A $260,000 tax incentive for an undisclosed national pharmaceutical and medical device distributor is headed to a final Jacksonville City Council vote.
The Council Rules and Finance committees voted unanimously Feb. 2 to advance resolution 2021-0063, which includes the Recapture Enhanced Value Grant for the code-named Project Robalo.
Documents with the bill say the company is considering leasing 131,000 square feet of a newly developed warehouse in Northwest Jacksonville for its Southeastern U.S. distribution center.
Robalo would invest $6.72 million and create 25 full-time jobs by year-end 2023 under the economic development agreement tied to the bill.
Dublin, Ohio-based medical supplies distributor Sarnova matches the description of Robalo.
Sarnova is shown on a Park 295 Industrial Park brochure as a new tenant in the industrial center at southwest Interstate 295 and Duval Road in Northwest Jacksonville.
Park 295 also houses Ulta Beauty and Quiet 3PF in Building B at 2619 Ignition Drive.
The Finance Committee voted 7-0 in favor of the legislation. The Rules Committee vote was 6-0 with Council member Ju’Coby Pittman absent.
The bill likely will go before the full Council at its Feb. 9 meeting.
Robalo seeks a 50% REV Grant over 10 years up to $260,000.
According to the agreement with Robalo negotiated by the city Office of Economic Development, the company intends to create 25 jobs that pay an annual average salary of $58,594 plus benefits.
The city will require Robalo to make a minimum $3 million capital investment in the project site by Dec. 31, 2023, to receive the REV Grant, which refunds a percentage of the increased property tax revenue the city gains from improvements to private property.
Robalo also will have to show all jobs are in place by the end of 2023 under the agreement.
The pharmaceutical and medical devise distributor will need to complete $2.4 million in leaseholder improvements to the warehouse by Dec. 31, 2022.
The REV grant will be revoked if the company does not invest at least $3 million by the end of 2023, according to the agreement.