headquarters and why it’s asking for the public incentives. Stay posted!