Published: May 07, 2013 7:51 AM EDT
Updated: May 07, 2013 12:56 PM EDT

LEE COUNTY, Fla. - Hertz has been unveiled as the Fortune 500 company setting up headquarters in Lee County.

Governor Rick Scott's office says the offices will be located in Estero, relocating from Park Ridge, New Jersey.

Over a two-year period, up to 700 jobs will be moved to the Southwest Florida area, starting later this year.

More than 2,000 personnel will remain in New Jersey and the metro-New York City area, including up to 150 employees who currently work in Park Ridge. All other Park Ridge employees will be able to retain their current positions at the new headquarters in Lee County.

Hertz made the decision to relocate to Florida following its recent acquisition of the Dollar Thrifty Automotive Group, which is currently headquartered in Tulsa, Oklahoma. Consolidating the corporate offices to one location will allow for increased efficiencies and cost synergies across the company. Additionally, access to the Florida travel and tourism population will position the company for long-term growth. 

According to an economic impact study, the jobs coming to Southwest Florida have an average salary of $102,000 a year plus $15,000 in benefits.

Last week, Lee County Commissioners voted to kick in $4 million of taxpayer money to seal the deal. The state is committing more than $14 million in incentives, according to the Lee County Economic Development Office.

Hertz plans to make more than $46,250,000 million qualified capital investment by December 31, 2014 and create 350 jobs before September 30, 2015, before it receives the first $2 million grant payment from Lee County.

To receive the second $2 million payment in full, Hertz would have to create the remaining 350 jobs by the end of 2016 and have a total qualified capital investment of $60 million.

An independent analysis of the benefit to the local economy estimates an approximate economic impact of $300 million. Additionally, property taxes are projected to exceed $900,000 per year. 

This morning, Governor Rick Scott will release more information in a media conference.

Tune into WINK News at Noon for the latest from that announcement.