On Tuesday, the Okaloosa Board of County Commissioners authorized the advertising of a public hearing for the January 18, 2022 meeting. The purpose of the hearing is for the consideration of an Ordinance approving an ad valorem tax exemption for Project Blue Waves (confidential name).
The Economic Development Council of Okaloosa County has been working with an entity known as Project Blue Waves for the purpose of expanding a business located in the County.
Here’s what we know:
- Project Blue Waves is an operation looking to establish its business within the State of Florida and is looking to expand their existing business within Okaloosa County.
- This company is a manufacturer and an Okaloosa County defense contractor.
According to One Okaloosa EDC, Project Blue Waves is considering a capital investment of $2,550,000.00 within two years. The company would create potentially 12 new jobs with an average wage of $75,000 (168% of the average wage in Okaloosa County).
- The incentives would be provided through both the County and the City of Fort Walton Beach.
- The total extent of ad valorem tax exemptions being considered by the County would be for $1,093.00 new tangible personal property and $76,616.00 in real property added or increased after the date of the Ordinance through the exemption period which is 10 years.
The City of Fort Walton Beach could also potentially grant an ad valorem tax exemption from new tangible personal property in the amount of $1,521.00 and $106,585.00 in real property over the same 10 year period, according to the county.
- Project Blue Waves is considering an expansion of its existing lease in the Fort Walton Beach Commerce and Technology Park.
A decision concerning the expansion of the business is contemplated by January 2022.
You’ll remember, that the new Dunkin’ Donuts manufacturing facility was granted the same type of ad valorem tax exemption back in June.
