Jacksonville, FL - A company that already employs 300 people in Jacksonville is looking to add another 250 positions.
An economic incentives agreement filed for City Council consideration as “Project Avalanche” says a healthcare information technology services business that already exists in Jacksonville is considering three cities for its expansion. They say the incentives are a “material factor” for whether to choose Jacksonville. The company is allowed to request confidentiality on their identity as these negotiations proceed.
The company is proposing to maintain its 300 existing jobs and add 250 more by the end of 2021. The jobs would have an average annual wage of $70,000. The company further anticipates a minimum capital investment of $12.1 million in IT equipment, furniture, tenant improvements, and similar work. This would all serve to expand their corporate headquarters, which are in the Southeast portion of Jacksonville, although no further details were provided.
In return, the company is seeking $1.5 million from the City and State combined under the Qualified Targeted Industry Tax Refund Program. The City’s share would be $300,000 and the State would pay $1.2 million- with the incentive contingent on delivering the promised job growth. The State would also provide a Florida Flex Training Grant of $1,100 per job.
It’s not the only economic development agreement that the City Council will consider.
“Project Velocity” has also been put forward. This company is identified as a global manufacturer of a variety of building products, and they currently employ 150 people in Jacksonville full-time. The agreement says the company is considering adding a new line of building products- and 20 jobs- and they’re considering Jacksonville among three cities for that growth.
The 20 new jobs would have an average $40,000 annual wage and would be added by the end of 2022. The agreement says the company’s location is in an “Economically Distressed Area” of North Jacksonville, and these incentives would further secure the company in that location, in which they would also invest $54 million in capital improvements.
The development agreement says this company is seeking up to $2,211,000 in incentives to expand in Jacksonville. The incentives are through the Recaptured Enhanced Value Grant program, which would allow the company to get back up to 60% of the increase in property taxes over seven years.
Both incentives packages have been filed for expedited consideration, meaning they could face a final vote in about one month.