Thursday, August 15, 2013

Tax Abatements For Two Companies On Brevard County Commission Agenda

VIERA, Florida -- On the Agenda for the August 20, 2013 Brevard County Commission meeting is a request for tax abatements for two companies that the Economic Development Commission of Florida's Space Coast projects will bring 408 jobs to Brevard.


According to documents prepared by the EDC, Xun Energy, Inc. is a manufacturer of flywheel technology for the storage of electricity including frequency regulation that is considering locating at 425 North Drive in Melbourne, Florida with plans to create 308 new jobs with an average wage of $82,750 and invest $22,000,000 in new capital expenditures. 


Xun Energy, which is publicly traded on the OTC Market under stock symbol XNRG, has lost over 80% of its value since April 2013 and closed on August 14, 2013 at $.0015 a share with a total market cap of $655,200.


The company's President CEO, Jerry G. Mikolajczyk, recently gave an interview on CEOLive.tv where he explained the company's recent financial status and said that the company started as real estate company in 2007 that changed into an energy company in 2010.


Also according to documents prepared by the EDC, the second company is Sun Nuclear Corporation, a manufacturer of radiation detection instruments for medical and environmental applications that is considering expanding its facility on Pineda Court in Melbourne, Florida.  The company plans to create 100 new jobs with an average wage of $62,063 and invest $4,473,000 in new capital expenditures. 


UPDATE: The tax abatements were approved by the Board 3 to 1, with Commissioner Andy Anderson abstaining due to a conflict of interest.  County Commissioners Robin Fisher, Mary Bolin, and Chuck Nelson voted in favor of the abatements.  Commissioner Trudie Infantini voted against approval.