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Presented to City Council
PROJECT CONTINENTAL Presented to City Council September 16, 2008
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BACKGROUND Tom Cooley, Executive Director of Enterprise Flagler, introduced the City to a business consultant who had been hired by a local business Local business recently acquired by another company - business consultant asked to help consolidate their operations from multiple states to one location “Project Continental” – company has a strong confidentiality requirement
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THE GOOD NEWS Project Continental represents one of the leading employers in Palm Coast The company is growing very rapidly and has immediate need to expand
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THE BAD NEWS Initial search for immediate expansion opportunities was discouraging Corporation’s facilities, located in other states, have available space
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THE CHALLENGE/ OPPORTUNITY
Palm Coast on short list of several locations A primary consideration – immediate availability of adequate space Additional intermediate expansion capabilities
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COMPANY COMMITMENTS Project Continental will maintain the current employment level – 1000 jobs The employment base in Palm Coast will be increased by 700 jobs New investment capital of $20 million
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CITY INCENTIVES Lease City Hall for $240,000 annually for three years with an option to purchase at $3 million Vacate City Hall by November 1, 2008 City will mitigate wetland Expedite permitting Unlimited use of municipal Fiber Optic usage at no cost to Project Continental for two years
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CITY INCENTIVES (continued)
Ad Valorem Tax Abatement with an estimated value of $406,000 over ten years Real property construction - 100% Ad Valorem Tax Abatement for five years, 50% tax abatement for five additional years Personal Property 1-3 years 75% abatement 4-6 years 50% abatement 7-10 years 25% abatement
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OTHER INCENTIVES State of Florida considering grant incentives
Flagler County will consider additional economic development incentives
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WHAT DOES PROJECT CONTINENTAL MEAN TO THE COMMUNITY?
Based on Fishkind & Associates, Inc. Economic Impact Analysis
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WHAT IS AT RISK? 1,000 primary jobs at Project Continental
466 indirect jobs $102.7 million of annual local economic activity 15-20% unemployment Additional downturn in every aspect of our local economy
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WHAT DO WE STAND TO MAINTAIN/GAIN?
1,700 primary jobs 793 indirect jobs $174.6 million of annual local economic activity $20 million (minimum) of capital investment 362 construction and associated jobs with $29.4 million economic activity
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QUESTIONS/ COMMENTS
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