PANAMA CITY — The local economy soon will take flight with 120 new aerospace technology jobs at the Northwest Florida Beaches International Airport, officials with the Bay County Economic Development Alliance (EDA) announced Friday.
Edge Aerodynamix Inc. will utilize space at the airport to test and develop its new BladeGuard technology, a product that will reduce drag and provide significant fuel savings for all types of aircraft.
The project is expected to create more than $77 million in capital investment for Northwest Florida, with 120 jobs in manufacturing, research and development, and marketing paying 150 percent of the average annual wage of Bay County.
Edge President Zana Ireland said the company’s choice to locate to the area centered on the breadth of opportunity at the Northwest Florida Beaches International Airport near West Bay.
“This area gives our company plenty of room for future growth, an aviation-centric workforce and offers a business-friendly environment for our operations,” Ireland said. “We are thankful that local leaders have placed their trust in us and partnered with us to make this dream a reality.”
Ireland has been conducting testing for BladeGuard in the area for the last several months and plans to be in production within a year. She said the company also was considering several other international and domestic sites.
“We could have chosen to locate anywhere on the planet and we chose Bay County,” Ireland said. “We’re excited to be here.”
To aid in the project, Edge Aerodynamix will receive $720,000 in incentives, or $6,000 per job created, through the state’s Qualified Targeted Industry Tax Refund Program, designed to encourage growth in high-value businesses.
Edge Aerodynamix has committed to a wage of $50,000, about 150 percent above the $33,251 average annual wage in Bay County.
While the majority of the incentive funding will be provided by the state, 20 percent of the total will come from a required local match from Bay County. The incentives provided are performance-based and require companies to create and maintain jobs for a year before they receive one-third of the funding.
Bay County Commission Chairman Guy Tunnell said the board is pleased to support a company dedicated to growing jobs in the local community.
“The Bay County Commission is committed to relocating businesses and jobs here and helping local, already-established businesses grow and prosper,” Tunnell said. “We’re excited about the opportunity to offer tax incentives to companies who prove their commitment to this community, and the company we’re unveiling today is well on its way to meeting its commitment.”
U.S. Rep. Steve Southerland also spoke at the event and pushed for the community to work together to keep the ball rolling.
“I think we need to replicate this over and over and over again,” said Southerland, R-Panama City. “I would not trade our opportunities in this community for any other community in the country.”
The project also received a nod from Florida Gov. Rick Scott, who released a statement following the announcement. “Edge Aerodynamix’s creation of 120 jobs in Panama City is great news for Florida families,” Scott said.
The announcement marked the culmination of a half-day EDA summit at the Gulf Coast State College Advanced Technology Center in which investors discussed ways to better position the community for job growth in the coming years.
