Incentives Used to Attract New Business to Space Coast

For anyone wondering what sorts of incentives Florida can offer to companies relocating to the Space Coast, AAR Corporation’s decision to move its airlift services and specialized airlift modifications businesses to Melbourne International Airport offers some pretty good data. According to press releases from Florida organizations involved in the deal:

As part of the deal, Space Florida will provide up to three years of rent deferment funding and assistance in securing equipment and building infrastructure at commercially-competitive terms. Space Florida will also assist AAR’s business development efforts by facilitating ongoing working relationships between AAR and the DoD and U.S. State Departments. Additionally, Space Florida will work in partnership with the EDC to leverage job training assistance and support the company’s overall relocation to Florida.

The Economic Development Commission of Florida’s Space Coast developed a unique proposal to assist in the relocation of employees, included a targeted program for the purchase of new and existing homes. AAR was awarded a State of Florida Qualified Target Industry Tax Refund (QTI) to assist in offsetting the cost of relocation, employee training, and infrastructure. The Melbourne International Airport Authority awarded AAR the required local match for the QTI program.

At full employment, AAR expects to house 225 employees with an average annual salary of $65,000. The total economic impact to Brevard County’s economy is projected to be $42.3 million, leveraging a total corporate capital investment of approximately $17.5 million.

“AAR is a great example of the type of company that will help Florida diversify its aerospace economy to position for success in the coming months and years,” noted Space Florida President Frank DiBello. “This company is well-established in the defense industry and will bring continued innovation to Florida’s aerospace industry. We are extremely pleased to welcome them to the Space Coast.”