An unidentified Downtown company would receive $4.35 million in city incentives to relocate its international headquarters to the Southbank under a proposal from the Downtown Investment Authority.
A resolution on the agenda for the DIA’s Strategic Implementation Committee on Oct. 15 says company would invest $20 million in capital improvements and $10 million on computer equipment and office furniture at the as-yet-unidentified location.
The resolution states that the company, code-named Project Blue Sky in DIA documents, would create 150 full-time jobs in Downtown with the relocation. The average salary of the created jobs, exclusive of benefits, is listed at $118,000.
According to the resolution, the company has committed to “retaining 650 jobs from within the local area to be located and working primarily on-site in Downtown Jacksonville.”
The city incentives would comprise:
• A Recapture Enhanced Value Grant of up to $2.3 million. A REV grant is a refund on ad valorem tax revenue generated by a new development. The grant for Project Blue Sky is based on 75% of the increased real and personal property taxes generated at the project site over 15 years.
• A City Training Grant of $1.3 million.
• A Target Industry Employment Grant of $750,000.
JAXUSA Partnership, the economic development arm of the JAX Chamber, negotiated with the company for the relocation, the resolution says.
The Strategic Implementation Committee meeting is scheduled for 2 p.m. in the Don Davis Room at City Hall, 117 W. Duval St.