The Navy Federal Credit Union, in announcing 700 new jobs, is the first company picking up $680,000 through a legislative act directed at assisting businesses along areas of the Florida Panhandle impacted by the 2010 Deepwater Horizon spill.

Navy Federal Credit Union in the Pensacola area is receiving the funding through the Industry Recruitment, Retention & Expansion Fund Grant Program, administered by the University of West Florida Office of Economic Development and Engagement.

"This project exactly fits the purpose of the Oil Spill Recovery Act passed by the Florida Legislature," Senate President-designate Don Gaetz, R-Niceville, stated in a release. "Navy Federal brings new, good, high-paying jobs that diversify our economy. And there are protections built in to ensure performance and a solid return on investment."

Gaetz authored SB 2156, which included the Oil Spill Recovery Act and allocates $10 million a year over three years toward eight Northwest Florida counties for the purposes of research and development, commercialization of research, economic diversification and job creation.