Business Relocations to Jacksonville (Daily Record)

[finehoe]

So... "corporate welfare" and "incentives" is simply a matter of perspective?

Just two different names for funneling public money to private business.

[BridgeTroll]

So... "corporate welfare" and "incentives" is simply a matter of perspective?

Just two different names for funneling public money to private business.

As I thought.  The term "corporate welfare" is used frequently here and seems to be generally considered a bad thing.  I must then assume that since an "incentive" is simply a "different name" then it must also be less than desireable...

[finehoe]

I must then assume that since an "incentive" is simply a "different name" then it must also be less than desireable...

We don't often agree BT, but you assume correctly.

[BridgeTroll]

   Have a great week finehoe!

[urbanlibertarian]

Isn't stimulus spending also corporate welfare?

[finehoe]

Isn't stimulus spending also corporate welfare?

Technically, no because the funds are distributed to state and local governments, not private businesses.  However, said governments could then use those monies in such a way that could be construed as corporate welfare.

[Jdog]

I'm now assuming it's safe to definitely conclude that, yes, Saft headquarters was the company being referenced. 

[danem]

I'm now assuming it's safe to definitely conclude that, yes, Saft headquarters was the company being referenced.  

The Chamber said that one is a company currently HQ'ed in New York.

[duvaldude08]

I'm now assuming it's safe to definitely conclude that, yes, Saft headquarters was the company being referenced. 

SAft relocating here was announced last year. This is not the "big" news.

[Ocklawaha]

Hey, at least the new governor is honest... he promised us 700,000 new jobs and with this headquarters move he's only got 699,993 to go! Right on Rick!

OCKLAWAHA

[Jdog]

Thanks for the updates then. 

[Jdog]

The ultimate parent of Adecco is in Europe, but the North American headquarters is in Long Island, NY.  Wonder if there's a chance with Adecco North America Group.  Would kind of resemble the Fidelity relocation. 

[copperfiend]

I'm now assuming it's safe to definitely conclude that, yes, Saft headquarters was the company being referenced. 

The Chamber said that one is a company currently HQ'ed in New York.

Citigroup? Just kidding.

[tufsu1]

I'm now assuming it's safe to definitely conclude that, yes, Saft headquarters was the company being referenced. 

SAft relocating here was announced last year. This is not the "big" news.

yes and no....they announced a new factory last year....but the relocation of their HQ was a new announcement

[longhaul]

Eola founder: New major tenant for Modis building close
Jacksonville Business Journal - by Ashley Gurbal, Staff writer
Date: Monday, April 11, 2011, 5:52pm EDT



A new major tenant in the former Modis Building should be announced within 60 days, said the founder of Eola Capital LLC, which owns the property.

Parkway Properties Inc. (NYSE: PKY) announced Monday that it had acquired six properties from Eola as part of a merger. That portfolio includes the St. Joe Building at 245 Riverside Ave., which sold for $18.5 million.

As a result of that merger, more Jacksonville office buildings will likely change hands â€" including the former Modis Building, once a major tenant has been signed.

“The purpose of this is to become a combined company that can grow quicker than we could on our own,” Jim Heistand, Eola founder, said in a phone interview. “We were going to file an [initial public offering], and be public ourselves, but we can compete more effectively and grow this company much quicker this way. There are other assets in other markets we want to acquire that neither one of us currently owns.”

The agreement includes purchase options for three suburban Jacksonville office buildings: Capital Plaza I, Capital Plaza II and Capital Plaza III, all of which are located on Deerwood Park Boulevard.

Eola’s most prominent Jacksonville holding, the former Modis Building at 1 Independent Drive, is not mentioned in the agreement but is being discussed, Heistand said.

He said the departure of the largest tenant, MPS Group Inc., has put the discussion on hold.

“I will tell you it’s pretty imminent, in terms of being able to replace them,” Heistand said. “Once that gets done, it’s a lot easier for Parkway to discuss bringing that on board. In this particular case, with the Modis Building, replacing that tenant makes a huge difference in something like this.”

Under the merger, Heistand will become executive chairman of the board of directors of Parkway.

Eola owns "some other assets in the Butler corridor and Belfort and over in the Southpark area,” Heistand said. “So we own other assets, and I can’t say every single one will necessarily be purchased by Parkway, but some of those we will ultimately over time transfer.”