Triumph Gulf Coast Board of Directors approved the term sheets for significant projects at the University of West Florida and Pensacola State College.
UWF’s term sheet is for $32 million to expand its cybersecurity and computational research programs over the next decade. The money will expand the Institute for Analytics and Industry Advancement, known as (IA)², and create a new Center for Computational Intelligence, which will focus on artificial intelligence, machine learning, predictive analytics and related fields.
The 10-year budget for the program totals $130.2 million:
- Construction & Renovations: $24.7 million
- Furniture & Fixtures: $765,000
- Equipment, Supplies & Software: $19.75 million
- Personnel & Consulting: $89.54 million
The Triumph grant is funding 25% of the project, UWF 19% and outside grants and contracts 56%
| Triumph | UWF | Grants/Contracts | |
| Construction & Renovations | $ 17,460,000 | $ 7,275,000 | $ – |
| Furniture & Fixtures | $ 540,000 | $ 225,000 | $ – |
| Equipment, Supplies & Software | $ 1,500,000 | $ 2,250,000 | $ 16,000,000 |
| Personnel & Consulting | $ 13,015,120 | $ 14,524,350 | $ 57,414,822 |
| Total | $ 32,515,120 | $ 24,274,350 | $ 73,414,822 |
| Pro rata share | 25% | 19% | 56% |
Pensacola State College’s term sheet is for $3.25 million and will cover 63% of the cost to establish a Workforce Development Training Center.
PROJECT KILOWATT
The Triumph has approved $12,825,000 to support the recruitment of Project Kilowatt, an advanced marine manufacturing company specializing in carbon-fiber hulls and electric propulsion boats.
Details: The company will establish its international headquarters, research and development operations, and manufacturing facilities in Bay County with a total capital investment of approximately $37,575,000. Triumph funds represent 34 percent of total project costs, while the company will invest $24,750,000 in building upgrades, new construction, manufacturing equipment, and research and development equipment.
Bay County will use Triumph funds to acquire the proposed 11.55-acre site with three existing marine facilities, will retain title to the property, and will enter into a long-term lease with the company. Triumph grant funds will be designated to support the acquisition of an 11.55-acre waterfront property with three existing warehouse and manufacturing facilities and direct access to St. Andrews Bay.
The site provides turn-key infrastructure that allows Project Kilowatt to launch operations quickly to meet surging demand in both defense and commercial marine markets. Bay County will maintain ownership of the land and facilities while entering into a long-term lease agreement with the company.
- Bottom line: Project Kilowatt will create 285 high-wage jobs by 2030 with an average annual wage of $77,000, which exceeds 115% of the Bay County average wage.
Other Projects
In the pipeline:
Franklin County: $250,000 grant to establish an aviation and power plant training program at Apalachicola Regional Airport. Haney Technical College will be a partner in the development of that project.
Gulf County: $6.89 million grant to support a digital tools and technology initiative in the Gulf County School District. The project is designed to train school children from elementary to secondary schools in the county.
Wakulla County: $10 million for health care and teacher workforce training programs at the Wakulla Environmental Institute Campus. Negotiations are underway for additional involvement with Tallahassee State College, which submitted the funding request.
