ST Aerospace, the Malaysian-based company that signed a Memorandum of Understanding with the City of Pensacola to bring 300 jobs to the airport commerce park, has given permission that the MOU be released.
Dear Richard Outzen,
As a show of good faith, ST Aerospace has given the City of Pensacola permission to release the MOU. I have attached it for your review. Please let me know if you have any problems viewing this file or require any additional information.
Thank you for using the City of Pensacola Sunshine Center.
Jane G. Ballard
Per the MOU:
City agrees to build a facility for ST Aerospace at the commerce park for $37,344,300.The ground lease will .30 per square foot for the space leased. For the first five years, STA will make no lease payments for its right of first refusal on the next phase.
The funding needed from Escambia County has been reduced to $8 million. The City is contributing no funds towards the project.
Florida DOT grant: $11.6 million
Industry Recruitment, Retention and Expansion Fund: $7 million
Federal Airport Improvement Program: $3.5 million
Escambia County: $8 million
STA’s financial commitment will not exceed $7,244,300.
The agreement was signed by Mayor Hayward on Tuesday, Dec. 17.