The mission of the Economic Development Department (the "Department") is to establish, maintain, and grow the City's business community by promoting the City's image, supporting businesses, and creating a diverse economy for our dynamic and resilient global community. The previous quarterly update to the Finance and Economic Resiliency Committee (the "Committee") appeared in the July 29, 2022 agenda.

This update is regarding an application to the Job Creation Incentive Program, established via Resolution 2021-31620.

The Job Creation Incentive Program (JCIP) is a performance-based financial incentive developed to attract targeted companies and expand existing businesses within Miami Beach, while also increasing the number of quality, high-wage jobs in the city. To receive the incentive, the JCIP participant must create or relocate a minimum of ten (10) new, fulltime equivalent jobs with average annual wages meeting or exceeding 125% of the Miami-Dade County or State of Florida average wage, whichever is higher, at the time of the application. The maximum incentive for new-to-market companies is $60,000 per year for up to four (4) years. The maximum incentive for expanding companies is $60,000 per year for up to three (3) years.

On April 6, 2022, the JCIP was amended, via Resolution No. 2022-32117, to provide an additional $50 per employee incentive to participants specializing in technology and/or financial services industry subcategories related to cryptocurrency, blockchain, web3, decentralized finance, sustainability, resiliency, hospitality, tourism, health and wellness, and arts and culture.

Recommendations for award of this incentive must be reviewed by the Committee and approved by the City Commission.

To date, the City Commission has approved five (5) businesses for the JCIP, three (3) financial services businesses (GMF Capital now JSB Capital, Melvin Capital and PennantPark Investment Advisors) and two (2) companies in the tech industry (WIX and CourMed). Additionally, the Administration has implemented the Expedited Plan Review and Permitting Incentive Program for eight (8) businesses.

The Administration is now recommending Siebert Financial Corporation ("Siebert") for the JCIP, having met the program criteria at the time of application. Siebert is a value-driven brokerage and financial advisory services company with locations throughout the U.S. including, but not limited to, Boston, Houston, Los Angeles, Philadelphia, Boca Raton, and Tampa. Previously headquartered in New York City, the firm is relocating its headquarters from New York to Miami Beach.

Siebert joined the New York Stock Exchange in 1967, under the leadership of founder Muriel Siebert. Today the financial services firm is led by Gloria E. Gebbia (controlling shareholder) and the Gebbia family, and prides itself with offering personalized customer service. The firm made a significant investment in Miami Beach with the $6.8 million purchase of 653 Collins Avenue, featuring 10,453 square feet of office space. Siebert plans to invest approximately $1.1 million in renovations and capital improvements. The company currently has 125 employees across the country and intends to hire and/or relocate approximately 28 new employees during their first year in Miami Beach with estimated average annual wages of $98,059.