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The City of Titusville, Florida / Community Development / Economic Development / NewsAerospace firm plans move into Port Canaveral's Titusville Logistic Center
An aerospace company plans to become the first tenant of Port Canaveral's Titusville Logistics Center on U.S. 1.
Details of the pending deal came out Friday, as the North Brevard Economic Development Zone board unanimously approved a set of financial incentives for the company, which is being called "Project Signal" to protect its identity for the time being.
The incentives will be "performance-based" — tied to how many jobs the company creates and how big an investment it makes at the site. The company also is seeking state incentives through the Florida Qualified Target Industry Tax Refund Program, which would require creation of at least 10 jobs.
At the minimum, the company plans to create at least eight jobs paying an average of $50,261 a year and plans to make a capital investment of $2.4 million.
In his presentation to the North Brevard Economic Development Zone board, Greg Weiner, senior director of business development of the Economic Development Commission of Florida's Space Coast, said the company's initial job projection could be just the beginning.
"They could be significantly bigger pretty quickly," Weiner said.
Weiner said Project Signal is "an international aerospace firm" that has a presence in a half-dozen countries. And while it may not be a household name, "it will be a great company to have in the community," Weiner said.
An economic impact analysis prepared by the Economic Development Commission indicated that the company is in the space vehicle manufacturing industry.
Weiner said the company chose to expand to the United States to help it gain access to the U.S. aerospace market, as well as to fulfill a contract with satellite manufacturer OneWeb Satellites, which plans to open a 250-employee facility at Exploration Park, at the southern edge of Kennedy Space Center.
Weiner said the company has been in discussions with the Economic Development Commission for about six months, and also had been considering expanding in Alabama.
Aerospace company "Project Signal" plans to occupy about 23,800 square feet of the 246,240-square-foot Titusville Logistics Center at 7700 U.S. 1 in south Titusville. (Photo: DAVE BERMAN, FLORIDA TODAY)
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These were the incentives that the North Brevard Economic Development Zone board approved:
• A grant based on job-creation activities. The company would get $10,000 for creating eight jobs; $25,000 for creating 10 jobs; and $50,000 for creating 15 jobs. If it creates 10 or more jobs, some of that money would act as a required local match for state incentives under the Qualified Target Industry Tax Refund Program.
• A capital investment grant based on 70 percent of the general fund property tax tied to the project collected by Brevard County for five years, and 40 percent of the general fund property tax collected by the city of Titusville for 10 years.
The Qualified Target Industry Tax Refund Program incentives could total an additional $3,000 per job created.
Project Signal plans to occupy about 23,800 square feet of the 246,240-square-foot building.
"We finally broke the ice" in getting a tenant for the building, which was completed earlier this year, Weiner said. "And we're happy about it."
Weiner said the company could move into the facility as early as December.
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Brevard County Commissioner Robin Fisher, who represents North Brevard, said he is pleased to see the Titusville Logistics Center line up its first tenant.
Having the complex, located at 7700 U.S. 1, available for lease is a plus in attracting companies and jobs to the area, Fisher said.
Weiner said there have been a number of companies interested in leasing space at the center.
But, because the facility was designed for warehouse and distribution companies, a manufacturer likely would need to make wiring and air-conditioning modifications to its space.
Port Canaveral Director of Real Estate Scott Shepard said port officials could not discuss tenants of the Titusville Logistics Center until deals are finalized.
He said the port is negotiating a lease with a potential tenant, and Canaveral Port Authority commissioners could vote on approving the agreement at their Sept. 28 meeting.
Contact Berman at 321-242-3649 or firstname.lastname@example.org.