SHARE:
Northwest Business Briefs - Nov. 2007
Crestview —
New York-based L-3 Communications has named Barry Steiner president of L-3 Crestview Aerospace, an L-3 unit since last year’s $135-million purchase of Crestview Aerospace. Steiner replaces Chuck Shanklin, whose family founded the Crestview company in 1991 and expanded it to Okaloosa County’s largest private employer, currently at 1,064.
Escambia County —
County administrator George Touart stepped down after newspaper stories about his alleged personal ties with people doing business with the county, including an owner and the seller’s representative in a proposed $1.41-million county land purchase. Assistant county administrator Bob McLaughlin was named interim administrator.
» The county is chipping in $4 million for a $22.7-million project to four-lane 14 miles of Alabama’s Highway 113 just over the state line to help future Florida Panhandle hurricane evacuees connect more quickly to I-65. The project also paves the way for easier tourist access to Pensacola-area beaches.
Graceville —
The opening of Graceville Corrections Facility, a $70-million, 1,500-bed prison operated by the GEO Group of Boca Raton, adds 314 jobs to the 1,650 already provided by the county’s five correctional facilities. An additional 384 cell spaces in the legislative pipeline will make Graceville Corrections Facility the state’s largest for-profit prison.
Milton —
Canada-based MTI Global purchased the silicone extrusion business of Mold-Ex, which recently downsized. It’s now MTI Specialty Silicones, employing 80.
Northwest Florida —
Upcoming military realignments at Okaloosa County’s Eglin Air Force Base will initially trigger a $13.7-million economic loss and 1,078 population decrease, but subsequent incoming units will reverse the trend, according to a University of West Florida Haas Center study. The predicted impact by 2020 on Okaloosa, Walton and Santa Rosa counties: 6,000 new jobs, a 10,690 population increase and a $468.8-million economic growth.
Pace —
Jubilee, a 2,718-acre project announced this spring by Atlanta-based Eagle Group, has been taken over by its financial backers, 2718 Santa Rosa LLC investment group, led by California mortgage banker Barney Ng. The project, halted in August following the filing of
$3.8 million in liens against Eagle Group and its contractors, was on track to resume in October.
Panama City Beach —
The Tourist Development Council voted to eliminate a $400,000 promotional budget for college spring break and instead plans to allocate $150,000 to partner with MTV Network for spring break productions. The annual wave of college students brings more than 200,000 but has been providing only 10% of annual bed tax collections while soaking up 30% of previous tourism marketing budgets.
Pensacola —
Texas-based Coldwell Banker United has purchased JME Realty, the Pensacola Bay area’s largest residential and commercial real estate company, with 19 offices and 550 agents in three states. JME founder Joe Endry is now president of the firm’s Gulf States Development department.
» Pensacola Junior College has received a $1.25-million grant to help low-income and first-generation-in-college military veterans pursue degrees. The funding from the U.S. Department of Education Veterans Upward Bound program will provide assistance for 120 veterans annually for five years.
Tallahassee —
More than 200 investors pooled more than $12.5 million to capitalize the September startup of ProBank, Tallahassee’s first new bank in a half-dozen years, according to President and CEO Bryan Robinson. The bank will be open on Sundays. It’s the third bank startup for Robinson.
