- February 25, 2025
Owner says he’s been all over the world and wants to settle in Ormond
A family-owned company that has been in business for 50 years plans to move to Ormond Beach from New York, bringing 35 new jobs at an average annual salary of $42,600 and plans to refurbish the Stylemark building in the Airport Business Park that has been empty for two years.
The City Commission approved an incentive package on Dec. 2 for SKYO Industries Inc. The manufacturer of hand tools is now only waiting for the state’s approval on their part of an incentive deal and to conclude due diligence.
SKYO customers include ACE Hardware, True Value Hardware, Snap-on Tools and other hardware stores.
City Economic Director Joe Mannarino said he has been working with the company for 11 months on finding and buying a suitable location, and working on an agreement for performance-based incentives.
Warren Anderson, president of SKYO, said the company looked from South Carolina down into Florida before settling on Ormond Beach. He was familiar with Ormond Beach after stopping on his way to Miami every year to go to a sailing expo.
He said he traveled all over Volusia County, but kept coming back to Ormond Beach.
“It’s pristine and cute,” he said. “I’m smitten.”
As a Navy pilot for 13 years, he said he visited many different countries and every corner of the United States and Ormond Beach is the place he wants to be.
He said there will be a bigger profit margin in Florida than New York. In addition to lower taxes, he said he’ll be paying about 37% less for electricity.
He did mention, however, that the company will have a mortgage on the building. He said the building needs $100,000 in electrical infrastructure to suit his purpose.
One of the big draws to the area, he said, is that Daytona State University has machine operator training. He said there are not enough companies like his in Long Island to warrant machining being taught in the schools.
Anderson runs the company along with his brother, Wayne. Their dad started it about 53 years ago and Warren Anderson has a son, Austen, 25, who is now with the company.
The incentive package approved by the city includes a maximum of $35,000 for job creation, $1,000 for each new job at the plant. The annual wage must be at least 110% of the average wage in Volusia County, which is $33,494.
The city will pay the company $61,600, if the company makes a $4.8 million investment in renovating the building in a 24-month time period. It could be prorated, if the company spends less.
There will also be a $55,500 property tax reimbursement, based on the expected rise in value of the property. The tax incentive will end in year six.
Mannarino said he completed a fiscal and economic impact analysis using the Impact DataSource economic impact model that the city often uses.
The analysis indicates that over the first five years of the SKYO project, direct taxable sales and purchases in the City are estimated to be $2.4 million. This includes fuel sales and employees buying goods and services.
The net benefits to the city over the first 10-year period are estimated to be approximately $87,000 from franchise fees, utility fees and taxes.
Mannarino said the net rate of return for the city in providing SKYO with performance-based growth assistance is approximately 28% with a full payback period of 3.8 years.
