Yesterday, I broke the story that Triumph Gulf Coast unanimously approved the City of Pensacola’s request for $8.5 million for the completion of Warehouse 10 at the Port of Pensacola, plus a 50-foot addition and design and construction of a dock and boat ramp.
The facility will become the headquarters of Bella Mente Quantum Racing Association (American Magic).
Why this matters: The project seeks to establish the Port of Pensacola and Florida as a premier location for cutting-edge watercraft/boat-building innovation on a global scale.
A few of the economic benefits of this effort include:
- Significant job creation at above-average wages,
- Attraction of supporting companies and technology,
- Partnerships with university researchers and an opportunity to grow human performance innovation,
- New warehouse space at the port,
- Regional exposure to international opportunities,
- Self-sustaining model in the future,
- Project activates Pensacola Bay by utilizing the wind profile (environmentally friendly),
- Potential successful bids for major events including regattas and youth sailing events, and
- New external dollars coming into our region that would not otherwise exist.
Dig Deeper:
While the completion of Warehouse 10 and the construction of a dock and boat ramp are budgeted at $17.1 million, the total construction and related improvements will total $45.2 million.
The Escambia County TDC approved a three-year funding award at $500,000 per year. To date, American Magic has received $1 million to reimburse shipping costs to bring the sailboat to Pensacola from New Zealand, and American Magic will invest $32 million.
The Triumph staff has estimated the ROI to $33.5 in additional personal income per Triumph Gulf Coast dollar requested – almost $285 million.
The project will create 170 net new high-wage sustainable jobs (150 employed by the American Magic facility, and 20 other port-dependent jobs). These jobs will pay an average of $105,000 per year.
For a job guarantee of 170 jobs and an award amount of $8,500,000, the cost per direct job to Triumph Gulf Coast is $50,000. This is the highest cost per job that staff has recommended to the Board, but the project also has among the highest earnings per job in our project portfolio.
The high visibility of America’s Cup racing activity is likely to spur substantial additional tourism activity in the region.
Read the city’s announcement.
Twenty-five Jobs for Century
FloridaWest announced Algaplast Corp. is establishing its first U.S. based-operations in Century that will create 25 new manufacturing and technical jobs over the next three to five years.
Why this matters: FloridaWest has been working to bring a new employer to Century for years.
Algaplast will lease the town-owned Helicopter Technology Building. The town re-acquired the building at public auction in August 2009, following the town’s foreclosure judgment against Helicopter Technology.
The anticipated average salary is $46,750.
The lease is $94,000 a year with the company paying for insurance, taxes and maintenance. The lease goes into effect on June 1.
Dig Deeper
Algaplast Corp. announces expansion in Northwest Florida
Century, FL (May 11, 2023) – FloridaWest Economic Development Alliance has announced today Algaplast Corp. is establishing its first U.S. based-operations in Century, Florida.
Since September 2022, FloridaWest has been working closely with Grupo GA230 representatives to attract their foreign direct investment (FDI) economic development project to Escambia County. The FloridaWest team identified the Town of Century’s available facility to help meet the company’s growth needs. This project is expected to create 25 new manufacturing and technical jobs over the next three to five years.
Algaplast Corp. is a part of the family of companies of Grupo GA230, which has been in business in Brazil for more than 50 years. They produce a wide variety of plastic and rubber component parts for the gas & oil, automobile, mining and transport industries. Algaplast Corp. will begin operations in Century where they will specialize in plastics and rubber component parts made for gas and oil equipment manufacturers.
Algaplast Corp. President and CEO Ed Carlos Curvelos said the company is ready and poised to set up their first U.S. manufacturing plant in Northwest Florida.
“Algaplast Corp. is pleased to work with FloridaWest and the Town of Century to help establish our first U.S. operations here,” said Curvelos. “Our business is important to our life and our future and we are excited about this tremendous opportunity to become a part of the Town of Century and grow from here.”
FloridaWest Chief Business Development Officer Danita Andrews said FloridaWest had been working on landing this project for eight months.
“The FloridaWest team has worked hard to bring this partnership to fruition,” said Andrews. “Bringing this many manufacturing and technical jobs to Century will be a boon to this region.”
Century Mayor Ben Boutwell said they have laid the foundation for companies like Algaplast to be successful.
“Century, Florida is a town with ready opportunities for business. Our proactive infrastructure work, made possible through grants with the State of Florida, is helping position us for great things to come,” said Boutwell. “We are elated to work alongside our economic development partner, FloridaWest, to help bring new manufacturing job opportunities to Northwest Florida.”
NAIA Men’s Lacrosse Invitational
The NAIA Men’s Lacrosse Invitational yesterday completed its semifinals at the Ashton Brosnaham Soccer Complex. No. 1 Keiser will face No. 2 Indiana Tech in the championship game at 1 p.m. on Saturday.
Semifinals
No. 1 Keiser (Fla.) def. No. 5 Webber International (Fla.), 15-10
Keiser (Fla.) utilized a six-goal second quarter to pull away and defeat Webber International (Fla.).
For Keiser: Jack Gillen led the way for the Seahawks with three goals and three assists in the game. Vincent Cerasuolo, Josten Ucros, and AJ Badik each netted a pair of goals, while Badik and Cole Stassi dished out three assists apiece. Cam Provines went 16-26 on faceoffs and scooped six ground balls, while Christian Tomei made a game-high 12 saves.
No. 2 Indiana Tech def. No. 3 Cumberlands (Ky.), 7-6
Indiana Tech advanced to their third straight NAIA Men’s Lacrosse Invitational final after Devin Macomber netted the game-winning goal with 2:39 remaining in the fourth quarter to defeat Cumberlands (Ky.) 7-6
For Indiana Tech: Devin Macomber tallied two goals and an assist, while Samuel Bodley netted three goals in the win. Tristan McKneely went 12-17 on faceoffs with seven ground balls as Grant Seaman notched a pair of caused turnovers. Kyle Twobulls made six saves in the win.
The NAIA Network – the association’s official video-streaming home – will broadcast the final game live at the 2023 NAIA Men’s Lacrosse National Invitational. To purchase CLICK HERE
