Up to 700 New Jobs if Unnamed Company Picks Palm Coast

In a special meeting yesterday, Palm Coast City Council voted on a resolution that revealed that a large company is considering a move to the area.

Palm Coast, Florida – July 30, 2008 – The company has a name but Palm Coast City Manager Jim Landon could not reveal it. A code name, Project Continental, is required because the company is adamant that its identity remain confidential, a common practice in the world of economic development. Palm Coast is competing with two other states to attract a large company that promises 700 well paying jobs. Such competition typically involves incentive packages offered by both local and state governments. In this case, Project Continental will be offered both.
 
All Landon could say about Continental was that it was a large, healthy, and growing company that was eager to make a decision soon.
 
The city resolution dealt with an application under the Qualified Target Industry program, an incentive program created by the state. The program requires creation of jobs paying an average slightly higher than the wage projected by Continental, whose anticipated average wage is $29,530 plus about $10,000 per employee for benefits. To assure that the wage level does not present a problem with state reviewers, the resolution requests a waiver, as allowed in the statute. Two reasons for the waiver are cited:
  • Flagler County’s unemployment rate is one of the highest in the state.
  • Palm Coast is designated as a "Rural City" and Project Continental will be creating primary jobs within this rural area.
During the discussion phase, it was revealed that Flagler County is also involved with the Continental recruiting effort as well as with two other unnamed projects. Palm Coast and Flagler County have a very low industrial and commercial tax base. Unlike residential property owners, industrial and commercial entities pay more into the property tax system than they require in government provided services. Increasing their number will reduce residents’ taxes without diminishing services.
 
Current city and county managers and most elected officials have made industrial development a high priority. Not only should they do so, they must. Citizens should be supportive of their efforts. Local government will have to match 20% of the state grant.
 
In addition to the city and county, the State of Florida and Enterprise Flagler, the local economic development agency, are actively participating in the recruitment effort. The state review cycle may take 4 – 6 weeks. City review and passage of the final incentive package should be completed by early September.
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