29 October Jax Council Passes Major Economic Incentive Packages for Downtown, Industrial Development October 29, 2018 By Laura Pavlus Expansions and Relocations, General, News economic development, incentives, industrial, downtown development, JAXUSA, City of Jacksonville 0 Jacksonville Business Journal - October 24, 2018 - by Allison Colburn - full article here Council passes major economic incentive packages for downtown, industrial development Four major economic development projects passed final legislative hurdles at Tuesday's City Council meeting. Two of those - Project Glass and Project Empire - could be the deciding factor in whether two companies decide to open distribution centers in west Jacksonville. The other two - the Jones Brothers Furniture Building and an eight-story apartment complex planned on the Southbank - could bring dozens of new residents downtown. All four projects passed unanimously, with the exception of incentives for the downtown projects, which did not receive the approval of Council Member Garrett Dennis. Here's the run-down on what these projects entail: Project Glass In legislation, the company behind this project is described as a home improvement goods manufacturer looking to open a location in the Southeast where it can manufacture and distribute products. The company does not yet have a manufacturing facility on the East Coast and is considering leasing 70,000 square feet in a northwest Jacksonville facility. Through the Qualified Targeted Industry Tax Refund program, the company received a city and state-funded incentives package that would give the company $5,000 per each job it creates, up to $675,000, over an eight-year period beginning in 2020. The city is on the hook for 20 percent of the incentives package, meaning it could pay up to $135,000. The company plans to add 135 jobs at an average annual wage of $46,472. On a related note, Project Glass matches the description of a permit application that is under city review for San Francisco-based window-maker Bonelli Enterprises. Tenant Contractors Inc. seeks to build-out a 72,102-square-foot space in Westside Industrial Park at 8291 Forshee Drive. Project Empire The company behind Project Empire is described as a national distributor of household goods. It is deciding whether to open a warehouse and distribution facility in Jacksonville, Georgia or South Carolina. If the company selects Jacksonville, it will build a 1 million-square-foot facility on a roughly 80-acre parcel at Cecil Commerce Center. The company received a Recaptured Enhanced Value grant at 50 percent of the net increase in property taxes over a ten-year period. The value of the grant is estimated at $3.3 million. In exchange, the company has promised to invest $40 million into the site by Dec. 31, 2020. The facility's total development costs are estimated to be $72 million. The company plans to add up to 250 full-time jobs at an average annual wage of $33,000 by Dec. 31, 2021. If the company chooses to open the Jacksonville facility, Cecil Commerce developer Hillwood would purchase the site from the city at an estimated cost of $757,569. Hillwood has the right to prepare the site for development prior to purchasing it, per the city and Hillwood's development agreement. Hillwood is currently in the process of preparing two sites that could house a facility that is 1 million square feet or more in size. One of those will serve as a distribution center for the furniture giant Wayfair. Southbank Apartments Ventures Development Group's eight-story apartment building planned on the Southbank next to Baptist Health has been years in the making. It initially went through the DIA in 2016 and 2017 as a 300-unit high-rise. A lawsuit was filed on behalf of neighboring property owners to prevent the development from moving forward. Those parties have since reached a settlement agreement. Ventures Development Group has reduced the number of units it plans to build to 185. The building will reach a height of 85 feet rather than the 150-foot tower Ventures aimed to build at first. The building's parking garage will include 211 spaces. City Council on Tuesday gave the go-ahead on an access easement and for a Rev grant that was approved by the Downtown Investment Authority in September. That incentives package includes a tax rebate of up to $7.8 million over 20 years for the developer to invest $44.8 million in the property. Jones Brothers Furniture Developer Ace Jax LLC plans to restore two buildings at the southwest corner of Church Street and Hogan Streets into a mixed residential, office and commercial space. The incentives package approved by City Council provides a $1.5 million grant and $750,000 loan to help restore the buildings. Plans for the Jones Brothers building include 1,105 square feet of space for a restaurant or coffee shop, 918 square feet for office space and 28 apartments, most of which will be one-bedroom units. The developer also included an optional rooftop amenity space. The old Western Union building next door would be renovated to support 9,600 square feet of retail space. Total redevelopment costs are projected to be $11,135,000. Related Cathy Chambers of our JAXUSA Regional Economic Development Partnership Honored with Prestigious Award Cathy Chambers, who serves as a board member for the Clay County Development Authority, received the award May 22 at the 2018 Florida Economic Development Council annual conference in Fort Myers. JJ Harris to Lead Clay Economic Development Effort A national talent search has ended with the Clay County Economic Development Corp. hiring a new executive director and president. The agency’s board of directors announced March 27 it has hired J.J. Harris as its new president and executive director. Officials Look to Spring Park Project as Key Piece in Economic Development GREEN COVE SPRINGS | The natural spring that is key to the city’s historic past could help lock in its future, say Green Cove Springs leaders and economic development officials projecting new business and industry could come into the community just as the mineral water now flows through Spring Park into the adjacent St. Johns River. Clay County Economic Development Workshop Cathy Chambers, left, and Jerry Mallot from JAXUSA Partnership and Bill Garrison, far right, from Clay County Economic Development Corporation presented information to the Clay County Board of County Commissioners Tuesday during an economic development workshop in the BCC chambers. Few Details on Economic Development Fund Both chambers of the Florida Legislature approved funding Friday for the newly created Florida Job Growth Grant Fund, a deal that followed months of debate among top Republicans, capped off by a three-day special legislative session. That $85 million fund for Gov. Rick Scott will change the way the state attracts business. Encouraging Local Businesses to Grow in Place is KEY to Economic Development Clay County, Florida is home to tremendous business assets. Clay features strong defense and aviation, manufacturing, healthcare and life sciences, logistics, information technology, and business support sectors. Clay Economic Development Corporation seeks to retain and strengthen existing businesses by working to eliminate growth obstacles. Showing 0 Comment Comments are closed.