Coral Springs woos valve systems firm

Coral Springs is pulling out all the stops to ensure that a major company that is currently located in another city within the county relocates to its corporate park rather than move to Texas.

At last week’s City Commission meeting, officials approved the city shelling out a financial incentive of $426,000, over a period of five years, as part of a joint effort to keep the company in Broward. The company, which currently goes by the code name Project Osprey, manufactures and supplies compression valve systems for the natural gas industry.

If the company makes Coral Springs its home, it will create 420 new jobs with an average salary of $56,000, in addition to retain 357 existing jobs. It will have a capital investment of about $55.6 million, including the purchase of 245,000-sqare-foot facility in the corporate park.

“This project would be great to keep in Broward County,” Ana Zeinieh, the city’s new economic development manager, told officials. “We are competing with Texas. This project alone will be one of the biggest we have had in Florida in a long time.”

As it comes under the state list of qualified target industries, Project Osprey qualifies for a total Qualified Target Industry Tax Refund (QTI) of $1.26 million, of which the city and the county will pay $126,000 each. In order to further woo the company, the state is also providing another incentive of $2.1 million from the Governor’s Quick Action Closing Fund. The city’s share of the closing fund will be $300,000.

Commissioner Dan Daley, who spoke to a person involved with the project during a recent visit to Tallahassee, said that the company was interested in moving to Coral Springs. The incentive that Texas has offered is “monumental,” he added.

The project is being coordinated by the Greater Fort Lauderdale Alliance through Enterprise Florida and the county. Mayor Skip Campbell, while thanking the alliance for its efforts, also sought divine intervention to make the project happen.

“We should have an answer by the end of the month,” said Campbell. “This will be huge, if it happens. We have to keep our finger crossed. Since it is Passover and Easter, put in a prayer to God that this happens because it will be great for the city.”

Coral Springs has had mixed success when it comes to wooing QTI companies to its corporate park. While it was able to attract one pharmaceutical company, another one, which was bigger in size and went by the code name “Project Rock Solid,” decided on another location in spite of the city offering it $825,000 as an incentive to relocate.

Copyright © 2015, Sun Sentinel

Article source: http://www.sun-sentinel.com/local/broward/parkland/fl-cspf-project-0408-20150406-story.html?track=rss

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