The St. Johns Board of County Commissioners approved an economic development incentive agreement 4-1 with the PGA Tour on May 18 with an estimated value of $16,778,760.
The agreement, previously code-named Project Breeze, would create a 150,000-square-foot broadcast media building for the PGA Tour, according to WJCT News partner the Jacksonville Daily Record.
The tour would relocate its PGA Tour Entertainment arm from its 32,329-square-foot building in World Golf Village to the new facility adjacent to the new PGA Tour Global Home along Palm Valley Road in Ponte Vedra.
The tour could receive $16,778,760 in incentives, which includes 25 years of ad valorem taxes paid on capital improvements and 25 years of tangible business personal property taxes paid by the applicant.
Commissioner Jeb Smith voted against the agreement, saying the 25-year term was too lengthy considering similar economic incentives were for four years.
“A lot can happen in 25 years,” he said. Read the rest of this story at JaxDailyRecord.com.