Bay OKs GKN incentives

PANAMA CITY, Fla. — The Bay County Commission on Tuesday approved $750,000 in incentives for GKN Aerospace Florida Inc., which plans to open a parts manufacturing facility at Venture Crossings, part of Northwest Florida Beaches International Airport. The incentive funds would come from tax dollars the company would be paying into Bay County in the coming years, county officials said. The company will be required to create at least 170 jobs at an annual wage of $63,156 in Bay County by Dec. 31, 2020, or a mutually agreeable date, and maintain each of those jobs for at least three years from the date of their creation. The company also must spend $55 million in capital expenditures. Becca Hardin, president of the Bay Economic Development Alliance, said the company will not receive any financial support until the jobs are created. (Source: Panama City News Herald, 02/22/17) Previous