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UWF - Sustainable Economic Development Initiative

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As a result of the damage caused by the Deepwater Horizon oil spill, the University of West Florida was contracted by the state to develop the Sustainable Economic Development Initiative program.

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UWF - Sustainable Economic Development Initiative

  1. 1. Sustainable Economic Development Initiative
  2. 2. U.S. Coast Guard Video of Fire Engulfing Deepwater Horizon at BP-Operated Macondo Prospect in the Gulf of Mexico
  3. 3. More than 43,000 Sq. Mi. of Surface Water Oiled
  4. 4. At least 1,300 Miles of Coastal Shoreline Impacted
  5. 5. Untold Damage to Wildlife, Habitat, Other Natural Resources
  6. 6. Northwest Florida Before Oil Spill Disaster
  7. 7. Decline in Visitation & Tax Income Before Landfall, After Clean-Up
  8. 8. Visitation Decline = $4 Billion State-Wide Economic Damages
  9. 9. Great Recession, Hurricane Ivan
  10. 10. Governor and Legislature Adopted the Oil Spill Recovery Act in 2011
  11. 11. UWF’s Office of Economic Development & Engagement Directed to Administer $30 Million Economic Recovery Fund
  12. 12. Industry Recruitment, Retention, & Expansion Fund Grant Program: Overview and Economic Impact • $30 Million State Appropriation • 8 Disproportionally Affected Counties • IRREF • Performance-Based Model • Jobs = 3 Years Minimum • 51% Export Requirement • Payment Upfront or Back-End − Healthy Balance Sheet − Letter of Credit − Over Time • “Clawback” Provision • 10 vs. 30 Jobs • Due Diligence
  13. 13. Industry Recruitment, Retention, & Expansion Fund Grant Program: Overview and Economic Impact • 16 Separate Projects − SME & Large Enterprises • 8,600 Direct Jobs • 28,000 Direct, Indirect, Induced Jobs • $4.23 Billion Impact GDP • Total Output: $7.8 Billion • $673 Million New CapEx • 5.8:1 ROI • $30 Million State Appropriation • 8 Disproportionally Affected Counties • IRREF • Performance-Based Model • Jobs = 3 Years Minimum • 51% Export Requirement • Payment Upfront or Back-End − Healthy Balance Sheet − Letter of Credit − Over Time • “Clawback” Provision • 10 vs. 30 Jobs • Due Diligence
  14. 14. UWF Promoting Regional Economic Growth, Resiliency
  15. 15. Thank You. Go Argos! Amy Newburn Asst. Director Haas Center

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