Hydro-Dyne Engineering Overcomes Challenges and Continues Growth with Assistance from PCED
For more than a decade, Pinellas County Economic Development (PCED) has worked closely with local manufacturer Hydro-Dyne Engineering to help the company sustain its continued growth and success in Pinellas Park, Florida. Over that time, Hydro-Dyne has dramatically expanded its manufacturing of screening and grit removal equipment for municipal and industrial water and wastewater facilities, adding quality jobs and capital to the Pinellas County economy. Continually fostering a relationship with the company, PCED staff members have over the years been able to quickly identify and recommend solutions to challenges Hydro-Dyne has faced.
With PCED’s assistance, Hydro-Dyne utilized an Industrial Revenue Bond (IRB) to finance a portion of its facility, and the company used the remaining proceeds from the bond sale to finance renovations to the building. IRB’s are issued by local governments on behalf of qualified manufacturers and 501 (c) 3 non-profit organizations and offer tax-free, below-market-rate, long term financing of land, buildings and equipment. Alyssa Stuart, PCED Economic Development Manager, explains, “At a time when finance interest rates are high, Industrial Revenue Bonds offer a very attractive alternative for businesses to fund renovations necessary to support growth. Hydro-Dyne was ahead of the curve in securing its IRB funding many years ago and has reaped the benefits.”
More recently, as part of PCED’s business recovery efforts following Hurricane Idalia, Stuart contacted Jay Conroy, President of Hydro-Dyne, to see how the company fared and if they needed assistance. This presented an opportunity to discuss some challenges the company was experiencing that, while unrelated to the hurricane, were disrupting revenue and production. “Hydro-Dyne needed the issue to be resolved quickly,” says Stuart, “and we acted swiftly to get them in contact with the right parties to help.” The problem was successfully resolved, and Hydro-Dyne resumed normal operations.
“This is exactly the kind of scenario for which we prepare,” explains Suzanne Christman, PCED Business Development Division Director. “Maintaining an ongoing relationship with clients keeps the lines of communication open, encouraging companies to reach out when assistance is needed. In this case, the issue turned out not to be storm-related, but our recovery outreach directly led to identifying a problem with which we were able to assist.”
Jay Conroy adds, “We’ve worked with PCED for a long time and know that we can count on their connections and expertise to help us manage our growth. Sometimes that takes the form of finding the best method for funding, and other times it’s connecting us to organizations that can address production interruptions. PCED’s deep base of knowledge and relationships with its partners have removed hurdles that were hurting our ability to function at 100% capability.”
Another recent request of PCED involves assistance with staffing challenges. “We want to be the top employer for manufacturing in Pinellas,” explains Conroy. “We employ welders, manual and CNC machinists, mechanical assemblers, and more general material handlers, and want to offer a compensation package that helps us hire the best and be known as a best place to work. If we want to be the best, we have to employ the best and that includes pay, benefits and career advancement that are second to none.” To that end, Conroy has asked Stuart for PCED’s assistance in researching local salary and benefit data related to the specific types of staffing Hydro-Dyne requires. “We have access to an enormous amount of industry and workforce data,” says Stuart. “That’s an important part of the no-cost assistance we provide to growing companies in Pinellas, as well as for companies considering a move to our area.”
The ability to be a single point of contact for many different types of business support is what sets PCED apart as a leader in economic development. PCED Director Dr. Cynthia Johnson asserts, “This is a very special team with an enormous amount of talent and expertise. We want Pinellas County businesses to know that we are here for them – that they can make that one call to us, and our staff will make every effort to find solutions and make connections to resolve whatever challenges the company is facing. They don’t need to go it alone: we are here to help.”
Does your business need help making the right connections to meet its goals? We’d love to help! Contact our team at (727) 464-7332 to get started.
Pinellas County – The Ideal Business Climate
Pinellas County Economic Development (PCED) works with existing businesses to encourage expansion and seeks to attract new companies with high-wage careers to Central Florida’s Gulf Coast. Through investment tools, professional courses and business counseling sessions, trade missions to open new markets, as well as local, regional and statewide partnerships, PCED fosters a pro-business climate in Pinellas County, Florida.
Pinellas County Economic Development
The EpiCenter, 13805 58th Street North, Suite 1-200
Clearwater, Florida 33760
(727) 464-7332 direct
(888) 759-5627 outside of Florida
(727) 464-7053 fax