Unidentified firm behind Project Milan a "leader in the health care industry."
An unidentified company with ties to the health care industry is in negotiations with the city to expand its Jacksonville footprint in exchange for $700,000 in financial incentives.
Listed as “Project Milan” in ordinance 2017-474, the company is asking the city to provide an up to $700,000 Recaptured Enhanced Value or REV grant, payable over 10 years.
According to the economic development agreement, the company, which describes itself as “a leader in the health care industry,” would add 10 information technology and finance positions with an average salary of $45,562 to its existing 428-person workforce on or before Dec. 31, 2021.
Although not listed in the economic development agreement, a project summary attached to the legislation suggests the firm could create a total of 50 new positions by Dec. 31, 2022 with an average wage of $77,000.
The company would be required to maintain 438 full-time employees through the duration of the REV grant.
It also is proposing to build a 90,000-square-foot Class-A office building in South Jacksonville.
The company says the office space, along with the IT equipment and other amenities it’s promising, would be a capital investment of $28.5 million, and a nearly 4 to 1 return on investment for the city.
The grant represents 50 percent of the ad valorem tax liability that would be due on the capital improvements.
The economic development agreement states construction must begin on or before June 30, 2018, and be complete within 18 months.
In the project summary, the company says it’s also considering the expansion in another city in the Northeast, and that a decision not to expand in Jacksonville “could have a negative impact on existing employment.”
The legislation, filed Thursday, is the first “fast-track” bill introduced during the 2017-2018 council year, and only requires two public hearings before it goes to the full council for approval.
It will be formally introduced at the next council meeting Tuesday.