July 28, 2020 (Courtesy of the Jacksonville Business Journal) United Parcel Service Inc. intends to invest an additional $138 million in its Jacksonville distribution facility and hire 240 people over the next five years at an average salary of $50,000.
That investment is on top of the $196 million expansion it began in 2017, bringing its total expansion investment to $334 million.
Given UPS’s planned new investment and job creation – and its threat to expand somewhere else – the Mayor’s Budget Review Committee on Monday unanimously approved an additional $2.5 million in incentives.
In 2016, the company was awarded a Recapture of Enhanced Value grant, which refunds a portion of property taxes that increase due to facility improvements. That grant would refund 50% of increase in property taxes over five years, up to $4.3 million.
The company operates at 4420 Imeson Road.
Office of Economic Development Director Kirk Wendland told the committee UPS had invested $173 million of the $196 million it had initially committed to by the end of 2019, putting it well on pace to comply with its obligation to invest the $196 million by the end of 2020. Wendland also said UPS had “far exceeded” its obligation to hire 10 people.
It will have until the end of 2024 to invest the full $334 million and create 240 jobs.
The revised agreement must go before City Council for approval.