The Jacksonville City Council approved incentives for three code-named projects that promise to create a total of 1,075 jobs.
Code-named projects Cyclone, Academy and Skateboard are seeking local and state-backed incentives from Florida’s Qualified Target Industry Tax Refund Program.
Council unanimously passed three pieces of legislation May 26 that include development agreements with the three unidentified companies.
Council President Scott Wilson introduced the bills May 12 at the request of Mayor Lenny Curry.
Project Cyclone
Cyclone is identified as an international transportation and logistics company, according to documents from the city Office of Economic Development.
The company requested $500,000 in state and city tax incentives to expand its Jacksonville operation by 475 jobs.
Cyclone plans to create 100 full-time jobs by year-end 2021 with an average annual wage of $60,000 a year plus benefits, according to a proposed economic development agreement between the city and company.
The agreement in Ordinance 2020-259 states the company will maintain 168 existing jobs in Jacksonville and make a $10.1 million capital investment in building renovation and equipment purchases for office space at a to-be-determined location.
Cyclone wants the QTI funding for 100 of the jobs it plans for Jacksonville. A legislative fact sheet drafted by city economic development officials states the proposed QTI award is $5,000 per job.
The city would pay 20% of the QTI tax refund up to $100,000 at $1,000 per job. The state would pay the remaining $400,000 at $4,000 per job.
City economic development documents say Cyclone also would create an additional 375 full-time jobs at lower wage levels that do not qualify for the QTI program.
The QTI program requires a business to create at least 10 new full-time jobs paying equal to or exceeding 115% of the state’s annual average wage of $41,516.
Project Academy
Project Academy, a multinational manufacturing company, intends to establish a facility Downtown, according to its economic development agreement with the city.
Ordnance 2020-241 states the company plans a $40 million capital investment that includes building renovations and equipment purchases.
The company will create up to 300 jobs in Jacksonville by Dec. 31, 2024, to establish a facility in the Southeastern U.S. as part of the agreement.
Academy will receive $5,000 per job, totaling $1.5 million in the QTI program. The state would provide a $4,000 per job tax credit up to $1.2 million, or 80% of the rebate. The city would match that with 20%, or $1,000 a job, or $300,000.
The average annual wage will be $59,146 with benefits valued at 35% of that amount.
Academy hasn’t finalized a location in Jacksonville but wants to purchase or lease a site within Census tract 174.
DIA CEO Lori Boyer said April 29 that Academy will comply with regulations in the Downtown Zoning Overlay, which indicates the project will be south of the Mathews Bridge within the Census tract.
That tract is bounded by a line two blocks west of the VyStar Veterans Memorial Arena and along Palmetto Street, north to Eighth Street in Talleyrand and the St. Johns River to the south and east.
The Maxwell House coffee plant at 735 E. Bay St. is not a site being considered by Academy, Office of Economic Development Director Kirk Wendland said April 29.
Project Skateboard
City documents call Project Skateboard an IT company with a Jacksonville presence that designs software for health care, transportation and financial institutions.
The company will make a capital investment of $1.4 million to include building renovations and equipment in a “to be determined location,” according to its development agreement in Ordinance 2020-0242.
The company will retain 100 jobs in Jacksonville and expand its local workforce by 300 jobs with an average annual salary of $74,300, the agreement states.
Skateboard’s QTI rebate will $1.8 million, or $6,000 per job, after the jobs are created and the taxes paid.
The state would rebate $4,800 per job, up to $1.44 million total, to be repaid over a six-year payout starting in 2021.
The city would refund up to $360,000, or $1,200 per job.