INVESTOR NEWSLETTER - JULY 2010
Cornerstone Economic Development Report
An overview of the last six months
We have made it half way through 2010 and have announced new projects, seen our unemployment numbers fall and continue to recruit high-level jobs to the region. Projects announced since January include:
SAFT America broke ground at Cecil Commerce Center on its new $200 million plant that will employ 300. Production will include energy storage and transmission for the growing wind and solar farm industry.
- Orlando-based Digital Risk is adding 300 new jobs in Jacksonville. Since its inception in 2005, Digital Risk has become a market leader in helping the nation's largest and best-known mortgage originators, servicers and investors manage risk and mitigate losses.
- Lender Processing Services (LPS) is adding 350 new positions at its Riverside campus. LPS is a provider of integrated technology and outsourced services to the mortgage lending industry, with mortgage processing and default management services in the U.S. This latest expansion will increase the company's total Jacksonville employment to 2,450.
- Boeing has been awarded a $69.7 million contract with the U.S. Air Force to build the new drone aircraft at Cecil Field. The drones will be built by modifying existing F-16 aircraft. Boeing will begin the aircraft conversions in May 2011 and is expected to add 40 new jobs to their Cecil location.
- Mercedes Benz USA added a 400,000-square-foot parts distribution center at Jacksonville International TradePort. The project includes 100 new jobs to Jacksonville with a $26 million capital investment. The Jacksonville distribution center is a consolidation of several distribution centers across Florida and Georgia.
- Interline Brands, headquartered
downtown, has expanded its operations to include a new
250,000-square-foot distribution facility. The company is a leading
direct marketer and distributor of maintenance, repair and operations
(MRO) products including plumbing, electrical, hardware, security
hardware, HVAC and other related items.
- Systems Services Enterprises (SSE), a St. Louis-based IT company, opened a Jacksonville office, bringing 60 jobs to Jacksonville.
- Aviation Systems Engineering Company is adding 10 jobs to a Jacksonville branch office on the Westside. The company's headquarters is in Lexington Park, Md.
- AVMAX Montana is opening a heavy maintenance and modification facility for the regional jet and turboprop aviation industry at Jacksonville International Airport. The facility will initially employ as many as 100 to 120 licensed aircraft mechanics.
Prospect activity remains steady with 51 current prospects in the pipeline. The third quarter is shaping up to be an exciting one with a couple of large prospects on the verge of final decisions.
We continue to focus on our seven target industries:
We are seeing growth in many of these areas including financial services, life sciences, aviation and aerospace and information technology. Growth in our target industries is encouraging, especially as we see a steady decline in our unemployment rate from a decade high of 12.5 percent down to below 11 percent. We still have challenges to overcome as a region but we are headed in the right direction.
Regional Business News 
Eurofins Scientific is creating a
commercial micro-biology laboratory in collaboration with Florida State College at Jacksonville, creating 12 new full-time jobs. The new laboratory will provide food safety education programs, outreach initiatives, and serve as an independent analytical testing center. It will also provide third party auditing and certification services to support the food and seafood industry and assess food safety throughout the U.S. The company is also planning to invest $550,000 in new private capital through purchases of machinery, equipment, furniture and fixtures.
Palatka City Commissioners have adopted the first
Planned Industrial Development (PID) in Putnam County. Phase 1 of the PID is adding 180,000 square feet of development and Phase 2 will add an additional 3 million square feet.
WorkSource is hosting its third
Virtual Job Fair, July 12-16. This five-day event will give local employers the opportunity to showcase job openings – from entry level to top management. In addition to finding qualified candidates, employers who have openings and participate in the virtual job fair also receive a virtual booth with space for a company logo, unlimited job postings, electronic copies of resumes collected and more. The Virtual Job Fair is free for employers. If you are interested in participating, contact Ashley Folladori at Ashley.Folladori@myjaxchamber.com to be referred to a WorkSource representative.
The Jacksonville Economic Development Commission and Cornerstone Regional Development Partnership won the 2010 Florida Economic Development Council’s
“Deal of the Year” award for the SAFT America project at Cecil Commerce Center.
The Port of
Jacksonville’s foreign trade zone is the third best of its kind in the world, according to a foreign direct investment magazine.
FDi Magazine found that, of the 700 economic zones analyzed, Jacksonville’s has the third best port zone for the coming year, following the zones of Shanghai and Tangier, Morocco. Jacksonville's
foreign trade zone will be extended to Nassau County and will allow Nassau County to capitalize on the growth of international trade by having the ability to provide trade zone benefits to its local companies.
The Jacksonville Port Authority announced the
project to deepen the St. Johns River harbor is complete. The full length of the harbor is now at a depth of 40 feet, allowing fully-loaded cargo ships to continue using Jacksonville’s port. The deeper harbor will open the port to even larger cargo vessels and secure travel safety. The project was funded by the American Recovery and Reinvestment Act of 2009 and JAXPORT is working with the Army Corps of Engineers to deepen the shipping channel even further to a depth of up to 50 feet. Work is still needed on the “Mile Point” section to eliminate tidal currents that limit the times of day ships can off- and on-load cargo.
Downtown Developments
Several exciting downtown revitalization projects are underway. Construction of the Laura Street Project is moving forward. The Bay and Laura Street intersections are complete and the entire project will wrap up early next year. Friendship Fountain Redevelopment is currently in the bid process, with construction anticipated to begin later this summer. The City is also in the process of evaluating responses for a design consultant for Phase 1 of the Metropolitan Park improvements, with construction anticipated to begin in late summer. Baptist Medical Center is moving forward with plans to add a new 11-story, 340,000 sq. ft. tower to its downtown campus. A new art gallery, Salon, opened in conjunction with the July 7 Art Walk.
Revive the Pride: Continue to Support the Jaguars
Filling the stadium and eliminating the blackouts for the 2010 Jaguars season remains a top priority for Cornerstone and the Chamber. There has been a tremendous response from the community to purchase tickets and we are making great progress to reach our goal. I want to encourage all of us to purchase tickets and be apart of the effort to support our home team.
You can also show your support by registering now for the second annual
Cornerstone Jaguars kickoff event on Tuesday, September 7 at the Prime Osborn. This is an important event for our community and we look forward to rallying with you at the official kickoff for the 2010 Jaguars season. Sponsors for the event have the opportunity to select the player or coach that sits at their table. Corporate tables will have a randomly selected player or coach at their table. Register now at
www.opportunityjacksonville.com.
Vote "No On 4" 
Cornerstone vigorously supports the
"No On 4" initiative, which is working to defeat Amendment 4 in the November elections. If passed, Amendment 4 will lead to heavy job loss and higher costs for Floridians. The Chamber's
Access publication, now published in
904 magazine, features a Q&A that provides details of how this amendment will affect the continued growth of economic development in our region.
Sincerely,
Lee Thomas
Cornerstone Chair
Chairman of Rayonier
Baker, Clay, Duval, Flagler, Nassau, Putnam and St. Johns Counties
3 Independent Drive • Jacksonville Fl 32202 • 904.366.6639
bizrelo@jacksonvillechamber.org • www.expandinjax.com
Where the Future Leads®