JACKSONVILLE, Fla. – The Downtown Investment Authority has approved a plan to give an unnamed company millions of dollars in incentives as part of a major redevelopment project that would bring hundreds of high paying jobs to Riverside.

The project, codenamed Project Sharp, is projected to create 500 jobs with an average salary of $85,000 a year. Because of state laws and confidentiality agreements, the name of the company was not announced during a meeting Wednesday. However, News4Jax's news partner, the Jacksonville Daily Record, said it's believed to be Fidelity National Financial Services Inc., or FIS.

The parcel of land is on Riverside Avenue, adjacent to FIS, which already has 1,200 employees in Jacksonville. FIS, which provides technology for financial institutions, recently bought WorldPay, a Cincinnati-based company that provides payment services.

In announcing that deal last week, it was mentioned the WorldPay headquarters would move to Jacksonville.

As mentioned in the plan, in exchange for about $30 million in incentives from the city and state, the company would build a $140 million headquarters in Riverside and add 50 jobs a year until 2029. The headquarters will be built on a parking lot and an old firehouse, which the city is buying back for about $2.6 million.

The incentive package will advance to the Jacksonville City Council for approval.