June 26, 2008
Terremark Opens First Building in Culpeper
By Donnie Johnston, The Free Lance-Star, Fredericksburg, Va.
Jun. 26--Terremark Worldwide, Inc. is open for business.
"We are confident we have constructed the most innovative and secure building in America," Jamie Dos Santos of Terremark told more than 200 local dignitaries and guests who gathered for the official opening and a guided tour of the state-of-the-art facility.
Terremark founder and CEO Manny Medina said his board of directors thought he was "smoking something" when he proposed to build the $270 million campus "in a Culpeper cow pasture" and away from the Washington, D.C., suburbs.
Now, he said, his board is thrilled that Terremark built outside the 50-mile "blast zone" of Washington.
Medina also praised Culpeper officials -- in particular Supervisor Sue Hansohn, former Supervisors Chairman John Coates and County Administrator Frank Bossio -- for their help in bringing the company to Culpeper.
Current Supervisors' Chairman Bill Chase told Medina that he was grateful that the global player in integrated Internet exchanges and managed information technology infrastructure solutions chose Culpeper to build its facility and bring with it a $22 million annual payroll.
Chase also said he was impressed that Terremark has already hired a number of local people.
When the 30-acre campus is completed, Terremark expects to create about 250 new area jobs with salaries that will average about $90,000 a year. Top salaries are forecast to be in the $180,000 range.
The company serves the federal government and about 600 high-profile Internet companies such as Google, Yahoo and FaceBook.
Terremark initially received $1 million from the Governor's Opportunity Fund as an incentive to come to Virginia.
Culpeper County also sweetened the pot with an additional $3 million in tax incentives over a three-year period. According to Economic Development Director Carl Sachs, Terremark will pay an estimated $4 million a year in county taxes when the routing center is fully built out.
To see more of The Free Lance-Star or to subscribe to the newspaper, go to http://fredericksburg.com/flshome.
Copyright (c) 2008, The Free Lance-Star, Fredericksburg, Va.
Distributed by McClatchy-Tribune Information Services.
For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
NASDAQ-NMS:TMRK, NASDAQ-NMS:GOOG, NASDAQ-NMS:YHOO,