With Bay County's unemployment rate nearing 10%, community leaders are welcoming the prospect of more than 200 new jobs at an average annual wage of about $37,000 a year.
Panama City mayor Scott Clemons says, "In these difficult economic conditions we're in, it would be a tremendous boon to the whole county."
Job seeker Darryl Partee, Jr., says, "I really do like the idea of some extra jobs coming in here because it's already hard enough to find a job, so that should definitely open up opportunities for everybody."
Coast Water Efficient Technology, or Coast WET, manufactures efficient plumbing fixtures. It has moved its headquarters to the Beach Commerce Park in Panama City Beach, but representatives say its plan still needs to be finalized.
That plan includes a land deal that goes before the Panama City Community Redevelopment Agency (CRA) Tuesday. The proposal calls for the Downtown North CRA to buy a piece of land on the corner of Highways 231 and 77 for $1.6 million.
The CRA would then lease it to Coast WET, which would make improvements to the property. Mayor Clemons says, "They would pay us that money back over a twenty year period of time, plus interest. If for some reason, they were to default, we would still own the land plus any improvements on the land."
Officials say it's a win-win situation for the city. Panama City commissioner Billy Rader says, "This is not a bailout, this is not a loan. We're not doing that. We're going to be paid back."
Mayor Clemons says he thinks the long-term forecast is good, and the industry will keep jobs in Bay County for years to come.
Both the city and the state provided incentives, including tax refunds and exemptions, to bring Coast WET to Panama City. If the CRA approves the land deal, there will be a sixty day due diligence period before any final contract is signed.
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