Proposals to provide city incentives for two projects are on their way to the Jacksonville City Council after being approved June 10 by the Mayor’s Budget Review Committee.
The committee backed an incentive of up to $2 million for Project Heat, an aerospace and defense technology company that wants to set up testing facilities for hypersonic aircraft at Cecil Airport.
In addition, the MBRC approved an incentive of up to $1 million for Project Forte, a company planning to construct an industrial building on the site of a blighted property at 5421 W. Beaver St.
Neither company has been identified by the city Office of Economic Development, which instead lists them by code names in public documents.
Project Heat
An OED project summary for Project Heat says it plans a $135 million capital investment to expand its research and development operations at an existing hangar at the airport in West Jacksonville and in a “hush house,” an enclosed and noise-suppressed facility where engines can be operated indoors.
The company is seeking to lease space on the Jacksonville Aviation Authority’s property adjacent to the taxiway and flight line.
It plans to fill 100 full-time staffing positions with an average wage of more than $100,000.
OED is proposing a 10-year, 75% Recapture Enhanced Value grant up to $2 million for the project. A REV grant is a refund on ad valorem tax revenue generated by a new development.
The state of Florida is providing a High-Impact Performance Incentive Award of $3 million and a Capital Investment Tax Credit of up to 100% of corporate tax liability for the project.
Project Forte
The OED says Protect Forte plans to demolish a building at the Beaver Street property and replace it with a 300,000-square-foot building for industrial use. Plans call for the new building to be leased to tenants for manufacturing purposes.
Ed Randolph, executive director of the OED, told MBRC members that the site contained 200 to 300 abandoned cars and tractor-trailers.
“It basically looks like a junkyard, so this is a great project,” he said.
An OED summary lists Project Forte’s 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.