Jacksonville Welcomes Intercontinental Exchange’s New Headquarters

News Summary

Jacksonville is abuzz with the exciting announcement from the Intercontinental Exchange (ICE) about establishing its mortgage technology division headquarters in the city. Set to create 500 new jobs with an average salary of $100,000, this move is projected to significantly boost the local economy. With a multimillion-dollar incentive package from state and local officials, the investment will support Jacksonville’s rising reputation as a tech hub, showing a commitment to creating a vibrant job market in the area.

Jacksonville Celebrates Big Win with Intercontinental Exchange

Jacksonville is buzzing with excitement after the Intercontinental Exchange (ICE), a powerhouse in the financial services world, announced it will set up its mortgage technology division headquarters right here in our vibrant city. This fantastic news came on December 17, 2024, and has the city leaders and residents feeling pretty optimistic about the future.

A New Era of Job Opportunities

The decision to choose Jacksonville over other cities is a significant victory for our local economy. With ICE already hosting about 1,500 employees in the city, they’re set to add an impressive 500 new jobs in the next seven years. And let’s get this straight: these aren’t just any jobs. The average salary for these positions will hover around $100,000. When you consider benefits, the total compensation could jump to a whopping $125,000. That’s a big deal for our local job market and the families who will benefit from these positions!

Support from the Community

This announcement didn’t just happen by chance. Thanks to a generous multimillion-dollar incentive package from both the state of Florida and the city of Jacksonville, the decision became a no-brainer for ICE. The Jacksonville City Council contributed to the excitement by approving an incentive package valued at up to $21 million. This includes $5 million earmarked specifically for job creation and enticing property tax rebates.

An Impressive Investment

The commitment to build ICE’s headquarters here is just part of a much larger investment strategy, with plans totaling between $173 million and $216 million. This investment will go into creating top-notch office space and facilities that will undoubtedly elevate Jacksonville’s standing as a burgeoning tech hub.

A Growing Tech Hub

What’s significant here is how this move aligns with the broader trend of identifying Jacksonville as a rising player in the tech and financial services sectors. With recent enhancements to its technology-friendly business climate, the city is on the radar for more companies looking to expand their operations. ICE’s acquisition of Black Knight, another Jacksonville-based company, last September, adds even more credibility to the city’s growing reputation.

Category of Job Roles

The roles set to be created by ICE will primarily focus on technology and mortgage services. Some of these positions will actually relocate employees from major cities such as New York, Chicago, Boston, and even London, bringing a diverse talent pool to our doorstep.

Community Considerations

However, the journey to securing this deal wasn’t without its bumps. There were discussions among City Council members regarding the allocation of general fund cash grants for incentives. As a result, the structure of the incentive package was shifted. This revamped agreement led to increased property tax rebate incentives while decreasing direct cash grants, ensuring a better return on public funding.

Looking Ahead

It took nearly two years of negotiations involving various stakeholders—including the city government, JAX Chamber, and state officials—to finalize this agreement. But all the effort is expected to pay off significantly! The investment by ICE and the accompanying job creation will likely have a lasting positive impact on the local economy, benefiting residents for years to come.

Exciting times are ahead for Jacksonville as we embrace this fresh chapter with open arms and look forward to seeing how this investment transforms our community!