A Jacksonville company wants to amend part of an economic development agreement it entered with the city in 2014 to ensure it can still receive state and local incentives.
Belit, Inc., the holding company of Jax Apex Technology Inc. and True Design Studios Inc., wants to amend a condition of the agreement requiring the company to construct a new 15,000-square-foot corporate headquarters.
The company entered the agreement with the city Aug. 22, 2014.
According to legislation 2017-619, the Jacksonville-based company hasn’t been able to build a new headquarters “due to changing market conditions” and instead has purchased several offices across Jacksonville to accommodate growth.
Belit would need to own, purchase or construct enough office space to satisfy the 15,000-square-foot requirement if the amendment is approved.
The deal provided a $180,000 Quality Target Industry Tax Refund grant in exchange for creating 60 new positions and retaining 27 existing jobs.
The city is obligated to provide 20 percent, up to $36,000, of the grant, with the state picking up the rest.
According to a legislative fact sheet, Belit is required to add the new jobs by Dec. 31, 2019, with an average salary of $56,750.
If Belit fails to lease the required space, it would refund $600 per job to the city.
The company currently is in compliance with the job requirement.
The legislation was introduced Sept. 12 and will require public hearings and council committee review.