Don Gaetz: Triumph Gulf Coast has been efficient and effective | Guestview
It’s almost impossible to understand it if you weren’t here then.
One April morning in 2010, the Gulf of Mexico exploded. Hundreds of millions of gallons of oil roared up out of an undersea volcano and smeared across 70,000 miles of ocean. Destruction swept closer and closer to the world’s most beautiful and fragile beaches. The economy buckled. Governments panicked. For 80 days it got wider and worse. Then it stopped, sort of.
The Deepwater Horizon Oil Spill was the worst manmade environmental disaster in history. It was caused by human crimes. Nobody knows all the consequences.
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But while the sludge was still gushing, the Florida Legislature girded up to sue BP for the lost tax revenues caused by thousands of lost jobs. Overcoming tough political opposition, our legislation provided that three-fourths of economic damages recovered from BP would come directly to us here on our coast, to be used by us to strengthen and diversify our regional economy.
That’s how and why Triumph Gulf Coast was created and funded with $1.5 billion of BP money.
Now, some four years after receiving our first payments from the federal court, Triumph is funding job creation, workforce training, public infrastructure and tax relief.
Since its first grant of $10 million in 2018 to expand the Port of Panama City, Triumph has awarded more than $365 million to 52 projects in all eight counties affected by the oil spill from Wakulla west to Escambia.
$230 million in infrastructure investments: expansions of two seaports including Port St. Joe, a major Okaloosa bypass to support/expand military missions, a maritime industrial park in Bay County, outside-the-gate helicopter maintenance at Whiting Field, three industrial parks across the U.S. 90 and Interstate 10 corridors, electrical transformer manufacturing, pharmaceutical and medical manufacturing and logistics and distribution facilities and an international aircraft maintenance-repair-overhaul campus in Pensacola.
$105.6 million in workforce education for airframe, aircraft maintenance and pilot training, a joint venture with the University of Florida for artificial intelligence design and instruction, an FSU STEM lab school supporting the rebuild of Tyndall Air Force Base, unmanned systems drone training linked to four K-12 school districts, near-doubling of nursing education, students earning industry certifications and getting jobs in welding, pipefitting, carpentry and industrial trades, HVAC, agricultural sciences, engineering and commercial driving training at seven K-12 school districts, two universities, four state colleges and a county sheriff’s office.
$8 million to restore the aquaculture of the Apalachicola oyster beds
$19 million in ad valorem tax relief to cover post-hurricane costs and attract private job-creating industries.
$41 million in cybersecurity and IT training for active duty military families, separating military and others to qualify for high-skill jobs in Northwest Florida.
Triumph is already producing 16,273 net new jobs paying at least 115% more than the area’s prevailing wages. These new jobs are generating $800 million in additional family income every year.
Students from high school through college and retiring military are earning 29,977 industry certifications in the very occupations most needed in our coastal economy.
Triumph’s independent, business-savvy board carefully vets well-conceived projects and requires performance contracts with enforceable clawbacks. For every Triumph dollar awarded, more than $2 in matching funds has been attracted from private and public sources, adding another $800 million to develop and strengthen our economy.
The highly respected business economist Dr. Rick Harper reports that every $1 awarded by Triumph creates $19 in positive economic impact in Northwest Florida, an extraordinary return on investment.
Auditors’ reports of every Triumph dollar spent on every project in every county is at www.myfloridatriumph.com.
Florida economic developers sometimes poormouth our state’s incentives compared to Mississippi. But an investigation into Mississippi’s use of BP funds reported that for $53.3 million awarded, only 33 jobs were created.
Florida’s Triumph Gulf Coast, by contrast, is described as “… a model of efficiency and effectiveness.” The state’s auditor general examined every transaction and found nothing to even comment on, a remarkable record of ethical stewardship.
But none of what’s happened so far is the best part. Triumph Gulf Coast will continue through 2033 with over $1 billion in additional funds to award to strengthen and diversify our economy. The governor, Cabinet and legislative leaders have appointed new, highly-qualified board members to replace the term-limited initial directors.
The results of the Triumph Gulf Coast legislation are historic and obvious in all eight counties. While we exiting directors are privileged to hand over a “going concern,” I am convinced that Triumph’s new leadership will do even more and do far better.
Years from now I hope people will say that while the oil spill of 2010 was a terrible thing never repeated, Northwest Florida came back stronger, transformed our economy, developed our communities and lifted the living standards of our people.
Don Gaetz is a past Florida State Senate president and outgoing chairman of the Triumph Gulf Coast board. As Florida Senate president, he passed legislation funding and creating Triumph.
This article originally appeared on The News Herald: Don Gaetz: Triumph Gulf Coast is efficient and effective | Guestview