A manufacturer code-named Project Rotunda is poised to expand its operations in Jacksonville after City Council approved a $1.1 million incentive for the company June 10.
The Council voted 18-0 to support the company, which resembles an affiliate of heavy equipment dealer Ring Power Corp., plans to build a new manufacturing facility after outgrowing its current site. Member Ju’Coby Pittman was not present for the vote, which was taken without discussion among Council.
City documents say Project Rotunda plans to double the size of its Jacksonville operation by adding 240,000 square feet of space. With the expansion, the company will add 120 employees to its 150-member workforce over the next three years at an average salary of $62,000, excluding benefits.
The company plans to spend $44 million on its expansion.
The city’s incentive comes in the form of a 10-year, 50% Recapture Enhanced Value Grant based on the increase in real and personal property taxes that would be generated by the new site. A REV grant is a refund on ad valorem tax revenue generated by a new development.
The city Office of Economic Development says the city will receive a return on investment for the REV grant of $4.19 for every $1 invested
St. Augustine-based Ring Power recently purchased a 32.3-acre site for $7 million at 1511 Zoo Parkway through JI IPS Land LLC.
The city approved site clearing for the property Jan. 23, with England-Thims & Miller Inc. listed as the civil engineer.
The site is designated for construction of a building exceeding 230,000 square feet.
An executive for the seller, VanTrust Real Estate LLC, said Ring Power bought the land for its Phoenix Products company. The site is in Imeson Park South, about 6 miles west of JaxPort’s Blount Island Terminal.
Phoenix Products manufactures custom generator enclosures, fuel tanks and fueling systems for standby, prime and peak shaving power applications. It operates at 1544 E. Eighth St. in the Talleyrand area of East Jacksonville.
Ring Power says it oversees 18 branch locations throughout Florida, including large regional facilities in Tampa and Orlando. A Pompano Beach branch supports air compressor, crane, and utility customers in South Florida. Ring Power also has facilities in the Carolinas, Georgia, Tennessee and Texas.
The company bought Phoenix Products, a former supplier, in 2005.