Title:
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Approve and authorize the Chairman to execute the Mutual Economic Incentive Agreement between Seminole County and Sanford Airport Authority in the amount of $1,000,000.00 for the purpose of enhancing the economic development of Seminole County. Countywide (Gui Cunha, Office of Economic Development & Tourism Director)
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Division:
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Office of Economic Development and Tourism - Economic Development
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Authorized By:
Gui Cunha, Office of Economic Development & Tourism Director
Contact/Phone Number:
Gui Cunha/407-665-2901
Background:
The Orlando Sanford International Airport (SFB) is a full-service commercial airport with 24/7 operations and four (4) active runways, the longest of which can accommodate any commercial aircraft.
In 2023, SFB serviced 2.9 million passengers. In 2024, OSIA serviced 2.9M passengers.
In 2021, SFB completed a $74 million terminal expansion.
A 2022, study by the Florida Department of Transportation found that SFB contributes an estimated annual economic impact of $3.5 billion, including over 24,000 direct and indirect jobs, amounting to $1.1 billion in payroll.
The Sanford Airport Authority (SAA) Incentive agreement would provide Orlando Sanford International Airport with:
o Economic development opportunities such as airline incentives to recruit or expand air service at Orlando Sanford International Airport.
o Incentives for industry strategic partners to relocate or locate operations at Orlando Sanford International Airport.
o Other uses or projects that will result in increased passenger traffic at OSIA or economic and workforce development opportunities in Seminole County.
The $1 million has already been allocated by the County to the SAA, the proposed agreement provides the framework for the allowable expenditures.
All SAA funding proposals utilizing the funds in the SAA Incentive agreement are subject to final Seminole County BCC approval.
Requested Action:
Staff requests that the Board approve and authorize the Chairman to execute the Mutual Economic Incentive Agreement between Seminole County and Sanford Airport Authority in the amount of $1,000,000.00 for the purpose of enhancing the economic development of Seminole County.