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. Sustainable Economic Development Initiative
- 2. U.S. Coast Guard Video of Fire Engulfing Deepwater Horizon at BP-Operated Macondo Prospect in the Gulf of Mexico
- 3. More than 43,000 Sq. Mi. of Surface Water Oiled
- 4. At least 1,300 Miles of Coastal Shoreline Impacted
- 5. Untold Damage to Wildlife, Habitat, Other Natural Resources
- 6. Northwest Florida Before Oil Spill Disaster
- 7. Decline in Visitation & Tax Income Before Landfall, After Clean-Up
- 8. Visitation Decline = $4 Billion State-Wide Economic Damages
- 9. Great Recession, Hurricane Ivan
- 10. Governor and Legislature Adopted the Oil Spill Recovery Act in 2011
- 11. UWF’s Office of Economic Development & Engagement Directed to Administer $30 Million Economic Recovery Fund
- 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
- 14. 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
- 15. UWF Promoting Regional Economic Growth, Resiliency
- 16. Thank You. Go Argos! Amy Newburn Asst. Director Haas Center