The city Office of Economic Development is proposing to offer up to $1 million in city incentives to an undisclosed company planning to build an industrial building on the site of a blighted property at 5421 W. Beaver St.
Project Forte, an OED code name for the company, plans to demolish a building on the site and replace it with a 300,000-square-foot building for industrial use, according to an OED project summary. Plans call for the new building to be leased to tenants for manufacturing purposes.
The summary lists the capital investment at $35 million, including site work, infrastructure and buildings. The project will require a workforce of 50 to 100 for construction and will provide new space for creation of an unidentified number of additional jobs, the OED says.
The OED proposes a 50%, five-year Recapture Enhanced Value grant of up to $1 million for the project. A REV grant is a refund on ad valorem tax revenue generated by a new development.
“Supporting Project Forte will allow for increased investment in the northwest side of Jacksonville through its construction and investment,” the summary states. “Furthermore, it expands an existing company’s job opportunities, further establishing its presence in Jacksonville and increases the tax base on the northwest side of Jacksonville.”
The MBRC is scheduled to meet at 2 p.m. June 10 in the mayor’s conference room on the fourth floor at City Hall, 117 W. Duval St.