BAY COUNTY, Fla. (WJHG/WECP) - The Bay County commission is being asked to draft an agreement with GKN Aerospace, refunding the company's property tax dollars as a result of GKN choosing to come to Bay County and bringing jobs to the area.
The incentive would be given to the company after it meets certain requirements, such as initiating construction, which has already begun, and bringing the jobs they have promised to Bay County.
"That money would come in the form of taxes, property taxes, and it would go from the general fund into the building fund to offset the cost of the building permit, so it's a way of utilizing their property taxes to turn around and cover those costs but then to also rebate back to the company a portion of taxes their paying in as incentive for creating the jobs," said Bob Majka, Bay County manager.
Over a four-year period, the company will be paying $1.8 million in property taxes. Roughly $750,000 would be refunded. That's about a 40 percent refund over that time frame.
The incentive is performance-based. The company has to create jobs and pay its taxes to be eligible for the incentive.
Bay County Commissioners are expected to be discussing the incentive package at the commissioners meeting on Tuesday.