by David Chapman
Staff Writer
Kaman Aerospace is seeking incentives to expand its local operations by 200 jobs.
The Jacksonville Economic Development Commission will consider a proposal Thursday of a $2.1 million Qualified Targeted Industries tax rebate in addition to other rebates, for a total public investment of $3.2 million from both the City and state.
Kaman Aerospace Corporation, a division of Bloomfield, Conn.-based Kaman Corporation, has a Jacksonville facility and is considering leasing an existing 280,000-square-foot facility within Imeson Industrial Park, part of the Enterprise Zone, to house the new addition. Among its products, Kaman Aerospace Corporation produces and markets proprietary aircraft bearings and components along with complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft among others.
Through expansion of its existing operations, Kaman is proposing to create 200 new, full-time jobs with an average wage of $46,000 plus benefits valued at $12,000 by Dec. 31, 2016. According to project parameters, the jobs would generate $9.2 million in annual payroll.
The job creation schedule is broken down into three phases, with phase one creating 20 jobs by Dec. 31 of this year, phase two creating 55 additional jobs by Dec. 31, 2012 and phase three creating 125 additional jobs by Dec. 31, 2016.
The total public investment the project would be $3.2 million, with the City portion covering $651,000 and the state contributing $2.54 million. The City’s portion would cover both the QTI tax refund ($231,000) and a Recaptured Enhanced Value Grant ($231,000). The state’s QTI tax rebate portion would be $1.68 million. Other contributions include a Governor’s Quick Action Closing Fund worth $500,000 and Quick Response Training Program worth $360,000, both of which are contributed by the state with no local match.
The project, dubbed ‘Project Cochise’ by JEDC, proposes Kaman will invest $28 million in new private capital for renovations, manufacturing and computer equipment, furniture and fixtures.
Commission staff is also recommending the Enterprise Zone boundary within the park to include a greater amount of usable acreage for the project by eliminating unusable area such as rights-of-way, roadways and parking lots that would allow the project to qualify for additional rebates in the form of Brownfield and EZ QTI bonuses. If successful with all the different programs, the total amount available under the QTI program would be $10,500 per job.
Kaman reached an agreement with the City in 2002 to add 360 new full-time jobs by Dec. 2005 and was compliant with the agreement.
According to the project’s executive summary, Kaman is considering the project in other communities in both the U.S. and Mexico.
Kaman has several facilities around the U.S., Canada, the United Kingdom and Germany and reported net sales of $1.3 billion and net earnings of $38 million in 2010.
The company’s current Jacksonville facility is located at 227 Gun Club Road.
356-2466