PANAMA CITY, Fla. (WMBB) — The Bay County Economic Development Alliance held their annual investors meeting Wednesday morning.

There are currently eight codenamed projects the Economic Development Alliance is working on, in fields ranging from distribution to manufacturing and aviation.

Project Life is one of the projects the EDA is hoping to secure for the area, and Bay is the only county in the state under consideration for this project.

EDA President Becca Hardin said the development will be in the medical manufacturing field and should bring a lot of opportunity to the area.

“The fact that we’ve made a cut right here in Bay County and we are competing with some major metropolitan areas is a testament to the assets that we have in our community and also the public and private leadership that we have to be able to attract these large companies,” Hardin said.

This project would bring 550 new jobs and a $400 million capital investment.

Florida Representative Jay Trumbull believes residents will be thrilled with these new job opportunities.

“We can talk about that one project that was a government contractor whose average salary was 90,000 dollars a year,” Trumbull said. “That is a game-changer for a lot of people in this world, specifically in our area. And this is a community that I believe that people want to provide for their family and want to produce and be a part of something bigger than themselves.”

Hardin said providing for the local workforce has been a top priority for the EDA.

“One of the things that we are really focused on as a community is getting workforce housing rebuilt in Bay County, that’s coming along very nicely,” Hardin said. “We have to have a place for people to live and that is an area of focus for us but we do feel that if we are successful in benign these companies the workforce is going to be there and want to work for these great companies.”

Hardin said she hopes to be able to make announcements regarding the codenamed projects by the end of the year.