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Foreign Manufacturing Company Agrees To Lease Century Industrial Park Building
January 19, 2023
A 50-year old foreign company is ready to lease a Century building in a town-owned industrial park, according to the FloridaWest Economic Development Alliance.
The company will set up their first domestic manufacturing and warehouse distribution facility serving the oil and gas industry in what is commonly known as the Helicopter Technology Building.
Company officials were in Century last week to meet individually with each town council member and look at any potential upgrades to the 40,000 square foot building.
A lease was prepared for approval this week, but due to an apparent clerical mistake it was not provided to council members in advance. They will vote on accepting the lease terms at an upcoming meeting.
The company has agreed to pay the appraised value of the building — $7.833.33 a month, totaling $188,000 the first two years. The lease will continue for five years with a 3% annual increase beginning in the third year. The company will accept the building “as-is” and pay all utilities, maintenance, insurance and taxes.
The town re-acquired the industrial building at public auction for less than $1 out of pocket back in August 2009, following the town’s foreclosure judgment against the now defunct Helicopter Technology company. The building has sat empty since then.
According to FloridaWest, the company plans to hire five people initially, with a goal of 10 employees by the end of the year with an average salary of $46,570 — the average wage in the Pensacola area. The company hopes to begin warehouse operations by the end of February with a forthcoming expansion into manufacturing.
The FloridaWest Economic Development Alliance is the economic development organization for Escambia County. Most details about the new company and their plans remain confidential during discussions, as is allowed and is standard in economic development in Florida.
NorthEscambia.com file photo.
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