Project Velocity seeks $2.2M to expand manufacturing

Courtesy of http://www.jaxdailyrecord.com

By Karen Brune Mathis, Managing Editor

A Jacksonville building-products manufacturer proposes to add 20 jobs, retain 150 and invest $54 million into its North Jacksonville plant.

Known as “Project Velocity,” it seeks a $2.211 million Recapture Enhanced Value grant from the city to make the deal work. It says it is looking at two other U.S. cities where it has existing facilities.

Resolution 2019-289 was introduced to City Council to support the grant. The agreement would rebate 60 percent of the incremental increase in its property taxes for seven years after the capital investment is made and is on the tax roll.

The unidentified company proposes a $4 million improvement to its property and a $50 million purchase of manufacturing equipment.

The legislation requests a two-reading passage.

The legislative fact sheet explains that the company would add 20 jobs by 2022 and would pay an average $40,000 a year plus benefits.

That wage is greater than 60 percent of the countywide average.

It says the advanced-manufacturing company is a target industry. It proposes to create jobs for machine operators and assembly line workers for a new manufacturing line.

“The company has stated that the City of Jacksonville incentive being proposed is a material factor in its decision to expand its operation in Jacksonville, Florida versus the two other U.S. cities where they operate existing facilities,” the fact sheet says.

The fact sheet says the company is in a Level 1 Distress Area, which allows a REV grant up to 60 percent.

A job creation schedule in the economic development agreement shows that 10 jobs would be created by year-end 2018 and the other 10 in 2022.

kmathis@jaxdailyrecord.com

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