Palm Beach group wants Times Square billboards to persuade companies into moving to low-tax Florida
MANHATTAN, N.Y. (FLV) – Palm Beach County billboards have infiltrated their way into the heart of New York City in an effort coined “Wall Street South.”
The nonprofit Business Development Board of Palm Beach County launch three 15-second digital billboards in Manhattan’s Times Square on Wednesday. The ads were placed at 43rd Rotunda, Times Square Tower, and I Love NY Board at 1530 Broadway, according to the Business Development Board.
The goal is to recruit Wall Street companies to the county, promoting its “more affordable business environment” and low taxes.
“The Business Development Board has been leading the Wall Street South initiative for over 10 years. Our billboards will air next on New Years eve,” said Kelly Smallridge, president and CEO of the group.
“While our corporate mission is to attract a variety of industries to the county to diversify the tax base and create great job opportunities, this particular campaign is focused on recruiting Wall Street companies looking for a more affordable business environment, low tax state, great public and private schools, excellent neighborhoods and low crime,” Smallridge said.
A digitized phrase showing “Wall Street South” and a backdrop of a sunny coastline appeared on one billboard. Two of the ads also showed text with “Your future is bright in Palm Beach, FL” and “Head to Palm Beach, Florida.”
The marketing initiative was subsidized by Palm Beach County taxpayers and businesses to the amount of $20,000. The term “Wall Street South” has also been trademarked by The Business Development Board.
Palm Beach County’s pitched effort to woo employers from New York City follows a recent report of mass net migration into Florida.
The state has accounted $9.8 billion in revenue from residents who moved from New York to Florida. Palm Beach County has grossed $7.2 billion from those who have moved overall to the county.
Florida’s $39.2 billion in state revenue tops the country and is four times greater than second place Texas. The state is also nearly $35 billion ahead of third-place Nevada and fourth-place North Carolina.
