PINELLAS PARK, FL (June 30, 2011) Through an expansion of its Pinellas Park, Florida facility, Nautical Structures Industries, Inc. (NSI) plans to create an estimated 30 jobs over three years.
"This is excellent news for Pinellas," says Pinellas County Commission Chair Susan Latvala. "To see a local company successfully grow is always cause for celebration, and it's especially poignant when that growth brings new, high-wage jobs to our area."
Bob Boline, President of Nautical Structures adds, "We are thrilled to report that business is great and it's the right time to take our operations to another level. The City of Pinellas Park and Pinellas County Economic Development (PCED) have been enormously helpful as we've put together our expansion plan."
Nautical Structures is a marine manufacturer specializing in accessories for yachts such as stairs, deck cranes and boarding equipment, as well as the production of specialized davits and cranes for commercial marine and military uses. NSI will also move their subsidiary contract manufacturing company Precision Metal into the facility to share critical computer numerical control (CNC) machinery.
The company will utilize Florida's Qualified Target Industry (QTI) tax refund program to allay the costs of expansion, making the decision to stay in Pinellas a more viable alternative to taking the company out of state. In partnership with the Governor's Office of Tourism, Trade and Economic Development (OTTED), Enterprise Florida, the City of Pinellas Park and Pinellas County, the QTI program allows new and expanding Florida businesses in targeted, high-growth industries that create new, high-paying jobs to receive tax refunds for every new job created.
Additionally, an Industrial Revenue Bond (IRB) will help Nautical Structures finance the expansion project. IRB's are issued by local governments on behalf of qualified manufacturers and 501 (c) 3 non-profit organizations and offer tax-free, below-market-rate, long term financing of land, buildings and equipment.
"Through incentive programs like the QTI and financing tools such as an IRB, Florida can effectively compete with other areas," explains Mike Meidel, Director of Pinellas County Economic Development. "The retention of existing businesses is critical to Pinellas County's economic success. By helping Nautical Structures grow its operations in Pinellas Park, existing jobs will be retained and new jobs will be added. Wages from these jobs will have a local economic impact of $1.9 million annually."
Nautical Structures' capital investment of nearly $6 million includes the purchase of five acres of land and a vacant 94,000-square-foot building in Pinellas Park.
The company plans to renovate this space to meet its unique needs, a redevelopment project that greatly pleases Pinellas Park Mayor William F. "Bill" Mischler. "I am very happy with Nautical Structures' choice to remain in Pinellas Park," he says. "Job creation, repurposing of an underutilized site, business retention... these are all elements of a healthy city that will greatly benefit the citizens of Pinellas Park."
"Working with Pinellas Park and the PCED staff has been a great experience," asserts Daniel Rooney, Vice President of Operations. "We've found so many opportunities to build our company through our relationship with these partners."
In addition to assistance with the QTI and IRB processes, PCED provided Nautical Structures with information on Florida's Target Sector Trade Event Grant program, which offers event-specific grants on a reimbursable basis to eligible small companies (500 employees or less) in one of Enterprise Florida's target sectors.Through the receipt of a $3,250 Trade Event Grant, members of the company were able to attend the Sanctuary Cove International Boat Show in Queensland, Australia.
Boline concludes, "Keeping our business growing right here in Pinellas was absolutely the right decision and we'll continue to tap the impressive abilities of these local agencies that do so much to make Pinellas a superb place to do business."
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- Jobs at Nautical Structures: Please attach a resume and email a cover letter to info@nautical-structures.com with the word RESUME in the subject line.
Media Contacts:
Stacey Swank, Pinellas County Economic Development, 727-464-7425, sswank@pinellascounty.org
Lynsy Skewes, Nautical Structures, (727) 541-6664, LSkewes@nautical-structures.com
