Triumph Gulf Coast’s Board of Governors is advancing $25 million grant for Project Spinner, a $107.5 million initiative to build a jet engine maintenance facility at Northwest Florida Beaches International Airport, expected to create 500 jobs and generate $479 million in income over a decade.

Triumph Gulf Coast Board of Governors on Thursday voted to move forward with a $25 million grant in support of an aviation project at Northwest Florida Beaches International Airport. The decision initiates the development of Project Spinner, a $107.5 million venture that includes the construction of a facility for jet engine maintenance and repair.

The project, partially funded by private investments, will establish a 100,000-square-foot Maintenance, Repair, and Overhaul (MRO) facility at the airport. The facility will focus on servicing commercial jet engines and is expected to become a substantial part of the region’s aviation sector. In addition to the MRO site, the project will include a jet engine testing facility and a parts distribution and testing center in nearby Lynn Haven, according to the grant proposal.

Triumph Gulf Coast’s $25 million grant will cover approximately 23 percent of the total project cost, with the remaining $82.5 million coming from private sector contributions. Space Florida, the state’s aerospace and spaceport development authority, will finance and construct the MRO facility. Under the agreement, the facility will be leased to the company behind Project Spinner, with ownership set to transfer to the Airport Authority.

The development is estimated to create 500 jobs in Bay County, with an average annual wage of $60,000. Over the next decade, the project is anticipated to generate approximately $479 million in household income, equating to a return of $19.20 for every dollar of the Triumph Gulf Coast grant, with the organization’s economic advisor assigning the project an ‘A’ rating for its potential impact.

As stated during the meeting, the region’s proximity to major military installations and Original Equipment Manufacturers is considered advantageous for aviation and aerospace development, with Project Spinner also intended to align with existing initiatives, such as Florida State University’s InSPIRE program, which focuses on advanced manufacturing and aerospace research.

Construction on the project is scheduled to begin in early 2025, with Triumph Gulf Coast’s funds being allocated over a two-year period.