MIAMI-DADE BEACON COUNCIL AND RETAINING BURGER KING CORPORATION

Miami-Dade Presentation Team Holly Wiedman Executive Vice President The Beacon Council Jaap Donath, PhD Vice President, Research and Strategic Planning The Beacon Council Amy Charley Senior Attorney Burger King Corporation MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

Situation Analysis Worst Case Economic Development Scenario Reading about a company leaving your community in the newspaper without prior knowledge Companies were leaving with no prior notice Compounded in 2001, when Miami-Dade was braced for a major economic downturn following 9/11 And, two of our largest home grown companies Burger King and Ryder System were evaluating local and out of State new headquarters sites MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

Local Business Local Jobs In response, Local Business Local Jobs was born to implement outreach and engagement of existing industry before companies need assistance or are evaluating sites outside Miami-Dade MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

The program’s goal is to enhance LOCAL BUSINESS INVESTMENT and EMPLOYMENT. THE PROGRAMS OBJECTIVES ARE TO: 1.Enhance Miami-Dade County’s self image as a global business center, 2.Identify and eliminate obstacles to employment growth, 3.Communicate Beacon Council Services, 4.Recognize local businesses’ economic contribution, and 5.Increase employment MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

AN INNOVATIVE APPROACH WAS MANDATED UTILIZING: 1.Visitations of existing industry 2.Database tracking 3000 local businesses 3.Web based business survey 4.Annual Beacon Awards to honor existing industry 5.Creation of new local incentive: Targeted Jobs Incentive Fund (TJIF) and incentives packaging 6.Public-Private partnership with 2 to 1 funding match 7.Co-branding Campaign with Miami Herald, CBS4, Univision (TV, radio and print) LOCAL BUSINESS LOCAL JOBS PROGRAM ELEMENTS

MOST IMPORTANT LESSONS LEARNED: BUSINESS STRATEGY IS ALWAYS CHANGING TO STAY COMPETITIVE History of successful businesses, the ones we want to retain may include: 1.Takeovers → Consolidations 2.New Ownership → where are they based? 3.New CEOs → where are they from? 4.Change in Site Selection Strategy and Asset Management → lease or own? MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM1954 Founded in Miami 1967 Acquired by Minneapolis based Pillsbury 1988 Grand Metropolitan acquired Pillsbury and Burger King 1997 Grand Metropolitan merged with Guinness to create Diageo 2002 Diageo sold Burger King to Texas Pacific Group, Bain Capital, Goldman Sachs (first time privately held) Burger King Test Case

ProgramSourceAmounts Targeted Jobs Incentive Fund (TJIF) – Tax Refund Miami-Dade County $5,380,917 State of Florida Closing Fund State of Florida $3,000,000 $3,000,000 Qualified Target Industry Tax Refund (QTI) (60 jobs x $3000) State of Florida (80%) & Miami-Dade County (20%) $180,000 Quick Response Training Program (QRT) (60 jobs x $1000) * State of Florida $60,000 * In addition, $1000 per existing employee may be available in the event that retraining is required. State of Florida TOTAL$8,620,917 MIAMI-DADE COUNTY PROPOSAL SUMMARY FOR BURGER KING, February 24, 2005

SUMMARY “Local Business, Local Jobs” Recent years have truly changed the landscape and the profession of economic development throughout the world. To survive, economic development groups must do business in a completely new and different way. In Miami-Dade County, we have learned that the majority of new jobs are created by existing business and that our best prospects are in our backyard. The tagline for the program has sustained us and has provided a solid foundation to prioritize our economic development efforts: “Local Business, Local Jobs” MIAMI-DADE BEACON COUNCIL LOCAL BUSINESS LOCAL JOBS PROGRAM

Amy Charley Senior Attorney Burger King Corporation Testimonial