An unnamed Northwest Jacksonville company wants to expand locally, but not through a typical jobs-creation package.
Instead, a global logistics solutions company is evaluating investing $196 million to expand and upgrade its facilities in exchange for $4.3 million in taxpayer incentives from the city.
The investment would mainly be $150 million in equipment, with the remaining $46 million in land and real estate improvements.
The deal, called Project Mountain, will be introduced to City Council at its Oct. 25 meeting.
It also includes the creation of 10 full-time jobs at an average wage of just more than $50,000 by the end of 2020.
The project will provide full-time job opportunities within North and Northwest Jacksonville, which city leaders have aimed to do with recent reconfigurations of the economic development policy.
For the company’s investment, the city would pay $4.3 million through a Recapture Enhanced Value grant for the increase in real and personal property taxes generated at the site.
It’s capped at 50 percent of the value over five years, provided the investment is not less than $100 million.
The company is looking at four other cities across the U.S. for expansion, according to city documents.
Project Mountain is the latest in a string of economic development deals on track for approval.
Tonight, council is slated to OK three other deals totaling 1,374 new jobs in exchange for $9.3 million in city and state incentives.
The largest is Project Velo, an unnamed company that wants to build a 1 million-square-foot distribution center at Cecil Commerce Center and create 1,200 jobs.
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