Beckwith Electric, an electric smart grid technology company, expects to spend about $6 million as part of an expansion plan.
The company plans to build a new 50,000-square-foot facility in Pinellas Park, upgrade equipment and hire about 111 new workers, according to a memo to the Pinellas County Board of County Commissioners. About $5 million will be spent on building construction and about $1 million on equipment, and the employees Beckwith plans to hire would be paid more than the average wage for Pinellas County.
Commissioners approved a resolution Tuesday night that said Beckwith is a qualified applicant for a property tax exemption. It’s not a final vote. The project will come back to the county board for consideration of an exemption ordinance and a written agreement, but last night’s vote allows the company to begin its project without losing the ability to receive an exemption, the memo said.
The company is seeking an Economic Development Ad Valorem Tax Exemption, approved by Pinellas County voters in 2014, when voters authorized the county board of commissioners to consider granting property tax breaks for existing expanding businesses or new businesses that are creating new jobs.
The program authorizes Pinellas County to consider granting qualifying businesses a temporary county property tax exemption of up to 100 percent on new capital improvements and/or equipment purchases for up to 10 years.
Beckwith could get as much as an $29,000 annual tax break from the real property part of the exemption, and up to $7,440 in the first year for the equipment investment.
The final fiscal impact will be determined by the Pinellas County Property Appraiser and will be included in a future staff report brought to the Board of County Commissioners during its consideration of an exemption ordinance, the memo said.
The city of Pinellas Park also is expected to provide an Economic Development Ad Valorem Tax Exemption.
Beckwith Electric was founded in 1967 and has its corporate headquarters in Largo, where it currently designs and manufactures all of its products, according to its website.