The public money was more specifically to support the company in establishing a new “Centre of Excellence” in St. John’s, in the Johnson Insurance building. Johnson is part of the RSA Group.
A 130,000-square-foot renovation was underway for new hires even as Davis made his announcement, promising 300 new jobs over the next five years.
Less than a year in, RSA Canada is on its way to the announced target, according to information provided by the Department of Business in response to questions this week.
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“To date, RSA Canada has already created over 200 new incremental positions in relation to this initiative, meeting the job creation target contemplated under this project to date,” stated the email.
“At present, $3 million of the maximum $6.5 million contribution has been disbursed. (The department) is currently in receipt of recent hiring data and, upon due diligence, it is anticipated additional funding will be disbursed in coming weeks.”
Government staff have been monitoring the company’s hiring activity, as related to the promises made to the provincial government.
“RSA is in full compliance with the terms and conditions of the agreement.”
As for going the distance, the company’s funding is a forgivable loan only so long as it meets the established job targets in the five-year period announced.
“In the event the company does not achieve the job target, the loan will become repayable on pro-rata basis,” noted the department rep.
The Telegram attempted to contact RSA Canada early Friday afternoon to ask about progress on the local Centre of Excellence, but was unable to connect for a response prior to deadline.
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