Triumph Gulf Coast’s board of directors is providing a $25 million grant to Project Spinner, a $107.5 million initiative to build a jet engine maintenance facility at Northwest Florida Beaches International Airport. The project is expected to create 500 jobs and generate $479 million in revenue over a decade.
Triumph Gulf Coast’s board of directors voted Thursday to award a $25 million grant to support an aviation project at Northwest Florida Beaches International Airport. The decision kicks off development of Project Spinner, a $107.5 million effort that includes construction of a jet engine maintenance and repair facility.
The project, which will be partially funded by private investment, will see the construction of a 100,000-square-foot maintenance, repair and overhaul (MRO) facility at the airport. The facility will focus on commercial aircraft engine maintenance and is expected to become an integral part of the region’s aviation sector. In addition to the MRO site, the project will include an engine test facility and a parts distribution and test center in nearby Lynn Haven, according to the grant application.
Triumph Gulf Coast’s $25 million grant covers about 23 percent of the total project cost, with the remaining $82.5 million coming from the private sector. Space Florida, the state’s aerospace and spaceport development agency, will finance and build the MRO facility. Under the agreement, the facility will be leased to the company behind Project Spinner, with ownership to be transferred to the airport authority.
The development is estimated to create 500 jobs in Bay County, with an average annual wage of $60,000. Over the next decade, the project is expected to generate approximately $479 million in household income, representing a return of $19.20 for every dollar of Triumph Gulf Coast grant. The organization’s economic consultant gave the project an “A” rating based on its potential impact.
As explained during the meeting, the region’s proximity to key military bases and original equipment manufacturers is seen as beneficial for aerospace development. In addition, Project Spinner will align with existing initiatives, such as Florida State University’s InSPIRE program, which focuses on advanced manufacturing and aerospace research.
Construction of the project is scheduled to begin in early 2025, with funds from Triumph Gulf Coast allocated over a two-year period.
