Newspaper article The Florida Times Union

JEDC to Consider Funds for Warehouse

Newspaper article The Florida Times Union

JEDC to Consider Funds for Warehouse

Article excerpt

Byline: Karen Brune Mathis, Times-Union senior business writer

A New Jersey company is negotiating to buy 55 acres in North Jacksonville so it can build a $10.9 million public cold storage operation, pending economic incentives.

The Jacksonville Economic Development Commission is scheduled to consider $700,000 in city and state assistance for V. Paulius & Associates of Allendale, N.J., to build a 264,000-square-foot warehouse at the site and create 60 jobs over three years.

A commission project summary states that the company will pay an average annual salary of $39,000 for the first 60 jobs. It also said the project could create up to 100 jobs over five years.

The commission is scheduled to meet at 8:30 a.m. Thursday in the 15th floor chambers of the City Hall Annex downtown.

VPA Cold Storage, a wholly owned subsidiary of V. Paulius & Associates, imports fish, cheese and related food products and exports poultry products in refrigerated ships through the port of New Orleans to its facility in Lithuania, the commission reports.

The $700,000 incentive package comprises tax refund credits and a grant payment program.

-- VPA requests $180,000 in Qualified Target Industry tax refund credits based on $3,000 per job for the 60 positions. Of the refund, the city would pay $36,000 and the state would pay $144,000. The refunds are paid annually after the company creates the jobs and pays its taxes.

-- When construction is completed, the city would administer a "recapture enhanced value grant" up to $520,000 based on the increased property taxes the project generates. It would be paid annually for 10 years, paying 75 percent of the incremental property tax increase for the first five years and 50 percent for the second five. It would affect only the city/county portion of the taxes. …

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