Boca Raton approves $500,000 incentive package for D Wave, plus $20 million FAU partnership noted
Get AI-powered insights, summaries, and transcripts
Sign Up Free
Summary
As part of the consent agenda the council approved an incentive agreement to attract D Wave Commercial's headquarters, a plan that staff said would support about 100 new jobs with an average salary of roughly $125,000 and includes a $20 million agreement with Florida Atlantic University for equipment and research collaboration.
During the consent agenda on March 24 the Boca Raton City Council approved an economic development incentive to support the headquarters attraction of D Wave Commercial, a quantum/advanced-computing company. Staff described the incentive as structured credit payments of up to $500,000 that are paid over time as the company meets milestones tied to job creation and other deliverables.
Deputy City Manager Lekasic explained the payments are not a single cash disbursement but a series of credits and reimbursements triggered after certain milestones, including documentation of jobs. "That $500 per job is paid over time as those jobs are accounted for and we receive the higher data information," Lekasic said, explaining the mechanism. Staff said the company's commitment would create about 100 jobs over the next five years with an average salary of about $125,000.
Staff also highlighted a related $20 million partnership between D Wave and Florida Atlantic University to provide a commercial computing resource for students and researchers. "This is a $20,000,000 agreement that provides students and researchers... hands-on experience with this type of information technology," staff said during the briefing.
A member of the public asked the council to remove the consent item to get more clarity on what constitutes a qualified applicant and to question the public visibility of the proposed recipient. Staff responded that the incentive is performance-based and that local benefits include job creation and research collaboration with FAU.
The full consent agenda passed unanimously. Council members said the attraction of a high-tech corporate headquarters could bring spillover benefits to Boca Raton's biotech and high-tech communities.