To salvage jobs from a multinational company that might leave Pinellas, the County Commission on Tuesday pledged a $34,000 property tax rebate to a business that doesn't exist.

On Thursday, the St. Petersburg City Council will decide whether to extend an additional $34,000 in rebates to the same entity. The state of Florida would then consider granting $272,000 more in rebates.

The beneficiary is not named in public documents and has requested confidentiality, which is common when governments are considering subsidies to a private company in the name of economic stability or growth.

Interviews and records, however, suggest the possible departure of technology manufacturer Oerlikon USA from St. Petersburg is behind the proposed subsidies. Records indicate the Swiss-owned Oerlikon is on 16th Street just south of Roosevelt Boulevard.

According to documents, a company matching Oerlikon's profile plans to close, resulting in a loss of 117 jobs. A consortium of the company's local managers and employees hope to start a new venture in Pinellas that will create 68 high-wage jobs.

Those behind the move would spend almost $7-million on equipment, renovation and land. In the deal the commission approved, the group would have to incorporate as a company in Florida and create the jobs before getting any of the pledged tax rebate.

Oerlikon USA head Jim Pollock would not answer questions, saying public disclosure could prevent a deal from being consummated, but said later, "We expect a transaction to occur very soon."

County economic development director Mike Meidel also expressed concern about pending moves by the company being made public, saying nothing was final and that employees could be needlessly stressed. "If they get wind that something may or may not happen," Meidel said, "they start panicking and leaving or looking for other opportunities."

County Commissioner Karen Seel, like all her colleagues, supported the rebate for the company, saying that retaining as many good jobs as possible is critical. But the unwillingness of company officials to be open didn't sit well. "It shouldn't bother them that there is public scrutiny," Seel said, "because this is public money."

Will Van Sant can be reached at vansant@sptimes.com or 727-445-4166.