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Sep 07

Triumph makes first $19 million in grant approvals to improve area economy - posted May 4, 2018

Posted on September 7, 2018 at 11:54 AM by Jim Muller

"Triumph Gulf Coast’s board of directors voted [on April 27, 2018] to approve nearly $19 million in grants to promote economic diversification in four coastal Northwest Florida counties.

The grants are the first in what is expected to be $1.5 billion worth of job-creating initiatives funded over the next twelve years by an economic damages settlement between the State of Florida and BP as a result of the 2010 Deepwater Horizon oil spill. Triumph Gulf Coast is a seven-member, unpaid board established by the Florida Legislature to make awards that will promote and strengthen the economy of the eight Gulf coast counties disproportionately affected by the spill.

The first grant approved by the Triumph board will provide $10 million to the Port of Panama City for a major expansion of port capacity. The project develops new East Terminal facilities that will support over 140 direct high-wage jobs at the port and more than 250 additional port-dependent manufacturing and distribution jobs that could not locate in the region absent a working port...."