If Chicago business leaders are sick of the city’s bleak weather or worried about Illinois’ new taxes, Miami is calling.
This week, representatives from the Downtown Miami Development Authority arrived in Chicago for a four-day mission to lure Chicago businesses to the sunny city. They’re particularly focused on small and medium-sized financial companies that can more easily get their hands on a profitable business and head south, but any company interested simply in opening a new Miami outpost will be able to do so. We also accept companies with
Christina Crespi, Deputy Director of the Miami DDA, noted that their efforts were spurred in part by the proposed Illinois Graduation Income Tax, which would increase taxes on Illinois’ wealthiest residents, saying, “We are the state of Illinois. “It’s coming after.” Florida doesn’t have a personal income tax. She says the city has “minimal funding” to help new entrants build offices.
The Miami delegation didn’t say exactly which Chicago companies it was targeting, but appeared to be particularly interested in hedge funds and private equity managers, and attended an event for hedge funds in the futures industry. , met with companies that serve the sector, including Chicago-based banking giant Northern Trust and Cortland Capital Market Services, said Ilona Vega, the agency’s head of business development. Vega said in her email:
Mission Miami has been building its infrastructure to handle more business in recent years, with newly constructed condominiums and a new regional rail system, plus additional office space in the works. Still, Miami officials haven’t had much success recently in attracting Chicago firms, and a small Naperville-based firm, Left Brain Wealth Management, opened his Miami office in 2017. I just pointed out that
At least one leader of a Chicago financial firm that serves other firms in the financial sector says Florida people will be tough to sell. Christopher Gillock, managing his director of Chicago-based investment banking boutique Colonnade Advisors, said Chicago has a much larger commercial ecosystem and is geographically centrally located, making it one of the largest in the country. states that the area is easily accessible.
“A drastic change in the tax system will certainly affect the attitudes of people where they want to take root in their businesses and lives,” Gillock said in an interview. “But Chicago has a great stature that Florida cities don’t have. It’s not easy to operate nationally from Miami.”