Two job growth incentive deals that will bring more than 100 new jobs to Palm Beach County were approved April 2 by the Palm Beach County Board of Commissioners.
The commission agreed to approve millions in state and local incentives for Carrier Corporation, an air conditioner and heating system manufacturer, and Gulfstream Aerospace. The companies agreed to create a combined 150 jobs and invest millions into the their Palm Beach facilities.
Kelly Smallridge, president and CEO of the Business Development Board (BDB) of Palm Beach County, said the economic development deal is the result of the BDB's decade-long focus on bringing high-paying jobs to the county.
"The economic impact will be felt countywide as [Carrier and Gulfstream's] employees will buy new homes and frequent restaurants and retail establishments," Smallridge said. "Their decision to grow here is a testament to the competitive business environment that Palm Beach County offers."
The commission approved $1.35 million in state and local incentives to expand its Palm Beach Gardens facility and create 100 jobs. That includes $700,000 in Qualified Target Industry (QTI) Tax Refund Program incentives, with $560,000 from the state, $70,000 from the county and $70,000 from the city to be paid over six years.
Carrier also received a $650,000 property tax exemption from the county.
To receive that money Carrier is required to create 100 jobs with average wages of $92,124 within three years. The company must also invest $25 million into its existing facility at 13995 Pasteur Blvd. in Palm Beach Gardens.
According to county officials, the expansion will have an estimated $248 million economic impact over five years.