Jacksonville Welcomes Major Expansion of Financial Services Company
Jacksonville, FL – A significant development in the financial services sector is set to take place in Jacksonville as the JAX Chamber of Commerce’s economic development arm, JAXUSA Partnership, prepares to announce details of a large-scale expansion project. This event is scheduled for December 17 at 11:15 a.m. at the Chamber’s offices located at 3 Independent Drive.
Announcement Details
The company involved, operating under the code name Project Paper Company, is reportedly a financial service provider planning an investment of more than $173 million. The expansion plans include a $21 million incentive package, aimed at solidifying the company’s national headquarters for its Mortgage/Technology Division in Jacksonville.
Executives from the unnamed company will be present, along with local officials including Mayor Donna Deegan and Aundra Wallace, President of JAXUSA Partnership. The company in question has been identified in a city memo as Intercontinental Exchange Inc. (ICE), known for operating the New York Stock Exchange.
Expansion Plans
The expansion project will involve substantial investment and job creation. The company plans to invest between $173 million and $216 million over the next five years, covering construction, equipment, and improvements to buildings. This initiative will accommodate over 1,500 existing employees, with an expected addition of 500 new jobs over the next seven years.
These new positions will offer a competitive base salary averaging $100,000 per year, with opportunities to rise to $125,000 when including benefits. The job roles will encompass various levels, including front-office and C-suite positions.
ICE Background and Recent Acquisitions
ICE is a leading financial technology company that connects people to opportunities through its comprehensive digital networks. In September 2023, ICE completed its acquisition of Black Knight Inc., a Jacksonville-based software and data analytics firm specializing in housing finance, which includes services for mortgage lending, servicing, and secondary markets.
City Council’s Incentive Package Approval
On November 26, the Jacksonville City Council voted overwhelmingly in favor (18-1) of the legislation including the $21 million incentive package, officially known as Resolution 2024-0836. Notably, council member Rory Diamond opposed the incentives.
The finalized incentives package will provide a revised $16 million Recapture Enhanced Value (REV) grant, an increase from the previously proposed $10 million grant over 13 years. Under this new deal, the company can expect a 90% refund on the property tax generated from improvements, compared to the original offer of 50% refund. Furthermore, a Local Targeted Industry Employment Grant of up to $5 million was included, reflecting a $2 million increase from earlier proposals.
Return on Investment and Council Concerns
The approved package aims to increase the city’s return on investment from $1.01 per public dollar to $1.17. These adjustments were made in response to concerns raised by Council members concerning budget impacts given the city is facing projected deficits of up to $105 million by 2029. The discussions around funding also coincide with recent high-budget commitments, including a $1.4 billion deal with the Jacksonville Jaguars and salary raises for public safety officials.
As Jacksonville gears up for this promising expansion, the community looks forward to the potential economic benefits and job opportunities that Project Paper Company is poised to bring to the area.
