A Jacksonville manufacturer could receive $275,000 in property tax relief for a facility expansion under legislation approved Jan. 27 by City Council.
With a 17-0 vote on Ordinance 2026-0037, Council approved the five-year, 50% Recapture Enhanced Value Grant for the code-named Project Underground. Council member Rahman Johnson was not present and member Matt Carlucci was not at the dais when the vote was taken.
The unidentified company, which employs 146 workers in Jacksonville, is planning a $10 million capital investment for its expansion, according to the city Office of Economic Development.
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 is expected to create 80 full-time jobs with an annual salary of $39,000, according to an economic development agreement attached to the legislation. The company will also retain its existing 146 full-time positions.
The manufacturer will be required to begin construction by Dec. 31, 2026, and complete it by Dec. 31, 2028, to receive the incentives, according to the agreement.
Under an amendment approved by the Council Finance Committee and adopted by the full Council, the REV Grant will be proportionally reduced if fewer than 80 new jobs are created and rescinded if fewer than 64 are created.
Any extensions of those dates would require Council approval.
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.