Jacksonville, Florida, January 22, 2026
The Jacksonville City Council has approved a significant tax incentive package for a manufacturing facility expansion, known as Project Underground. This initiative aims to attract a $10 million investment and create 80 new jobs in an area struggling with high unemployment. The incentive includes a 10-year, 50% Recapture Enhanced Value Grant that will contribute to local economic growth. The full council will vote on the legislation soon, signaling the city’s commitment to fostering business development and job creation in Jacksonville.
Jacksonville City Council Approves Tax Incentives for Manufacturing Expansion
Jacksonville, Florida – The Jacksonville City Council’s Rules and Finance committees have approved a 10-year, 50% Recapture Enhanced Value (REV) Grant of up to $275,000 for a manufacturing facility expansion, code-named Project Underground. This expansion is expected to generate a $10 million capital investment and create up to 80 new jobs with an average wage of $39,000 annually. The full City Council is set to consider the legislation on January 27, 2026.
Details of the Incentive Package
The REV Grant is designed to refund a portion of the ad valorem tax revenue generated by the new development or property enhancement. In this case, Project Underground plans to invest $10 million in tangible personal property by December 31, 2028. The Office of Economic Development anticipates a return on investment of $3.80 for every $1 invested. The company currently employs over 140 individuals at its Jacksonville location, though its identity remains undisclosed. The expansion is proposed for Northwest Jacksonville, an area with an unemployment rate of 12.8%, more than double the Duval County average.
Background on Project Underground
Project Underground is considering multiple locations for its expansion, including sites in Georgia and Tennessee. However, the company is willing to incur higher shipping costs from Jacksonville, indicating a preference for the city. The expansion aims to bolster the local economy by creating new job opportunities in a region facing higher unemployment rates. Economic development agreements often use code names to maintain confidentiality during negotiations.
Recent Economic Development Initiatives in Jacksonville
Jacksonville has been active in supporting economic growth through various incentive packages. Notably, in August 2025, the City Council approved up to $800,000 in incentives for Project Pan to establish a meat processing operation in Northwest Jacksonville. Additionally, in December 2025, the Downtown Investment Authority board endorsed a $49.66 million incentive package for a Publix-anchored mixed-use development in Gateway Jax’s Pearl Square. These initiatives reflect the city’s commitment to fostering economic development and job creation in diverse sectors.
Next Steps
The legislation for Project Underground is scheduled for full City Council consideration on January 27, 2026. If approved, the company will proceed with its expansion plans, contributing to Jacksonville’s economic growth and providing employment opportunities in the community.
Frequently Asked Questions (FAQ)
What is Project Underground?
Project Underground is a manufacturing company seeking to expand its operations in Jacksonville, Florida. The company plans to invest $10 million in tangible personal property and create up to 80 new jobs with an average wage of $39,000 annually.
What is a Recapture Enhanced Value (REV) Grant?
A Recapture Enhanced Value (REV) Grant is a tax incentive program that refunds a portion of the ad valorem tax revenue generated by new development or property enhancements. In this case, the REV Grant for Project Underground is a 10-year, 50% grant of up to $275,000.
When will the City Council vote on this legislation?
The full Jacksonville City Council is scheduled to consider the legislation for Project Underground on January 27, 2026.
What is the unemployment rate in Northwest Jacksonville?
The unemployment rate in Northwest Jacksonville is 12.8%, more than double the Duval County average.
Has the company behind Project Underground been identified?
No, the identity of the company behind Project Underground remains undisclosed at this time.
| Feature | Details |
|---|---|
| Investment Amount | $10 million in tangible personal property |
| Job Creation | Up to 80 new jobs with an average wage of $39,000 annually |
| REV Grant | 10-year, 50% Recapture Enhanced Value Grant of up to $275,000 |
| Location | Northwest Jacksonville |
| Unemployment Rate in Area | 12.8%, more than double the Duval County average |
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