LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
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PORT OF PENSACOLA - TRIUMPH GULF COAST GRANT AGREEMENT - AMERICAN MAGIC HIGH PERFORMANCE MARITIME CENTER AT THE PORT OF PENSACOLA
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RECOMMENDATION:
recommendation
That City Council approve the acceptance of the Triumph Gulf Coast Grant Agreement for Project #315 in the amount of $8,500,000 for the renovation and finish out of the partially completed warehouse 10 at the Port of Pensacola, to include a 50-foot addition and partial match for construction of a dock and boat ramp. Further, that City Council authorize the Mayor to take the actions necessary relating to the acceptance and execution of this grant, consistent with the terms of the agreement and the Mayor’s Executive Powers as granted in the City Charter. Also, that City Council adopt a resolution accepting the grant award and authorizing the Mayor to execute the grant.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
United by a mandate to win the America’s Cup, American Magic is developing a pathway for a generation of engineers, boatbuilders and technicians to enhance the marine industry in the United States and set Pensacola on a trajectory of being a leader on the world stage. The facility is required to secure headquarters relocation of Bella Mente Quantum Racing Association (American Magic) to the Port of Pensacola.
Buildout of the facility will allow American Magic, which has utilized the Port of Pensacola on a temporary, seasonal basis, to permanently relocate their training and boat building facility to the Port of Pensacola, creating 150 high wage jobs.
As a requirement of the grant, the City of Pensacola will retain ownership of the facility and the space will be leased to American Magic. The dock and boat ramp will be utilized by American Magic as well as other Port tenants.
The grant requires project completion no later than December 31, 2026 and that 150 jobs are created by American Magic and 20 additional jobs are created by related Port tenants. This grant is one of three grant awards related to this project.
PRIOR ACTION:
N/A
FUNDING:
Budget: $ 3,963,120 Governor’s Job Growth Infrastructure Grant
$ 8,500,000 Triumph Gulf Coast
$ 2,625,000 FSTED Grant
$15,088,120
Actual: $15,088,120 Engineering, Permitting and Construction
FINANCIAL IMPACT:
Funding from this grant will be used in conjunction with the Governor’s Job Growth Grant Fund award and the Florida Seaport Transportation Economic Development (FSTED) grant award.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
8/28/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Miller, Assistant City Administrator
Erica Grancagnolo, Economic Development Director
Clark Merritt, Port Director
ATTACHMENTS:
1) Triumph Grant Agreement for Project #315
PRESENTATION: No end