City leaders agreed on a roughly $127,000-package of start-up costs for the Achieva Credit Union headquarters on Thursday.
City staff told officials that Dunedin would recoup the funds by 2016, and almost quadruple its investment in the company over a 10-year period.
"This is a very strong economic driver to the city of Dunedin," Bob Ironsmith, director of economic housing and development, told commissioners.
Achieva is investing $12 million into its new Virginia Street headquarters, on the site of the former Nielsen Co. call center. It translates to $3.24 million in temporary construction income to the city and $41,162 in annual real property taxes, a city memo states.
Also, the company's 140 top-level employees making $60,000 annual salary who are moving to Dunedin will spend an average of $940,000 annually in retail within the city, staff estimates.
The $127,034 incentive package provided by the city would cover waivers for building inspections and reviews, design assistance, and facade improvements.
An incentive package was part the condition of Achieva's move to Dunedin from Clearwater. It was suggested in an Aug. 29 letter to the city from Achieva's president Greg Rigoli.
Another one of the agreements is to rename a portion of Virginia Street, between State Road 580 and Keene Road, to "Achieva Way," provided the developer can garner support from business owners and property owners on that section of road.
The company broke ground on its corporate center Sept. 28.
A second public hearing is slated for Dec. 20.