A manufacturer is seeking tax exemptions for a massive industrial building in Hillsborough County that would have a large economic impact.
Celadon Development Corp. LLC recently submitted an application for a seven-year tax exemption period for a new business that would be a $160.7 million recycling facility. It would be located in Tampa next to Port Tampa Bay's container terminal, in Hillsborough County.
The 335,000-square-foot paper and paperboard fiber recycling facility would add least 96 new jobs with an average annual wage of at least $55,675. The facility would convert recovered paper and cardboard into recycled fiber sheets. All of the final product will be exported to markets outside of the United States, according to the county documents.
A project of this magnitude would benefit the region by providing more jobs and investment at a time when the overall economy has been greatly affected by Covid-19. Manufacturing is one of Tampa Bay's largest and targeted industries to continue to build, as the region has international airports, ports, distribution centers and a skilled talent pool.
The public hearing for an ordinance granting tax exemptions for Celadon will be discussed during the Hillsborough Board of County Commissioners' Wednesday meeting. The exemption period would not start until fiscal year 2025. If approved, the estimated revenue loss to the county starting in 2025, and in each of the following six fiscal years thereafter, is $346,033.