The Miami-Dade Beacon Council Announces Burger King World Headquarters to Stay and Expand in Miami-Dade County

MIAMI--()--May 12, 2005--

  Fast-Food Giant Plans to Build a New Headquarters Building in Coral Gables, Florida  



The Beacon Council, Miami-Dade County's official economic development partnership, is pleased to announce that Burger King Corporation, founded and based in Miami-Dade since 1954, has decided to build a new corporate world headquarters in Coral Gables. Burger King, which operates more than 11,220 restaurants in 61 countries with more than 340,000 employees worldwide, is currently headquartered at Waterford at Blue Lagoon near the Miami International Airport.

The company's decision means the retention of 600 jobs (450 headquarter jobs and 150 operations center jobs), as well as the creation of 60 new positions in Miami-Dade County within the next three years. Burger King has also committed to a new capital investment of $68 million for the construction of the new headquarters facility of approximately 300,000 square feet. This project is another example of the success of the Beacon Council's Local Business Local Jobs program, which focuses on assisting local companies and enhancing local business investment and employment.

Frank Nero, the president and CEO of the Beacon Council, emphasizes that Burger King's decision to relocate its headquarters and remain in Miami-Dade County will result in a significant economic impact to the area. The new headquarters facility will be a tax generator for the County, with more than $25 million in new tax revenues over the next 15 years. Approximately $10.3 million of these new tax revenues will go to the Miami-Dade Public School System, $6.7 million will go to the Miami-Dade General Fund, and the remaining $8.1 million will go toward the County Debt, the State, and other Districts.

"For more than seven months, we have worked very closely with Governor Jeb Bush, Enterprise Florida, Miami-Dade County Manager George Burgess, the County Commissioners, specifically Commission Chair Joe Martinez and Commission Vice-Chair Dorrin Rolle, and Miami-Dade County Mayor Carlos Alvarez to ensure that we keep Burger King and its jobs in Miami-Dade," said Nero. "A very attractive relocation incentive package was offered by Houston and the state of Texas, however, through the extraordinary efforts of our public and private partners, we were able to persuade the company's management team that Miami-Dade was the right place for them."

"Burger King's world headquarters will have a positive impact on Miami-Dade County for years to come," said Miami-Dade County Mayor Carlos Alvarez. "Burger King was born right here in Miami in 1954, and I am pleased they decided to stay home and grow in Miami-Dade County."

"Burger King's decision is a major victory for our entire community," said Commissioner Joe Martinez, chair of the Miami-Dade Board of County Commissioners. "Despite an impressive relocation incentive package offered by the state of Texas and their lower business costs, the company remained committed to our county, and we too are committed to helping Burger King continue to prosper and grow."

Nero added that Burger King showed its status as one of Miami-Dade's great corporate citizens by being very candid with the Beacon Council regarding their situation and by being open to working and meeting with public officials to determine the company's best options for remaining in Miami-Dade.

"It was evident that there were substantial location cost differentials, such as labor and real estate, between the other possible relocation areas, particularly with Houston, Texas, and Miami-Dade County. As such, this was the major compelling factor for putting together an aggressive and comprehensive incentive package that would narrow the gap to compete with the lower business costs of these other areas," Nero stated.

The Beacon Council assisted Burger King with the applying and approval of the Miami-Dade County Targeted Jobs Incentive Fund (TJIF), the State of Florida Qualified Target Industry (QTI) Tax Refund, and the State of Florida Quick Response Training (QRT) Program. These incentives, along with $3 million from the State of Florida, will provide a total value of approximately $8.68 million. The package is comprised of tax refunds and performance-based incentives approved by Miami-Dade Board of County Commissioners, which will only be disbursed if Burger King meets specific criteria over the course of the next 15 years.

About the Beacon Council

The Beacon Council, Miami-Dade County's official economic development partnership, is a not-for-profit, public-private organization that focuses on job creation and economic growth by coordinating community-wide programs; promoting minority business and urban economic revitalization; providing assistance to local businesses in their expansion efforts; and marketing Greater Miami throughout the world.

Contacts

The Beacon Council, Miami
Xavier Gonzalez, 305-579-1341
xgonzalez@beaconcouncil.com

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Contacts

The Beacon Council, Miami
Xavier Gonzalez, 305-579-1341
xgonzalez@beaconcouncil.com