Florida State University (“FSU”) announces $98.4 million in Triumph Gulf Coast funding for an aerospace and advanced manufacturing facility in Bay County, Florida within or near the Northwest Florida Beaches International Airport and the adjacent VentureCrossings Enterprise Centre. The facilities constructed as part of the project will be designed to accommodate both secure and open contract and grant work for the aerospace and defense industries. Triumph Gulf Coast will provide $98.4 million, and the university will invest another $65 million and commit to securing more than $230 million in contract and grant activity. “This is a monumental initiative that will transform research and development activities in Northwest Florida,” said FSU Vice President for Research Stacey Patterson. “This area is experiencing incredible growth, and there are tremendous opportunities for collaboration in manufacturing, aerospace and defense. We are excited to get started on this initiative and to work with all our partners in Northwest Florida to ensure its enduring impact.”
Triumph Gulf Coast votes to move $98M FSU project forward to support aerospace, manufacturing facilities in Bay County - Florida State University News
The Triumph Gulf Coast Board voted this week to support a $98.4 million Florida State University project that would build […]
The Triumph Gulf Coast Board voted this week to support a $98.4 million Florida State University project that would build aerospace and advanced manufacturing facilities in Panama City.
The Institute for Strategic Partnerships, Innovation, Research, and Education (InSPIRE) will include operations within or near the Northwest Florida Beaches Airport and the adjacent Venture Crossings technology park. The facilities constructed as part of the institute will be designed to accommodate both secure and open contract and grant work for the aerospace and defense industries.
On Tuesday, Nov. 7, a delegation from FSU that included President Richard McCullough and Vice President for Research Stacey Patterson presented the proposal to the board, which voted unanimously to forward the project. The university and board will now negotiate the terms and contract.
“We are so appreciative of the Triumph Board for their support of this project and seeing the vision we have for the institute,” McCullough said. “FSU is invested, not just in Tallahassee, but in the entire Florida Panhandle and beyond. We believe when we work together with industry to promote economic development and partner closely with the community, it expands opportunities for everyone in the region. This project takes advantage of FSU’s expertise and resources, and it is designed specifically to serve the Panhandle’s needs and have a generational impact on the region.”
Triumph will provide $98.4 million, and the university will invest another $65 million over the next 10 years. The university has also committed to securing more than $230 million in contract and grant activity.
Initial economic projections suggest that for every $1 spent on the project, there will be $10 in economic activity generated.
“Florida State has been an incredible partner in proposing and executing projects that can create meaningful change in the eight-county region,” said David Bear, chairman of Triumph Gulf Coast. “The InSPIRE project holds so much potential and excitement for the area. Northwest Florida is booming and already has a great foundation in defense and manufacturing that we can build upon, and the InSPIRE project does just that. I’m looking forward to working with our partners at FSU in the coming months and years to see where this project takes us.”
The project, as initially approved by Triumph, includes not only applied research facilities but also funds to grow the number of engineering graduates in Panama City. In addition, funds will be dedicated to STEM outreach activities in the eight-county area served by Triumph.
Triumph Gulf Coast Inc. is a nonprofit corporation that oversees the majority of the funds recovered by the Florida attorney general for economic damages to the state from the 2010 Deepwater Horizon oil spill. Triumph is required to administer the funds to projects in the eight counties that were disproportionately affected by the oil spill — Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin and Wakulla.
“When I was in the Legislature, I was proud to have helped create Triumph, and it’s projects like these that are so important to this region’s growth and sustainability,” said Jimmy Patronis, chief financial officer of Florida. “Through my appointment authority, we wanted to ensure only the best projects made it through, and I’m thrilled to see the university develop and promote new projects and economic development in the Panhandle. Universities are home to great innovators, and Florida State University is no exception. This project will take those innovative minds and put them to work building greater aerospace and manufacturing research and development efforts in the Panhandle.”
FSU has previously worked with Triumph on projects at FSU-Panama City and FSU Coastal and Marine Laboratory.
“This is a monumental initiative that will transform research and development activities in Northwest Florida,” said FSU Vice President for Research Stacey Patterson. “This area is experiencing incredible growth, and there are tremendous opportunities for collaboration in manufacturing, aerospace and defense. We are excited to get started on this initiative and to work with all our partners in Northwest Florida to ensure its enduring impact.”
