Wednesday, July 18, 2018

Aero projects funding get prelim OK

Triumph Gulf Coast on Wednesday gave preliminary approval to $64.5 million in grants to expand the region’s aerospace and aviation infrastructure. The Triumph board voted unanimously to support $56 million in major expansions of the Pensacola International Airport’s maintenance, repair and overhaul facilities and $8.5 million for substantial expansion of Whiting Aviation Park in Santa Rosa County. Triumph Chairman Don Gaetz said the investments “will directly create over 3,100 high-paying jobs” and grow Northwest Florida as a leader in aerospace. The funds for Pensacola is contingent upon obtaining more than $75 million now being sought from city, county, state and federal sources and $59 million in commitments to the project by private companies. The next step for the Pensacola and Whiting projects is agreement on a term sheet that will stipulate the obligations of all funding partners and include performance requirements and a “claw back” that would allow Triumph to reclaim its funds if jobs aren’t created and sustained, as committed by the private and public sponsors of the proposals. (Source: Triumph Gulf Coast, 07/18/18)