A code-named company seeking to expand a Jacksonville manufacturing facility is a step closer to receiving up to $275,000 in city tax incentives.
The Jacksonville City Council Rules and Finance committees voted 7-0 and 6-0, respectively, on Ordinance 2026-0037 to approve the 10-year, 50% Recapture Enhanced Value Grant for the code-named Project Underground during Jan. 20 and 21 meetings.
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.
Project Underground’s expansion would generate a $10 million capital investment and up to 80 new jobs with an average wage of $39,000 at its facility, according to the economic development agreement attached to the legislation.
Project Underground has more than 140 employees at its Jacksonville location, according to an Office of Economic Development project summary presented to the Mayor’s Budget Review Committee in December 2025. 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 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 an OED fact sheet attached to legislation. Wherever the company expands its operations, it is likely to consolidate, leading to job loss in Jacksonville.
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 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.
The bill is expected to appear before full Council during its Jan. 27 meeting.