OKALOOSA COUNTY LOOKING AT TAX BREAKS FOR ALABAMA PHARMACEUTICAL COMPNY COMING TO CRESTVIEW INDUSTRIAL AIRPARK

City of Crestview, Okaloosa County Officials and Economic Development Council (EDC) of Okaloosa County working hard to bring Pharmacy South to the Bob Sikes Industrial Airpark on the North side of Crestview. They were successful in bringing FAMU’s Pharmacy and Dental Schools to Crestview, so I say, keep your eyes on this one. Dr. Goetsch (Chairman of the EDC) is focusing on the continued efforts in diversifying our local economy.
Okaloosa to mull tax breaks for Alabama pharmaceutical company
November 04, 2011 6:35 PM
Kari C. Barlow
Daily News
A pharmaceutical company considering expanding to Crestview could receive almost $800,000 in tax breaks from the state. Okaloosa County officials are considering providing $156,000 of that total, while the state would cover the remaining $624,000. County commissioners voted this week to hold a public hearing on whether to grant the company, Pharmacy South of Alabaster, Ala., a five-year ad valorem tax abatement. The public hearing is scheduled for 9 a.m. Dec. 6 at the Okaloosa County Courthouse in Crestview. The proposal was presented to commissioners by the Economic Development Council of Okaloosa County. The EDC praises the tax break as an investment in a new industry that would bring to the county an economic impact of $108 million. “I’ll put $156,000 up to $108 million any day of the year,” County Commissioner Wayne Harris said. “To me, it’s a no-brainer.” Pharmacy South is eligible for the tax abatement under the state’s Qualified Target Industry Tax Refund Program. Okaloosa voters approved the use of such tax abatements in a 2004 countywide referendum. Since then, the measure has been used four times as an incentive for economic development, EDC officials said. Pharmacy South, which makes the respiratory drug albuterol, is considering buying land at Bob Sikes Airport to build its next manufacturing plant. The company’s 45,000-square-foot plant initially would generate about 130 jobs with salaries averaging $43,800. The pharmaceutical company’s presence could bring a much-needed third industry to Okaloosa County, Harris said. “I’ve been advocating for years to have more than just the three-legged stool,” he said. “Anything can happen at any time, as we saw with BP and tourism. … We need some type of manufacturing, some type of industry that will sustain jobs in the economy.” EDC officials say the tax break allows Okaloosa County to be more competitive when trying to attract high-tech companies with higher-paying jobs. Harris said the county has a competitive edge because of the Florida A&M University pharmacy school planned for the old Alatex building in down-town Crestview. A major coup would be to assist the company in getting its manufacturing plant approved by the Federal Drug Administration. “If we get one approved here, there will be other manufacturers who will want to be here. … It could be the impetus for filling up our area with other pharmaceutical manufacturers,” Harris said. He said the tax breaks make sense because Okaloosa County currently isn’t making any money off the land Pharmacy South is considering purchasing. “It’s a plain piece of 19 acres of dirt out at Bob Sikes Airport that is not drawing any taxes anyway,” he said.