Insider Brief
- Boca Raton approved a resolution authorizing up to $500,000 in local incentives to continue negotiations with an undisclosed California-based quantum computing company considering relocating its headquarters and R&D operations.
- City documents state the company would create at least 100 full-time jobs over five years with an average annual salary of no less than $125,000, contingent on meeting hiring and retention requirements.
- The firm is weighing competing offers from other states, while Florida has also proposed a separate incentive package exceeding $6.5 million, according to city records and local media reporting.
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Boca Raton officials have moved to offer up to $500,000 in local incentives to attract a California-based quantum computing company, according to local media outlet CBS12.
The Boca Raton City Council voted unanimously this week to approve a resolution authorizing the incentive package for a firm operating under the code name “Project Vernon,” according to city documents. Local media have reported that the company is involved in quantum computing, a field that uses the properties of quantum physics to process certain calculations more efficiently than conventional computers.
City leaders said the vote does not finalize the relocation but allows negotiations to continue as the company weighs competing offers from other states.
Under the proposal, Project Vernon would relocate its corporate headquarters and establish a research and development operation at the Boca Raton Innovation Campus, a large office park built on the former IBM campus. City documents describe the firm as a publicly traded, California-headquartered company that develops advanced computing systems, software and services.
“It is a tax credit, and we do get state money at a 12 to 1 ratio,” said City Manager Mark Sohaney.
If the company chooses Boca Raton, the city estimates it would create at least 100 new full-time jobs over five years, with an average annual salary of no less than $125,000. The city’s incentive would be paid out at $5,000 per job created, up to a total of $500,000, contingent on meeting hiring and salary requirements laid out in an economic development agreement.
CBS12 reported that the company has been described in briefings to city officials as a quantum computing firm, though its identity has not been disclosed publicly to protect negotiations. The report said the company is also considering locations in Tennessee and North Carolina, or remaining in California.
According to city records, the state of Florida has also extended a separate incentive package that could exceed $6.5 million. That package may include performance-based grants, training funds and long-term tax credits administered by Florida Commerce, the state’s economic development agency.
City officials framed the proposal as part of a broader effort to attract high-tech employers and diversify the local economy beyond traditional industries. The resolution states that relocating Project Vernon’s headquarters would represent a “significant capital investment” and support the city’s strategic goal of fostering a “vibrant economy.”
The incentive agreement includes safeguards requiring the company to verify job creation annually and maintain the minimum salary levels during a multi-year retention period. Failure to meet those conditions could trigger repayment of previously disbursed funds, according to the agreement.
The Boca Raton Innovation Campus, where Project Vernon would lease office and research space, has increasingly been marketed as a destination for technology and engineering firms. City documents note that the company would base its new jobs at the campus and conduct research activities there.
City officials emphasized that Tuesday’s vote does not guarantee the relocation. The resolution authorizes the city manager and clerk to execute an agreement if negotiations conclude successfully, but final details remain subject to further approvals and performance benchmarks.
For now, the identity of Project Vernon remains confidential, and no timeline has been disclosed for a final decision.
