Sarasota lures New Jersey IT company with $40K

SARASOTA — Sarasota County officials approved an up to $40,000 financial incentive for IT and web hosting company ITelagen LLC.

The grant will provide funds for the company to relocate its corporate headquarters from New Jersey to Sarasota County. The Economic Development Grant will be allocated annually over three overlapping three-year periods.

ITelagen's eligibility to receive the grant is contingent on the company creating 20 new full-time jobs at the facility during the job creation period, which is Feb. 15, 2017 to Feb. 14, 2020.

According to a memo from Sarasota County Director of Business and Economic Development Jeff Maultsby, the company also considered Manatee County, Charlotte, N.C., and Austin, Texas.

Sarasota County commissioners voted at a Feb. 15 meeting to approve the grant, which was then known by the codename Project Panther.