A manufacturer with operations in Jacksonville is seeking city incentives to support plans to begin producing new smokeless nicotine and caffeine products.
City documents that refer to the company by a code name, Project Newark, say it plans a $135 million capital investment and creation of 240 jobs for the new pouch products by the end of 2028.
Annual payroll for the new jobs will be $11.12 million, not including benefits.
The Office of Economic Development is seeking approval from the Mayor’s Budget Review Committee to submit legislation to provide a 50%, five-year Recaptured Enhanced Value Grant of up to $3.5 million to the company for the expansion.
A REV grant is a refund on ad valorem tax revenue generated by a new development.
An OED summary of the request says $118 million of the company’s investment will be in tangible personal property.
The OED lists the project’s return on investment at $4.69 per $1 of incentives.
“Project Newark will allow for increased investment in Northwest Jacksonville,” the summary states. “Furthermore, it expands an existing company’s job opportunities, further establishing its presence in Jacksonville and increasing the tax base.
The MBRC’s next meeting is scheduled for June 23.