‘Velcocity,’ ‘Avalanche’ incentives advance
Two unidentfied companies received City Council Finance Committee approval Wednesday to receive state and local incentives.
Both are seeking incentives in return for area job creation.
Velocity, listed in public documents as a building products manufacturer, has proposed adding 20 positions to an existing 150-person workforce and would invest $54 million into its Jacksonville plant.
In return, Velocity is asking for a $2.21 million Recaptured Enhanced Value grant from the city.
The company says it’s looking at two other U.S. cities where it operates facilities.
On Wednesday, the Finance Committee approved Resolution 2017-289 to support the economic development agreement.
Also on the agenda was the approval for incentives for a company listed as Project Avalanche.
Resolution 2017-290 calls for the approval of an economic development agreement that includes city and state incentives of $1.875 million.
The public investment of $1.5 million would be through the state Qualified Target Industry Tax Refund Program, paid out over five years starting in 2020. The state would be responsible for most of those funds, $1.2 million, with the city picking up the rest.
An additional $375,000 would be provided by a Florida Flex Training Grant.
Avalanche, which provides IT services to the health care industry, says it will create an additional 250 positions by 2021, adding to 300 current jobs.
Both resolutions are expected to be on the council agenda for its next meeting Tuesday.