This resolution authorizes an economic development agreement between the City of Jacksonville and Project Paper. The agreement includes incentives for the establishment of Project Paper's National Mortgage Technology Division Headquarters. Incentives include a 13-year REV grant ($10M), a Business Expansion Grant ($5M), an Employment Retention Grant ($3M), and a Local Targeted Industry Employment Grant ($3M). The project promises 500 new jobs and retains 1,500 existing jobs, with significant tax revenue and economic benefits.
The project is expected to bring $216 million in capital investment, create high-paying jobs, and establish Jacksonville as a hub for financial technology innovation.