Duval County is set to get a half-billion dollar economic shot in the arm thanks to a planned crude oil refinery set to be built there soon.

"We figure it's going to add a tax valuation of about $500 million to our property valuation, so totally current valuation in Duval County is $900 million," Duval County Judge Ricardo Carrillo said.

Raven Petroleum could get up to 10 years of tax breaks in the deal. The company plans on building a 50,000 barrel a day refinery that will be fully operational by 2018. It is believed that over 400 permanent jobs will be created.