A Northwest Jacksonville manufacturer is seeking city incentives to support an expansion that would create a $10 million capital investment and up to 120 new jobs.
The city 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 $275,000 for the company, code-named Project Underground.
Project Underground has more than 140 employees at its existing Jacksonville location, according to the OED project summary. The office did not identify the company.
The OED said the $10 million capital investment in tangible personal property would be completed by Dec. 31, 2028. The investment would create 100 to 120 full-time jobs and revitalize an existing industrial facility.
The new jobs would have an annual salary of $40,000, not including benefits. Most jobs would be production-oriented, according to the OED.
The OED expects a return on investment of $3.80 for every $1 invested.
In addition to its Jacksonville facility, Project Underground has operations in Tennessee and a “significant business presence” in the western United States, according to the OED.
While the company is considering other locations for expansion in Georgia and Tennessee, it is willing to pay higher costs to ship from Jacksonville, the office said.
The Mayor’s Budget Review Committee is scheduled to consider the request at its Nov. 24 meeting.
If approved, it would be introduced to City Council for its Dec. 9 meeting, the last of the 2025 calendar year.
A REV grant is a refund on ad valorem tax revenue generated by a new development or property enhancement. It can apply to property and tangible personal property and requires improvements to be made before the refund is provided.
The OED summary said Northwest Jacksonville, where the expansion would be located, has an unemployment rate of 12.8%, more than double the Duval County average.
Economic development agreements often use code names, which are allowed by state law.