The Osceola County Commission approved an agreement recently with Panacea Global Energy, Inc. to relocate a proposed project from a site on Mac Overstreet to a Poinciana SunRail site and move forward with the development of a clean energy technology park including a headquarters, research and development facilities, and renewable energy facilities.
“The 1,200 high wage jobs proposed by Panacea fit well with our long-term plan and this agreement for the property adjacent to the Poinciana SunRail station provides the County with the opportunity to make the SunRail station a hub for jobs and transportation,” said Osceola County Economic Development Director, Christina Morris.
This project fits the criteria for the Poinciana SunRail site to include transit-oriented development, which is in alignment with the County’s initial purchase of the property in the surrounding area. Ensuring mixed use development that includes manufacturing and research industries, which provide high wage jobs, are proven to fuel economic development.
"The establishment of Panacea Global Energy's technology park in Osceola County signifies a significant stride in our region's economic transformation. This venture underscores our commitment to long-term growth and solidifies Osceola County's pivotal role in the green energy sector,” said Tim Giuliani, President and CEO, Orlando Economic Partnership. “Featuring a U.S. headquarters, cutting-edge renewable energy facilities, and dedicated space for research and development, this aligns with our mission to advance Broad-based prosperity and foster job growth. I am proud of OEP's crucial role supporting and facilitating Panacea Global Energy's establishment in the Orlando region, positioning Osceola County at the forefront of sustainable innovation, he concluded.
"We're thrilled to expand our presence in Osceola County, marking a pivotal step in establishing a leading US renewable energy hub. Osceola's talent pool, collaborative business environment, and sustained growth make it an ideal home for our new headquarters and cutting-edge clean technology center,” added John Darling, CEO of Panacea Global Energy, Inc. “Our pride in this venture is matched by our belief that Osceola County provides the perfect environment for fostering creativity and innovation. Beyond creating a world-leading technology center, our mission is to cultivate the next generation of renewable energy pioneers. By focusing on manufacturing, innovation, research, and development, we aim to spearhead the renewable energy revolution in this vibrant region.”
Specifically, the agreement allows for:
- Conveyance, in phases, up to 63 gross acres of the Poinciana SunRail site to Panacea
- The purchase price for the entire 63 acres = $5.3 million to be paid overtime as phases are conveyed
- The first phase will include up to 10 acres, with details of subsequent phases identified in supplemental agreements, requiring Panacea to submit a conceptual design plan for each phase
- As each conveyance parcel closes, Panacea must commence construction no later than 6 months
- Release of Panacea’s obligations arising from a previous proposal for the development of property on Mac Overstreet.
- Incentives including: ad valorem tax refund (100% for 5 years and 50% for another 5 years); manufacturing equipment refund (up to $100,00 total); job creation incentive (up to $3,000 per job created with average wage up to 115% of County’s average wage - $54, 839).