Two Jacksonville food-related businesses would receive city incentives to fund expansion plans under requests proposed by the city Office of Economic Development.
According to project summaries provided by the OED, the code-named requests are:
• Up to $500,000 in incentives for Project Giant, described as a Northwest Jacksonville food service business interested in expanding and diversifying its operations.
• Up to $100,000 in incentives for Project Soul, a North Jacksonville restaurant aiming to convert a nearby building into banquet space.
Neither business is identified in the summaries. The summary for Project Soul lists the restaurant’s address as 2527 N. Main St., the location of Island Tropics Restaurant & Lounge.
Sydney Burrell, a founder of the 20-year-old restaurant, confirmed to the Daily Record on July 29 that Island Tropics was the entity involved in the proposal. Under the incentives request, the city would provide a Business Infrastructure Grant of up to $100,000 to offset a portion of costs of repurposing a blighted property at 2509 N. Main St. for the banquet space.
Island Tropics offers Caribbean dishes including curry goat, jerk chicken, oxtail, fried plantains and more, according to an info sheet for the restaurant. It serves breakfast, lunch and dinner, with dine-in and carry-out options.
The summary lists private capital investment in the project at $1 million, with the owners planning to add five new full-time and four part-time jobs to the existing staff of five full- and two part-time positions. The return on investment for the city is listed at 86 cents for every $1 invested.
City funding would be limited to the lesser of $100,000 or 10% of the total verified project costs.
The summary for Project Giant says the business plans to expand its current operation, increase its food processing capabilities and add resort-style cabins for overnight stays. Proposed city incentives for the expansion comprise a 50% Recapture Enhanced Value grant of up to $250,000 over five years and a $250,000 Small Business Development Initiative Loan at 3% annual percentage rate over 10 years.
The summary lists private capital investment at $6.8 million for site work, infrastructure and buildings. The expansion will generate 12 new jobs with an average wage of $25 an hour, according to the OED, which estimates a return on investment of $1.35 for the city for every $1 invested.
The incentive requests are scheduled to be considered July 30 by the Northwest Jacksonville Economic Development Fund Advisory Committee. The committee is scheduled to meet at 3 p.m. at City Hall, Suite 250.