Sources close to the Port of Pensacola have told the Independent News that Northwest Florida Cold Storage has shut down. We requested yesterday the port’s aged accounts receivable as of Feb. 15 and have yet to receive it. On Jan. 15, the company owed the city $217,637.06.
In 2008 the Crisp and Pate Families partnered up to open the Northwest Florida Cold Storage Co. in Pensacola Florida. This warehouse is on the port of Pensacola. We have the capability of holding 8,500 metric tons of product and blast space for 40 loads a week.
When the lease amendment came up, Port staff rallied the Propeller Club and others to support it:
Subject: 12/8/08 City Council Meeting FW: Pate Lease Extension — URGENT
This is some information regarding the meeting tonight of the City Council and the proposed amendment to the Pate Stevedore Company’s lease:
On Monday, Dec. 8, at 3:15 p.m. and Thursday, Dec. 11, at 7 p.m., the Port of Pensacola will be taking a proposed amendment to its existing lease with Pate Stevedore Company to Pensacola City Council for consideration.
The proposed amendment:
– Recognizes Pate’s new partnership with Gulf States Cold Storage Company and allows for the Pensacola facility’s name to be changed from Pate Cold Storage to Northwest Florida Cold Storage.
– Allows NW FL Cold Storage, currently located in 22,000 sq. ft. of Port warehouse #5, to build out the entire 68,000 sq. ft. warehouse as freezer terminal.
– Allows NW FL Cold Storage to add blast freezer capability to the facility.
– Alters the current lease term from a term through 2024 with 5-year renewal increments to a single term through 2022.
The impacts of the amendment are:
– Provides sufficient freezer capacity for Pensacola to compete for frozen cargo exports to Eastern Europe (i.e. market diversification).
– Increases revenue to the Port from the current $250,000 per year to between $650,000 and $825,000 annually.
– Economic models project new job creation of 90+ direct jobs and 188 total jobs. Port staff and the operator have determined there are at least 70 new direct full-time jobs in terms of firm numbers they can realistically identify.
Any Propeller Club members interested in attending these meetings are invited to do so.
Amy S. Miller
Manager – Marketing, Finance & Administration
Port of Pensacola
Needless to say, the economic impacts were not reached. I do believe the city has liens on the company’s equipment. When we get the aged receivable report, I will post it on the blog.