Jacksonville officials are weighing whether a relatively modest tax break, capped at $475,000, is enough to convince a California electric battery technology company to move its headquarters and research hub to northwest Jacksonville. Listed in city paperwork only as “Project Apollo,” the firm is being courted with the promise of a smaller but focused incentive deal that city staff say could deliver high-wage jobs and a multi-million-dollar capital investment to an economically struggling part of town. The Office of Economic Development has drafted a memo for the Mayor’s Budget Review Committee, which could send the deal to City Council if it signs off.
According to the Jacksonville Daily Record, the Office of Economic Development is recommending a 10-year Recapture Enhanced Value Grant that would refund up to 75% of the city’s share of new property tax revenue, with a total value capped at $475,000. In exchange, Project Apollo would be required to invest at least $5.8 million in capital improvements and create at least 20 full-time jobs with salaries of at least $100,000, with both targets due by Dec. 31, 2027. The OED memo cited in the report projects a return of about $1.34 to the city for every $1 spent on the incentive.
What a REV grant would do
A Recapture Enhanced Value, or REV, Grant works by refunding the city’s portion of ad valorem tax revenue generated by new or improved property over a set term, lowering the near-term tax burden for a project. As outlined by the Downtown Investment Authority, REV grants can cover up to 75% of the incremental tax value and usually come with minimum thresholds for capital investment and job creation.
How this compares to past deals
Jacksonville has leaned on REV grants before to chase larger industrial projects. One earlier package for Holon included a 10-year, 75% REV grant valued at up to $7.5 million, tied to a significantly higher capital investment and job pledge, according to the Jacksonville Daily Record. That history helps explain why city staff are framing the Project Apollo proposal as a smaller, more targeted push to jump-start advanced manufacturing and research jobs in northwest neighborhoods.
What’s next
The OED memo is scheduled for discussion at an upcoming Mayor’s Budget Review Committee meeting, with notices posted on the city’s public calendar. The committee generally meets twice a month, and if members give the green light, economic development proposals typically move on to City Council for debate and a final vote, according to the city’s MBRC information. Both supporters and skeptics say they are watching familiar hot buttons: the cost per job, how quickly the company delivers on its promised investment, and how strong any clawback provisions will be if those commitments are not met.
