PALM BEACH COUNTY TO CONSIDER INCENTIVES FOR 3 COMPANIES

Published Monday, June 6, 2016

The Palm Beach County Commission is scheduled Tuesday to consider its portion of nearly $9 million in economic incentives for three companies.

Together, the companies — in the IT, biotech and aerospace industries — would bring almost 1,200 jobs to the county, according to the commission's agenda.

"These companies all fall within the industries that the Business Development Board has been targeting for the last 10 years," said the board's president, Kelly Smallridge.

Commissioners will consider a total $6.14 million incentives package for a project, dubbed Project P2P for confidentiality. Palm Beach County and Boca Raton would share equally in $1.15 million in incentives, with the remainder $4.99 million coming from the state.

The city of Boca Raton already has approved its share of incentives for P2P, described as an IT company that would locate in Boca Raton. It is expected to create 838 jobs throughout six years, at a median wage of $55,000 a year.

The company plans to make a $15 million capital investment to acquire, renovate and equip a 210,000-square-foot building for its headquarters. The five-year local economic impact is estimated to be $339.3 million, according to the county.

North Carolina is among the states also competing for the project, according to the agenda.

In its agenda, the county also disclosed the name of a project dubbed Project Darwin as KRS Global Biotechnology, which was approved last year by Palm Beach county commissioners and the Boca Raton City Council for incentives. The total package is $1.66 million, including $160,000 from the county and $200,000 from Boca Raton, with the remaining $1.3 million coming from the state.

Commissioners are slated for a final sign-off on the county agreement, which requires KRS to make a minimum $28 million capital investment and create 160 new jobs over about four years, at an average annual wage of $64,356 and a median wage of $58,000. The jobs must be maintained for five years, the county says.

KRS CEO Riccardo Roscetti recently said KRS has hired 20 employees since December, increasing its staff to 80 so far.

"The talent pool here in South Florida is amazing," Roscetti said, pointing to other companies, including Biotest Pharmaceuticals Corp. in Boca Raton, that help attract talent.

KRS is expected to have a five-year economic impact of $273 million.

The commission also will consider an $800,000 incentives package for Project Falcon, which involves an undisclosed aerospace company that would make a $3 million investment to build out and renovate an existing building in Palm Beach Gardens.

Commissioners are slated for a final sign-off on the county agreement, which requires KRS to make a minimum $28 million capital investment and create 160 new jobs over about four years, at an average annual wage of $64,356 and a median wage of $58,000. The jobs must be maintained for five years, the county says.

KRS CEO Riccardo Roscetti recently said KRS has hired 20 employees since December, increasing its staff to 80 so far.

"The talent pool here in South Florida is amazing," Roscetti said, pointing to other companies, including Biotest Pharmaceuticals Corp. in Boca Raton, that help attract talent.

KRS is expected to have a five-year economic impact of $273 million.

The commission also will consider an $800,000 incentives package for Project Falcon, which involves an undisclosed aerospace company that would make a $3 million investment to build out and renovate an existing building in Palm Beach Gardens.

The company would create 200 jobs over five years at an average salary of $66,098. The county and Palm Beach Gardens would share equally in $160,000 in local incentives for the project, according to the agenda.

The aerospace company already has 450 existing employees in the city and is weighing a local expansion vs. moving employees to a Kentucky location, according to the agenda. The company plans to invest $3 million to build out and renovate an existing building. The five-year local economic impact is estimated to be $652 million, the county says.

All incentives paid are tied to verified capital investment and job creation.


SunSentinel

Marcia Heroux Pounds
http://www.sun-sentinel.com/business/careers/fl-palm-beach-county-incentives-tuesday-20160606-story.html

 

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