INVESTOR NEWSLETTER - MAY/JUNE 2010 

Cornerstone's New York Mission A Success

Cornerstone's sales missions are an important part of our overall economic development strategy. Last month Cornerstone traveled to New York City with Mayor Peyton and a team of business leaders from some of Northeast Florida's top corporations, including our event sponsors AT&T and Fidelity National Financial. Several of our economic development partners from JAXPORT, JAA, Nassau and St. Johns counties also participated in the business development mission.

While in New York we had the opportunity to meet with executives from several large corporations with a substantial presence in Jacksonville. Meetings with JPMorgan Chase, Bank of America Merrill Lynch, Citibank and Deutsche Bank, to name a few, indicated that Northeast Florida can soon expect job growth in the area. While the companies we met with may not be expanding worldwide, they do view Northeast Florida in a very favorable light.

We also hosted several events to target new business leads with area site consultants and corporate real estate executives and we were able to meet with several New York based companies that are key to growth at JAXPORT. The trip was very productive and the outlook for job growth was positive. We believe that Jacksonville’s future is very bright and we are playing to our strengths in this tough economy.

Development missions and other aggressive outreach efforts have helped Cornerstone and our partners add more than 62,000 high-wage jobs with more than $5.3 billion in capital over the last 19 years. With success like this I encourage all of us to continue to invest in an organization that keeps job development and economic growth at the forefront.

As Cornerstone embarks on its fifth funding campaign, we want to ensure that our final plans truly reflect the views of business and community leaders. Our focus remains centered around regional job creation, workforce development, new business recruitment and product development. Economic development initiatives must be a community priority in the coming years and Cornerstone needs investor involvement as we formalize new job creation and economic growth strategies.

Over the next several months, members of our economic development strategy team may contact you to get input. Your participation is critical to our region's economic success. Contact Julie Radigan at (904) 366-6680 for more information.

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Business Briefs and Updates

AvMax Group Inc. is opening a heavy maintenance and modification facility for the regional jet and turboprop aviation industry at Jacksonville International Airport (JAX). The facility, expected to begin operations next month, will initially employ as many as 100 to 120 licensed aircraft mechanics. Jacksonville was the ideal site location because of the heavy volume of regional jets at JAX, a skilled workforce and an exceptional business and living environment that will enable the company to attract and retain quality employees. Cornerstone worked with JEDC and JAA to complete this project.

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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 aircrafts. Boeing will begin the aircraft conversions in May 2011 and is expected to add 40 new jobs to their Cecil location. The drones will be used to test the military’s newly developed weapons and can be flown manned or unmanned. 

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Mayport Naval Station will become the home port of the littoral ship, the Navy’s newest combat ship.  Eventually, the base will receive 32 of the new ships and approximately 7,200 military personnel. The ships will begin arriving in 2016. By 2020, the base will have 17 of the ships with the rest arriving after 2020. The 400-foot littoral combat ships are designed to operate in the area between the shore and deep water. They can handle surveillance, counter-mine and anti-ship missions.

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Be sure to register for Cornerstone's second quarterly luncheon featuring keynote speaker Karen Alderman Harbert, President of the U.S. Chamber of Commerce's Institute for 21st Century Energy. Harbert is discussing the energy challenge ahead and how smart policies can revitalize the economy. Reserve your seat today at the June 24 luncheon, to be held at the Hyatt Regency Jacksonville Riverfront, by visiting OpportunityJacksonville.com. 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®