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JACKSONVILLE, Fla. -- The city is poised to land 500 new jobs if an incentive deal being called "Project Speed" is approved by the City Council.

An unidentified Fortune 500 company in advanced manufacturing is willing to commit providing a taxpayer package of $10 million local tax dollars if the project is approved. The state is willing to kick in $5 million to help seal the deal. The company currently does not have a presence on the First Coast.

The proposed deal calls for Jacksonville to pay $3.5 million for the jobs providing they are created as promised with $6.5 million in property tax forgiveness. The company, according to the city, is willing to make a $70 million investment to create 500 jobs that would pay about $50,000 a year.

"We looked at what we needed to go ahead and offer them, we went ahead and offered them something," said Paul Crawford the Deputy Director for Economic Development. Crawford said Jacksonville has been in discussions with the company for six months and once was out of the running until the current proposal was offered.

Crawford says it the council approves the deal the company is committed to coming to Jacksonville. A council vote is expected in early September.

The mystery company says if approved it will be setting up operations by the end of the year.

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