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Committee amends Project Underground agreement to clarify rev‑grant terms, JSEB and job thresholds
Summary
The Finance Committee approved amendments to Project Underground’s economic development agreement to align it with the public investment policy, set the rev‑grant term to five years with a final payout year of 2033, fix the JSEB goal at 20% of the city's contribution, and set retained and new‑job thresholds (146 retained jobs; reductions for attaining 80–64% of new‑job targets).
The Finance Committee on Jan. 21 approved an amendment to Project Underground’s economic development agreement to clarify compliance with the city’s public investment policy and to revise financial and job‑creation terms.
Philip Peterson explained the changes: the rev grant term was revised to five years with a final payout year of 2033; the city’s JSEB (Jacksonville Small and Emerging…
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