The Jacksonville City Council unanimously approved a Recapture Enhanced Value Grant up to $1.5 million for Project Orion on Oct. 24.
According to Resolution 2023-0715, the code-named company is an established manufacturer of mechanical equipment already in business in the Jacksonville area.
The document states that the company “operates a state of the art manufacturing operation which designs, engineers and delivers modular equipment to aid power suppliers” and seeks to continue operations at its current location and increase production at a new location.
With the grant, the company will expand into an existing building in West Jacksonville with a capital investment of $28.8 million, which includes $8.8 million in equipment purchases.
Completion of improvements will be no later than Dec. 31, 2027.
The expansion would retain 175 jobs and add 250 jobs to its current operation with an additional annual payroll of more than $12.5 million, excluding benefits, by Dec. 31, 2028, under the terms of the REV grant agreement.
The requirements in the agreement will be monitored by the city Office of Economic Development.
The project summary indicates a return on investment of $1.82 for the city for every $1 invested.