'Generational impact': Triumph Gulf Coast supports $98.4 million FSU project in Bay County
PANAMA CITY BEACH — Bay County has landed a massive Florida State University project that officials say could have a "generational impact."
According to a news release from the university, the Triumph Gulf Coast board on Nov. 7 unanimously voted to support a $98.4 million FSU project to establish two aerospace and advanced manufacturing facilities in the Panama City Beach area.
Dubbed the Institute for Strategic Partnerships, Innovation, Research and Education (InSPIRE), the facilities will be built near the Northwest Florida Beaches International Airport (ECP) and Venture Crossings Enterprise Centre. Both locations sit north of Panama City Beach in unincorporated Bay County.
"We are so appreciative of the Triumph Board for their support of this project and seeing the vision we have for the institute," Richard McCullough, FSU president, said in the release. "FSU is invested not just in Tallahassee, but the entire Florida Panhandle and beyond. We believe when we work together with industry to promote economic development and partner closely with the community, it expands opportunities for everyone in the region.
"This project takes advantage of FSU's expertise and resources, and it is designed to specifically service the Panhandle's needs and have a generational impact on the area."
The release says that InSPIRE will accommodate secure and open contracts, as well as grant work for aerospace and defense industries. Along with the construction of its facilities, the project also will increase the number of engineering graduates at Florida State University Panama City.
Triumph Gulf Coast is slated to provide $98.4 million for the project, and FSU plans to invest an additional $65 million into the facilities over the next decade. The university also has "committed to securing more than $230 million in contract and grant activity," the release reads.
Officials expect that every $1 spent on InSPIRE will generate $10 in economic activity.
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"The InSPIRE project is a game changing initiative for not only Bay County but for the entire Northwest Florida Region," Becca Hardin, president of the Bay Economic Development Alliance, wrote in a text message. "Through this program, we will be working with aviation and advanced manufactures throughout the United States and the world.
"InSPIRE will put Bay County on the international map like never before."
News about the project has garnered attention from many officials across the state.
"When I was in the legislature, I was proud to have helped create Triumph, and it's projects like these that are so important to this region's growth and sustainability," Jimmy Patronis, CFO of Florida, said in the release. "Through my appointment authority, we wanted to ensure only the best projects made it through, and I'm thrilled to see the university develop and promote new projects and economic development in the Panhandle."
"This is outstanding news for Florida's second congressional district," U.S. Rep. Neal Dunn said in the release. "I'm grateful to the Triumph Gulf Coast Board for seeing this vision for Florida's Panhandle. Panama City is now home to the F-35 Lightning II and many other big names in aerospace and defense. This is an excellent location, and I'm looking forward to seeing the growth to come from Florida State University's investment in the region."
This article originally appeared on The News Herald: Bay County lands massive FSU project to build manufacturing facilities
