These four Bay County companies were approved for 10-year tax exemptions

·4 min read

PANAMA CITY — For local officials, it's crucial to help cultivate a diverse economy.

This week, Bay County Commissioners voted to support three companies the Bay Economic Development Alliance is working with to bring to the area. All were approved to receive both funding from Triumph Gulf Coast, along with a 10-year property tax exemption, if they choose to expand to the area.

They also voted to support a fourth company that already has committed to expanding into Bay County.

Bay County: County lands 4 companies; EDA pursues 7 'hot projects' with potential for 2,200 jobs

Bay County Commissioners on Tuesday voted to support four companies the Bay Economic Development Alliance is working to bring to the area.
Bay County Commissioners on Tuesday voted to support four companies the Bay Economic Development Alliance is working to bring to the area.

"It's just great to have a partner like (the EDA) that has worked and found industries that match up to what we have in Bay County, and fit with Bay County," Commissioner Doug Moore said. "If (these companies) are able to get in, get traction and do well, I think we will see scalable opportunities (that will create) more jobs, more shifts and be able to increase our workforce."

3 companies are not yet public

Three of the four companies discussed still are a work in progress for the EDA, so their names are not yet public. They instead are known by the codenames Project Ballistic, Project Blue Water and Project Tachyon.

According to the meeting's agenda, Project Ballistic is an advanced manufacturer that might create 300 jobs with a capital investment of $10.5 million. Project Blue Water is a marine manufacturer that might create 100 jobs with a capital investment of $11.5 million. Project Tachyon is an international advanced manufacturer that might create 209 jobs with a capital investment of $20 million.

The fourth company approved to receive tax exemptions and grant funding was Mocama Marine, which the EDA announced earlier this month. It will establish a boat manufacturing operation at the Old Bay County Industrial Park off Bay Line Drive.

Mocama Marine: Company to bring 105 jobs to Bay County with average salary over $50,000

The facility is scheduled to open at the beginning of 2023, and it will create 105 jobs with a capital investment of $10.5 million.

Becca Hardin, president of the EDA, said incentives such as those approved by the commission Tuesday play a "critical" role in helping her group attract new companies to Bay County.

"That give us authority from the county to move forward with trying to push the projects over the finish line," Hardin said. "When we get to this point, it means that company representatives have already been in our community, they've looked at sites, they've met with our leadership ... and there's definite interest in our community.

"Now we have the greenlight to go forward in getting all of our proposals together to support making their decision to move to Bay County."

5 projects announced by EDA in 2022

The EDA, which works to diversify the economy so it does not solely rely on tourism, has announced five projects in 2022, meaning those companies have committed to expand to the area. They are:

  • Mocama Marine, which will establish a boat manufacturing operation at the Old Bay County Industrial Park off Bay Line Drive. The facility is scheduled to open at the beginning of 2023. It will create 105 jobs with a capital investment of $10.5 million. The project was announced earlier this month.

  • Southern Sky Aviation, an Alabama-based aircraft maintenance company that plans to build a fix-based operator — a terminal for private and corporate airplanes — at Northwest Florida Beaches International Airport. The facility is scheduled to open at the end of 2023. It will create about 30 jobs with a capital investment of about $20 million. The project was announced in June.

  • Resia, a Miami-based real estate company that develops, builds and manages multifamily communities. It plans to build a facility scheduled to open at the beginning of 2024 at the VentureCrossings Enterprise Centre. It will create about 200 jobs with a capital investment of $45 million. The project was announced in June.

  • Central Moloney, an Arkansas-based manufacture that distributes electrical transformers and their components. It hosted a ribbon-cutting ceremony in June for its location at the VentureCrossings Enterprise Centre adjacent to Northwest Florida Beaches International Airport. It will create about 200 jobs with a capital investment of $25 million. The project was announced in February.

  • FedEx, which built regional distribution center at the Port of Panama City Distribution Center off U.S. 231. The center is scheduled to open at the beginning of 2023. It will create more than 200 jobs with a capital investment of $55 million. The project was announced in January.

This article originally appeared on The News Herald: Bay County votes to support 10-year tax exemptions for four companies