The manufacturing facility could lead later to the opening of a larger Mitsubishi western hemisphere service headquarters requiring expanded space either in the park or at another site, according to the Economic Development Commission of Mid-Florida Inc., which coordinated the deal. Mitsubishi scouted Tampa, FL, Pensacola, FL and South Carolina before deciding on Orlando.
County staffers, on condition of anonymity, tell GlobeSt.com, the deal is 95% done. The Japanese-owned company wants the state to offer $1.12 million and the county, $280,000 or $28,000 per year for 10 years. "That's peanuts," Dean Fritchen, senior broker at Winter Park, FL-based Arvida Realty Services Inc., tells GlobeSt.com.
County staffers confirm the county would reap an estimated $4 million in new taxes from Mitsubishi over the 10-year period. The company projects a total staff of 350 engineers and manufacturing workers making an average annual wage of $45,000, or about 55% higher than the current average salary in Orange County of $28,900, according to the Economic Development Commission.
Mitsubishi would be subleasing Textron Turbine Engine Components' former 91,000-sf plant for an undisclosed rent. Textron closed shop in November, laying off 250 workers. Mitsubushi's startup staff by the end of this year would be 60, according to the EDC.
Mitsubishi is asking for the $1.4 million tax break under the Qualified Target Industry Tax Refund Program authorized by the Legislature in 1994. The state pays 80%; the counties, 20%. Companies get the concessions by promising to create jobs paying salaries higher than the current average paychecks in a local community.
Mitsubishi officials in California couldn't be reached at GlobeSt.com's publication deadline. The company has been making wind turbine equipment since 1980.
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