The city of Jacksonville could offer up to $475,000 worth of tax breaks to lure an electric battery technology developer from California to Jacksonville, according to a memo set to be presented July 27 to the Mayor\u2019s Budget Review Committee.\u00a0<\/p>\n
The company, code-named Project Apollo, would receive a 10-year, 75% Recapture Enhanced Value Grant worth up to $475,000 to move its headquarters, along with its research and development center, to Jacksonville.<\/p>\n
A REV grant is a refund on ad valorem tax revenue generated by a new development or property enhancement. It can apply to property and tangible personal property.\u00a0<\/p>\n
In exchange, the company would make a capital investment of at least $5.8 million into Jacksonville while creating at least 20 full-time jobs that pay at least $100,000.<\/p>\n
To receive the incentives, Project Apollo would have to hit both of those marks by Dec. 31, 2027.<\/p>\n
According to the memo from the Office of Economic Development, the company that \u201cfocuses on cutting edge electric battery technology for transportation solutions\u201d would move to an economically distressed area in northwest Jacksonville.<\/p>\n
According to OED, the REV Grant would have a return on investment of $1.34 for every $1 invested from the city.<\/p>\n
\u201cA commitment to project Apollo would add another innovative and advanced manufacturing company to our growing manufacturing ecosystem The (sic) will allow for an increase in manufacturing and advanced research and development employment areas in an Economically Distressed Area of Northwest Jacksonville,\u201d reads the OED memo.<\/p>\n
After the MBRC agrees to submit legislation for the incentive, it will proceed to City Council for consideration.<\/p>\n
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