Incentives one step closer for Northwest Jacksonville food manufacturer (Courtesy of the Jacksonville Business Journal) — A global food manufacturer’s request for $3.6 million in incentives related to an estimated $65 million Northwest Jacksonville facility expansion has cleared a hurdle.
Codenamed Project Cashew, the company’s expansion includes $40 million in new manufacturing equipment, $15 million for site improvements and $10 million in utility upgrades at its property. The expansion would add a 40 jobs to its current 110 jobs, city officials said Monday afternoon.
“The plant in Jacksonville has certainly aged in an area that’s economically challenged,” city Economic Development Director Kirk Wendland said Monday. “You can invest in plants like that over time, and that’s certainly a risk we had to evaluate.”
The company requested a $500,000 grant from the Northwest Economic Development Fund, with the money being paid out in 2024 if the expansion is complete. The company is also requesting to have 75% of its property tax increase resulting from the expansion refunded over 10 years, up to a maximum of $3.1 million.
The Mayor’s Budget Review Committee unanimously forwarded the request for $3.6 million in incentives to city council.
Getting the grant would require the city to waive its public investment policy, which requires the creation of 50 jobs. The city’s Office of Economic Development said the waiver is justified because of the retention of jobs, the significant capital investment and the potential for future growth.
The city has been aggressive in recent days with tapping the Northwest Jacksonville Economic Development Fund for manufacturing expansions.
Earlier this month, the mayor’s office sent to City Council a request for a $200,000 grant from the fund for Project Fender, would see an unnamed company invest $2.5 million into renovating a building in the area for a new international headquarters. That project would add 100 manufacturing jobs with an average wage of $45,000, according to a city fact sheet.
City Council is also considering a request for a $50,000 grant from the Northwest fund for Sports Addix, a sports apparel manufacturer that recently moved its operation to Marshall Street, in the stadium district.
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