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I was honored to bring remarks on behalf of the Board of County Commissioners to Monday's lease signing between the City of Pensacola and the American Magic sailing team. |
Guidelines
Wednesday, February 28, 2024
It's All About Personal Relationships.......
Tuesday, June 29, 2021
A Stallion Becomes a Titan Thursday!
An artist's rendering of what project Titan will look like, on the ground at the Pensacola Airport, in 2024. |
A few years back we celebrated the completion of project Stallion and we looked forward with eager anticipation to the funding and commencement of project Titan.
These names, Stallion and Titan, are the economic development code words for the quarter of a Billion Dollar build out of hangars and administrative facilities for the Pensacola Airport by ST Engineering Aerospace that bagan with the $46 Million project Stallion, completed in 2017-2018.
That event was amazing, and I was honored to speak at the grand opening of hangar 1 (4:10 of this video) along with Mayor Ashton Hayward, Governor Rick Scott, and dignitaries from ST Engineering--the world's leader in aircraft maintenance, repair, and overhaul.
Between then and now, a lot of hard work has been put in, lots of money has been raised, and this week--the $210 Million Dollar project Titan officially begins with a groundbreaking on Thursday.
a staggering $66Million for this local project came from Triumph Gulf Coast (BP) funds---the largest such award in the panhandle of Florida to date!
Once again I have been invited to speak at this ceremony on behalf of the county-which I am very happy to do. I know the value of economic development in general--and to our community specifically.
While some feel we should not expend ANY taxpayer funds to pursue ANY opportunities like this and other large employers such as Navy Federal Credit Union, Ascend Performance Materials and/or ST Engineering--I completely disagree. In fact, I believe to go after such opportunities is an essential function of good governance!
Fortunately for the majority of rational, intelligent citizens that understand basic tenets of economic theory and economic development-- the very small and insignificant voices of dissent on such opportunities by naysayer policymakers locally get quashed by the majority that are rational and understand such things. Narrow minds never win the prize--and to listen to them on this project would result in this, what will be one of the largest MRO campuses in the world, going somewhere else like Austin, Seattle, San Diego, or Pittsburgh. But because those voices of dissent were not, are not, and will never be given any creedence on important topics like this--Such an opportunity and the concomitant $210,000,000 is being spent here, in Pensacola. With this project, once completed, Escambia County, Pensacola, and our region will achieve the following: (projected from a HAAS center study conducted in 2017)
--1,325 new, high paying jobs (in addition to the 400 new
jobs from Project Stallion)
--a regional Center of Excellence for the MRO
industry
--a new Aerospace industry sector, adding resiliency
to the economic base, in addition to tourism and military
--a regional magnet to attract talent and supply
chain businesses
--Enhanced and expanded regional educational programming-
George Stone, Pensacola State College, B.T. Washington and others.
--a pathway to the middle class for many
--1,725 new jobs in the targeted Aviation/Aerospace industry
sector for a fully developed MRO aviation campus (Project Stallion and Project
Titan combined). New jobs will be added as each hangar element is completed.
--Average guaranteed wages >$45,000 per employee (actual
amount is greater)
--3,400 new indirect jobs*
--$400 Million annual personal income increase
--$600 Million Florida GDP annual increase
--Annual rental income of > $1.0 million per year to Pensacola International Airport from ST
Engineering
--Annual ad valorem income of > $3.5 million to City and
County from ST Engineering
Tuesday, August 28, 2018
What is Project Titan?
No, it's not that science fiction movie on Netflix.. It is not a scientific mission to Planet Saturn's moon Titan.
It is a massive project to bring more good-quality, high-paying jobs to Escambia County that will be presented by Pensacola Mayor Ashton Hayward our next upcoming meeting of the Board of County Commissioners. It will be added onto the written communication portion of our September 6th meeting.
ST Engineering Aerospace opened their first hangar in Pensacola this past June (that opening was a fantastic day for our community), and they are ramping up toward 400 jobs in that current facility.
As the worldwide leader in the Maintenance Repair and Overhaul (MRO) Industry--ST Engineering Aerospace has facilities worldwide--but they want to massively expand their footprint here in Pensacola to keep pace with their growing business. Although their current project here in Pensacola is fantastic....it is about to get much better with Project Titan.
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I was honored to speak at the ST Engineering Aerospace grand opening last June |
This project, if the city and the county are intelligent and go forward, will add three additional hangars at the Pensacola International Airport, as well as a brand new ST Engineering Aerospace administration facility.
The collective impacts---an additional 1,325 new direct jobs, 3400 indirect jobs, and upon full implementation, an influx of over $2 Million yearly in new ad-valorem revenue for the county as well as nearly $1 Million more in sales tax expenditures locally to support the operation which will flow back to the Board of County Commissioners.
The tentative financing of the $210 Million deal deal breaks down as follows:
Triumph Funds $56 Million
ST Engineering $35 Million
FDOT Funds $50 Million
Governor's Job fund (year 1) $4 Million
Legislative appropriation 2019 $3 Million
Governor's Job fund (year 2) $20 Million
City of Pensacola funds $8 Million
Escambia County funds $12 Million
EDA (Federal funds) $17 Million
Additional funding to be identified $5 Million
The massive positive benefits of this project will be a tremendous economic infusion into our community along with a further diversification of our jobs base. The most compelling attribute: we will get all of this financial activity and long term revenue for a very small commitment of local taxpayer funds. $91 Million, representing 43% of total project budget, is derived from non-taxpayer funding sources! When we look at just the county's portion of the deal, in order to leverage this $ 210 Million dollar initiative, our investment is a mere 5.7%.
This is a tremendous opportunity for our area, and I hope we will be able to move this forward despite the naysayers that do not believe in economic development. Economic development is vitally important role of government, no matter who says otherwise.
I'm bullish on the future of Pensacola and Escambia County--Kudos to Mayor Hayward, Governor Scott, Senator Broxson, and Florida West for helping to put this together!
Read Mayor Hayward's letter here.