With plans to hire 3,400, Miami tech firm secures $4.6 million county subsidy pledge

An unnamed Miami software company plans to announce a major expansion with plans for 3,400 well-paying jobs securing the company a $4.6 million pledge from Miami-Dade County this week.

The tax-funded subsidy only gets paid out if the company, code-named “Project Xray,” follows through on its planned hiring spree.

The new jobs would expand an existing Miami headquarters with about 800 workers into one with more than 4,000, according to county documents tied to the subsidy request. The average compensation for the positions is $107,000 a year, according to the application.

An executive with the county’s economic-development agency, the Beacon Council, called it the largest deal ever closed in MiamiDade’s growing tech sector.

“This is the largest tech job creation project that county has ever supported,” said James Kohnstamm, an executive vice president at the Beacon Council, a nonprofit that receives county dollars to recruit and retain large companies.

On Tuesday, MiamiDade commissioners approved the $4.6 million incentive pledge, which would amount to less than $1,500 per new position. The agreement requires the creation of 3,400 jobs with the $4.6 million paid out annually through 2028 if the terms are met.

The subsidy application said the hiring is expected during the next three years as the company expands its existing office space. Kohnstamm said the company plans to announce its expansion as early as this week: “The project represents exactly the type of company that we’re trying to grow in our community.”