(Courtesy of the Jacksonville Business Journal)
New York-based Grace Electronics plans to relocate its main manufacturing operation and corporate headquarters to Jacksonville’s Cecil Commerce Center, according to city legislation filed Wednesday.
The company opened a satellite office at the center two years ago and currently leases 1,500 square feet. The expansion plan could see the aerospace manufacturing company expand its footprint at the city owned center by 10,146 square feet.
The company lists Lockheed Martin, Northrop Grumman and BAE Systems among its clients.
The three-year lease would be for $6 per square foot on the 10,146 square feet they would occupy in Building 905 at Cecil Commerce Center for a total of $63,276 per year.
Grace Electronics plans to apply for a qualified target industry incentive that would grant the company a $5,000 tax rebate per job that it creates from the expansion project. The number of jobs created by the relocation would be 25, according to city legislation.
The city’s would be responsible 20 percent of the QTI incentives or $1,000 per job up to a total of $25,000.