PANAMA CITY — A defense and professional services company is looking to expand its business in Panama City, and may be one step closer this week.
The Bay County Commission is set to consider providing $30,000 in local incentive funding for the project at a meeting Tuesday, a requirement under Florida’s Qualified Target Industry Tax Refund (QTI) economic incentive program.
Dubbed “Project Dove” by the Bay County Economic Development Alliance, the environmental consulting company expansion would create a minimum of 30 new jobs with an average wage of $66,520 per year, 200 percent of the county’s average annual wage. The project would also create 17 indirect jobs for the area.
According to the EDA’s Economic Impact Analysis, Project Dove would have a total wage impact of $2.7 million. Additionally, the report specifies that for every 10 jobs created, about 5.4 jobs will be created by other area businesses.
The company is applying for $150,000 under the state QTI program, which requires a 20 percent local match by a local government entity.
The QTI program provides tax refunds for companies creating high-wage jobs, offering $3,000 for every job created. Project Dove also qualifies for a $2,000 per job bonus because wages top 200 percent of the area’s average annual wage.
Although Bay County is on the top of the list for the project, it is not yet a done deal. The company is also considering expanding at one of its existing locations in Texas, Missouri or Maryland.
Because incentives are performance-based, the county’s local matching funds will only be paid if the company creates the jobs at the wage rate outlined in its application.