Incentives one step closer for Jacksonville food manufacturer
A global food manufacturer's request for $3.6 million in incentives related to an estimated $65 million Northwest Jacksonville facility expansionCodenamed Project Cashew, the company’s expansion includes $40 million in new manufacturing equipment, $15 million for site improvements and $10 million in utility upgrades at its property. The expansion would add a 40 jobs to its current 110 jobs, city officials said Monday afternoon.
The company requested a $500,000 grant from the Northwest Economic Development Fund, with the money being paid out in 2024 if the expansion is complete. The company is also requesting to have 75% of its property tax increase resulting from the expansion refunded over 10 years, up to a maximum of $3.1 million.
Getting the grant would require the city to waive its public investment policy, which requires the creation of 50 jobs. The city's Office of Economic Development said the waiver is justified because of the retention of jobs, the significant capital investment and the potential for future growth.
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