C4F - Review Playboy Jcip Application

Committee Referrals - C4 C4F

COMMISSION MEMORANDUM

RECOMMENDATION

Refer the application submitted by Playboy Enterprises International, Inc. to the Finance and Economic Resiliency Committee (FERC) for discussion and consideration at the next available meeting.

BACKGROUND/HISTORY

Playboy Enterprises International, Inc. (“Playboy”), founded in 1953, has evolved from its origins as a print publication into a global lifestyle and media brand. Its portfolio includes digital and subscription media, entertainment, intellectual property, and a wide range of luxury consumer products.

Playboy’s decision to relocate its long-standing global headquarters from Los Angeles to Miami Beach marks a significant corporate milestone. This move reflects confidence in Miami Beach as a hub for global business and contributes to the continued diversification of the City’s economic landscape.

ANALYSIS

Playboy has submitted an application to participate in the City’s Job Creation Incentive Program (JCIP) as a new-to-market company relocating its global headquarters to Miami Beach.

The Administration recommends favorable consideration of the application, which must be reviewed by the FERC at its next available meeting, prior to final consideration by the Mayor and City Commission.

FISCAL IMPACT STATEMENT

If approved by the City Commission following a favorable recommendation by FERC, the fiscal impact to the City will be subject to funding appropriation and approval during the annual budget process for each fiscal year of the four-year JCIP program term.

The financial terms and anticipated economic impact will be reviewed by both FERC and the City Commission.

Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY)

If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/

FINANCIAL INFORMATION

CONCLUSION

The Administration respectfully requests referral to the Finance and Economic Resiliency Committee, to review and consider the application from Playboy Enterprises International, Inc. at its next available meeting, in accordance with the guidelines of the Job Creation Incentive Program.

Applicable Area

South Beach

Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No

If so, specify the name of lobbyist(s) and principal(s):

Department

Economic Development

Sponsor(s)

Commissioner Joseph Magazine

Co-sponsor(s)

Condensed Title

Ref: FERC - JCIP Application, Playboy Enterprises. (Magazine) ED

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