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Redevelopment agreement ties incentives to 2,033 jobs and $100,000 average wage at Black & Veatch headquarters
Summary
The development agreement includes job‑retention and wage commitments (baseline 2,033 full‑time employees, $100,000 average wage) and allows a TIF cap reduction if the developer fails to meet those performance metrics (a maximum reduction of 40% was discussed).
Staff explained the redevelopment agreement ties incentive payments to job and wage retention. The packet lists a baseline of 2,033 full‑time employees and an average minimum wage of $100,000; if Black & Veatch fails to maintain employment or the average wage, staff said the Phase 1 TIF cap could be proportionally reduced subject to a maximum reduction of 40%.
Todd emphasized the commitment to locate senior executives and the company’s world headquarters at the new facility. "They have promised for the life of this development agreement that it will be Black and Veatch's world headquarters facility," he said. Staff provided a worked example showing that a 40% reduction could translate to a reduction in TIF reimbursements (the packet used a notional $132,000,000 Phase 1 TIF to show the dollar impact).
