1. Presented to City Council
PROJECT CONTINENTAL
Presented to City Council
September 16, 2008

2. BACKGROUND
Tom Cooley, Executive Director of Enterprise Flagler, introduced the City to a business consultant who had been hired by a local business
Local business recently acquired by another company - business consultant asked to help consolidate their operations from multiple states to one location
“Project Continental” – company has a strong confidentiality requirement

3. THE GOOD NEWS
Project Continental represents one of the leading employers in Palm Coast
The company is growing very rapidly and has immediate need to expand

4. THE BAD NEWS
Initial search for immediate expansion opportunities was discouraging
Corporation’s facilities, located in other states, have available space

5. THE CHALLENGE/ OPPORTUNITY
Palm Coast on short list of several locations
A primary consideration – immediate availability of adequate space
Additional intermediate expansion capabilities

6. COMPANY COMMITMENTS
Project Continental will maintain the current employment level – 1000 jobs
The employment base in Palm Coast will be increased by 700 jobs
New investment capital of $20 million

7. CITY INCENTIVES
Lease City Hall for $240,000 annually for three years with an option to purchase at $3 million
Vacate City Hall by November 1, 2008
City will mitigate wetland
Expedite permitting
Unlimited use of municipal Fiber Optic usage at no cost to Project Continental for two years

8. CITY INCENTIVES (continued)
Ad Valorem Tax Abatement with an estimated value of $406,000 over ten years
Real property construction - 100% Ad Valorem Tax Abatement for five years, 50% tax abatement for five additional years
Personal Property
1-3 years 75% abatement
4-6 years 50% abatement
7-10 years 25% abatement

9. OTHER INCENTIVES State of Florida considering grant incentives
Flagler County will consider additional economic development incentives

10. WHAT DOES PROJECT CONTINENTAL MEAN TO THE COMMUNITY?
Based on Fishkind & Associates, Inc. Economic Impact Analysis

11. WHAT IS AT RISK? 1,000 primary jobs at Project Continental
466 indirect jobs
$102.7 million of annual local economic activity
15-20% unemployment
Additional downturn in every aspect of our local economy

12. WHAT DO WE STAND TO MAINTAIN/GAIN?
1,700 primary jobs
793 indirect jobs
$174.6 million of annual local economic activity
$20 million (minimum) of capital investment
362 construction and associated jobs with $29.4 million economic activity

13. QUESTIONS/ COMMENTS