This project is the kind that has the potential to change the economic landscape for years to come. If you didn't get to see the presentation, you can view it here.
Now our team will be getting to work to make sure all of the I's are dotted and T's are crossed as we complete the due diligence necessary to make a project like this a reality.
I wanted to hit a few highlights of why we are so excited about his opportunity.
- The projected investment of over $600 million by the company makes the announcement the largest private sector announcement in the history of Manhattan. And, unlike the significant public investments made by Kansas State and Fort Riley, the Scorpion facility will ultimately be assessed and on the tax rolls.
- The average salary of the projected 500 workers at Scorpion will be 70 percent higher than the current average salary in Manhattan ($44,000).
- According to Impact DataSource, an economics firm in Austin, Texas, the project will generate an additional 700 indirect jobs and bring over 1,000 new residents to the area. The total direct payroll is projected to be $750 million over 20 years. These will be new dollars into the Manhattan regional economy and should translate into over $43 million in new taxable purchases.
- According to Impact DataSource, the city should see net benefits of $118 million over the first 20 years of operations in the form of sales and property taxes, as well as other fees and services after accounting for additional costs that accompany new residents and commercial development.
- The jobs created by Scorpion will be instrumental in keeping graduates and young professionals in the region, giving the community a boost in economic growth and prosperity.
- Manhattan was able to leverage the strengths of the community with an effective incentive proposal to win the project over a number of communities in a 25+ state search. The estimated economic payback could be as low as three (3) years for the city. The funding for the jobs grant will come from the dedicated economic development sales tax approved by Manhattan voters and should not affect any other operation funds of the city.
For these reasons, among many others, we were thrilled that both the Manhattan and Pottawatomie County commissions voted to proceed with the next steps in making this project a reality.
We can't wait to continue this work. Thank you to all of our partners and community leadership and especially thank you to Gov. Laura Kelly and the Kansas Department of Commerce.
Finally, that you to all of you for continuing your faith and confidence in the Region Reimagined economic development strategy and our team's work to implement it.