An unidentified global food manufacturer is asking the city for $3.6 million in property tax and grant incentives for an estimated $65 million expansion of its existing Jacksonville operation.
An Oct. 26 project summary from the city Office of Economic Development says code-named Project Cashew plans the expansion of a Northwest Jacksonville facility that would manufacture products for customers throughout the Southeastern U.S.
Cashew is asking for a $3.1 million Recapture Enhanced Value Grant property tax refund and a $500,000 completion grant from the Northwest Jacksonville Economic Development Fund.
The incentives would be tied to the company’s commitment to retain 110 existing jobs and add 40 positions at an annual average wage of $50,000, according to the summary.
The summary says Cashew’s capital investment would be an estimated $55 million build-out of its existing facility and installation of new equipment plus $10 million in utility upgrades.
The Mayor’s Budget Review Committee is scheduled to vote Nov. 7 on filing legislation with City Council for the incentives.
The REV grant would refund Cashew 75% of the increased property tax payments on the facility for 10 years, capped at $3.1 million. The city would keep the remaining 25% of its portion of the increased tax revenue.
The legislation would require Council to waive the city’s public investment policy because the project’s proposal to create 40 jobs falls short of the 50 required to qualify for the grant from the Northwest Economic Development Large Scale Program.
The jobs would have to be in place no later than June 30, 2025, to qualify for the incentives, according to the summary.
According to the summary, the incentives are material to Cashew’s decision to expand in Jacksonville instead of one of its other U.S. locations.
City economic development officials are projecting a $1.16 return for every $1 of public investment in the Cashew project.