JACKSONVILLE, Fla. — They’re looking at bringing 1,200 jobs to Jacksonville in the next three years, in exchange for more than $8 million in incentives.
A new economic incentives package has been filed for “Project Velo”. State law allows companies negotiating business deals to remain anonymous, but Project Velo is described in the incentives documents as “one of the leaders in the product distribution marketplace”.
The incentives documents obtained by WOKV show Project Velo is considering setting up a new distribution center on an 86 acre parcel at Alliance Florida at Cecil Commerce Center. They anticipate making $115 million in capital investments, including equipment, furniture, and land and real estate improvements.
Project Velo says it would create 325 jobs with a $50,675 average wage and 875 other jobs, all by the end of 2019.
A total of $8,295,000 in state and local incentives are being requested in this deal. The brunt of that, $6,700,000, would come from a City Recaptured of Enhanced Value (REV) Grant, which is essentially reimbursing a portion of the property taxes paid out by the company.
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The REV grant, plus a Qualified Tax Industry Tax Refund and City Training Grant, make up the $7,095,000 City portion of the package. The State would kick in its share of the QTI money as well as a Florida Flex Training grant, to add up to $1,200,000.
This is not the only incentives package facing that will face the City Council in the coming weeks- two other, smaller deals have also been filed. WOKV is working through those documents and will update this story in to the evening.