Posted in Business

Navy Fed proves why job creation more important ad valorem

   December 16, 2020

Navy Federal Credit Union has been an economic generator for Escambia County, Northwest Florida and the state of Florida.

According to property appraiser and tax collector’s records, Navy Federal owns 63.1 acres in the Heritage Oaks Commerce Park, total value $72 .1 million for land and improvements. Net its EDATEs, the corporation paid $798,287 in property taxes this year.

The state of Florida and the Escambia County Commission didn’t approve incentives for Navy Federal based on property taxes.  The state and county wanted the credit union operations because of its job creation – 10,000 jobs x $48,000 avg. salary = $480 million annually.

The real value of Navy Federal to the area is not its ad valorem taxes, $798K; it’s the annual wages created, $480 million.

The Escambia County Commission’s goal is for OLF-8 to generate 1000 jobs with an annual average wage of $55,000 –  annual economic impact of direct jobs $55 million.

Navy Federal bought 100 acres of the site and committed to 300 jobs at $55,000 average annual wage. The county has 500+ acres remaining to generate 700 jobs with the same average wage. A very modest goal the remaining land considering what Navy Federal has done with 63 acres.

It’s a mystery why DPZ Co-Design ignored the commission’s long-established goal of job creation for OLF-8.

Value Taxes Paid Acres
1  $          83,383.0  $     1,445.46 1.96
2  $          83,818.0  $     1,445.56 1.96
3  $   15,603,502.0  $ 102,060.80 1.86
4  $        366,067.0  $   33,953.00 2.05
5  $   15,785,846.0  $ 237,562.90 1.98
6  $          63,877.0  $     1,143.30 1.56
7  $   19,474,218.0  $ 128,138.18 1.61
8  $          81,198.0  $     1,404.72 1.96
9  $   14,849,391.0  $ 209,722.27 9.61
10  $        123,448.0  $     2,103.35 19.2
12  $     5,606,712.0  $   79,307.92 19.3
 $   72,121,460.0  $ 798,287.46 63.1

 

 

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