According to an article in the Jacksonville Business Journal, a developer code-named Project Academy, just received approval from the Mayor's Budget Review Committee of a Qualified Target Industry package of $1.5 million. There is a sense of urgency at City Hall, because the QTI program sunsets June 30, and they don't have much info about the project; the applicant is still in negotiations to purchase a site.
From the info they do have, Project Academy will be in Census Tract 174 - which is where the existing Maxwell House plant is located.
Quote
The preferred site is located within Census Tract 174, a designated Level 2 Distress Area within Downtown. Academy seeks to purchase or lease the preferred site and the negotiations have not been finalized."
Within a few months, the code named company would have nailed down the site and would then ask the Downtown Investment Authority for a 10-year, 50 percent Recapture Enhanced Value grant, which refunds half the property taxes stemming from the property's enhanced value due to the company's investment.
https://www.bizjournals.com/jacksonville/news/2020/04/28/city-negotiating-incentives-with-manufacturer.html?ana=e_jac_bn_breakingnews_breakingnews&j=90505915&t=Breaking%20News&mkt_tok=eyJpIjoiTWpWaU1qbG1aalEyTldRMyIsInQiOiJFc0NhXC9LZVVtd3plNXlKNTQ2cXNLVnFjWFlvNkhYSlwvc2E4QVZ4RVRpTjNZSUdRa1wvVTQwb0RJSGpjV2g3XC94bTBiSUkwejRqblJKYllOYjNlMlUzaXMxUERcL0xhakF3SkNVUzBldk0zTWFXa0QrNm56bGN2ZXhHUWJYNUV5RzlhIn0%3D
This last paragraph confuses me:
Quote
Kraft Heinz received its downtown parcels from the city in 2004 and 2008. If its property is the match for the codenamed company's facility, Kraft Heinz would have to sell or lease the facility for the new company to meet the requirements of its incentives.
Does that mean that MH is seeking to buy additional land to expand? Or will some new company ("Maxwell House Jax") purchase the existing site and facility?
Quote from: Charles Hunter on April 28, 2020, 05:07:36 PM
According to an article in the Jacksonville Business Journal, a developer code-named Project Academy, just received approval from the Mayor's Budget Review Committee of a Qualified Target Industry package of $1.5 million. There is a sense of urgency at City Hall, because the QTI program sunsets June 30, and they don't have much info about the project; the applicant is still in negotiations to purchase a site.
From the info they do have, Project Academy will be in Census Tract 174 - which is where the existing Maxwell House plant is located.
Quote
The preferred site is located within Census Tract 174, a designated Level 2 Distress Area within Downtown. Academy seeks to purchase or lease the preferred site and the negotiations have not been finalized."
Within a few months, the code named company would have nailed down the site and would then ask the Downtown Investment Authority for a 10-year, 50 percent Recapture Enhanced Value grant, which refunds half the property taxes stemming from the property's enhanced value due to the company's investment.
https://www.bizjournals.com/jacksonville/news/2020/04/28/city-negotiating-incentives-with-manufacturer.html?ana=e_jac_bn_breakingnews_breakingnews&j=90505915&t=Breaking%20News&mkt_tok=eyJpIjoiTWpWaU1qbG1aalEyTldRMyIsInQiOiJFc0NhXC9LZVVtd3plNXlKNTQ2cXNLVnFjWFlvNkhYSlwvc2E4QVZ4RVRpTjNZSUdRa1wvVTQwb0RJSGpjV2g3XC94bTBiSUkwejRqblJKYllOYjNlMlUzaXMxUERcL0xhakF3SkNVUzBldk0zTWFXa0QrNm56bGN2ZXhHUWJYNUV5RzlhIn0%3D
This last paragraph confuses me:
Quote
Kraft Heinz received its downtown parcels from the city in 2004 and 2008. If its property is the match for the codenamed company's facility, Kraft Heinz would have to sell or lease the facility for the new company to meet the requirements of its incentives.
Does that mean that MH is seeking to buy additional land to expand? Or will some new company ("Maxwell House Jax") purchase the existing site and facility?
Kraft Heinz has been trying to unload Maxwell House for some time. This appears to imply they have a buyer/newly formed entity (perhaps a spin off or joint venture/partnership) that will both take over the existing plant and then expand it further, either on site or with adding more property. Supposedly MH has had a bit of resurgence with the COVID-19 situation so that could bode well for them if it holds.
Looks like the Business Journal and Daily Record made a leap too far here, tying Project Academy to Maxwell House:
https://www.jaxdailyrecord.com/article/city-project-academy-is-not-looking-at-the-maxwell-house-plant
ooops
Lol. Well this sounds like better news. There's a ton of abandonded and underutilized industrial sites in the stadium district, Talleyrand and the Eastside. A new manufacturer bringing 300 jobs and activating a dead space seems good. It not being Maxwell House and Maxwell House remaining put, is even better.
Better news would have been a tour schedule and a coffee shop....
Maybe Shad Khan is opening a Flex N Gate factory down the street from his Lot J project 8).
FYI, the stadium district is also a Federal Opportunity Zone so this may be motivating interest in investing there. If one can take advantage, the potential tax benefits can't be beat: No. Income. Tax. Ever!
Quote from: jaxlongtimer on April 30, 2020, 02:13:00 PM
FYI, the stadium district is also a Federal Opportunity Zone so this may be motivating interest in investing there. If one can take advantage, the potential tax benefits can't be beat: No. Income. Tax. Ever!
I believe this opportunity zone was part of why the developers chose the sites for San Marco Promenade and Crossings.
That's a different one but yes, the developers mentioned it a few months back.
What kinda of "industry" qualifies? There isn't much empty land around there. And most of it's Hogan's creek? I would think in the long run it would be best to not have new industry going in that area between the stadium and downtown.
East of the stadium and north from there through maybe 8th street would seem appropriate. I'm not comfortable with the idea of some industry plopping down next to Hogan's Creek. Especially not when Kahn's stadium project may help create the political interest and will to clean it up and open it up.
I'm pretty sure, this would have to be north or east of the stadium. Lots of underutilized warehousing and abandoned industrial sites with rail access out there.