Project Cashew's request for $3.6 million in incentives moves ahead - Jacksonville Business Journal

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jacksonville scores high in national real estate rankings - Jacksonville Business JournalJacksonville, along with 33 cities, received a rating of strong for investor demand.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Project Cashew's request for $3.6 million in incentives moves ahead - Jacksonville Business JournalIncentives one step closer for Jacksonville food manufacturer
Source: JaxBizJournal - 🏆 599. / 51 Read more »

ERC and other tax credits every small business should know about - Jacksonville Business JournalExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

First Coast housing permit numbers rise in October - Jacksonville Business JournalThe number of housing permits issued on the First Coast was positive in October.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Crane Watch: Industrial building, apartments lead this week's permits - Jacksonville Business JournalApproximately $133 million million of work was approved across 800 permits for the week starting Oct. 31.
Source: JaxBizJournal - 🏆 599. / 51 Read more »