- Associated Press - Friday, October 31, 2014

JACKSONVILLE, Fla. (AP) - The state of Florida is pledging to pay $20 million in incentives to a company that is promising to bring 5,000 jobs to the Panhandle.

Gov. Rick Scott and Navy Federal Credit Union announced earlier this week that it would add the jobs and spend $350 million to expand its growing operations in the Pensacola area.

State legislators agreed back in September to set aside $20 million in incentives for “Project Revolution.”

Scott on Friday acknowledged that Navy Federal Credit Union was the recipient of the incentives. He pointed out Navy Federal won’t get the money until it creates the jobs but he said the state’s investment is worth the return.

Navy Federal Credit Union, the world’s largest credit union, already more than 3,800 employees on its Escambia County campus.

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