The Coral Springs Economic Development Foundation has announced the relocation of Vutec Corporation’s headquarters to Coral Springs. Vutec, a leading international manufacturer of video projection screens and lighting industry products, brings a 32-year record of growth and industry accomplishments to the City.
Vutec, currently located in Pompano Beach, will occupy a 102,195-square-foot facility in the Coral Springs Corporate Park at 11711 W. Sample Road. The new facility will house the company’s offices and its vertically integrated manufacturing operations. Vutec’s complete line of state-of-the-art, award-winning video projection screens and accessories will be manufactured there.
To help facilitate the company’s relocation and its positive impact on the City’s economy, the City Commission approved the issuance of Industrial Development Revenue Bonds (IDB’s) in the amount of $4.2 million to help finance the cost of this project. IDB’s provide a source of long-term, below-market-rate financing of capital requirements for new or expanding manufacturing facilities. As the private borrower, Vutec is fully responsible for the debt. The bonds will not constitute a debt or financial obligation on the part of the City.
“We are pleased to welcome a global technology leader to Coral Springs and continue the planned expansion of the Corporate Park,” Ralph Merritt, Chairman of the Economic Development Foundation, and Mayor Scott Brook said in a joint statement.
Vutec management cited the ability to accommodate the needs of its dealers and distributors and the growth of its functional units as an impetus for the relocation. The company’s products are sold through a global distribution network in 69 countries, and are designed for home, commercial, educational and institutional markets worldwide.