Pratt & Whitney receives tax breaks for creating jobs
July 30, 2012 by James
The Palm Beach County government approved property tax incentives of $1million and county payments of $400,000 to Pratt & Whitney on July 24, on the condition that the aerospace and aviation company increases its workforce in the facility of West Palm Beach to its northwest. The County is no doubt using poster printing and flyer printing to encourage members of the local community to urge Pratt & Whitney to do its share in accepting the agreement, which would be a boost to the economy in the area.
United Technologies Corp., the parent company of Pratt & Whitney, was also offered an additional $3 million by the state if it agreed to increase the size of the company in West Palm Beach.
Pratt & Whitney already has planned a renovation and expansion of an existing facility for aircraft engines, costing $60million, and would have to insure that 230 jobs are added over the next 10 years to get the county incentives, with the jobs having an average annual salary of at least $80,000. An existing 531 jobs would also have to be retained over the next five years as part of the proposal.
President of the Palm Beach County Business Development Board, Kelly Smallridge, is very encouraged that Pratt & Whitney is considering the County for expanding its operations. It has been an important part of the local economy for many years and can play an important role in creating jobs for the future.
As part of this effort, the parent company of Pratt & Whitney, based in Connecticut agreed, that its Rocketdyne aerospace unit would be sold.