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The Town of Jupiter Economic Development Fund and Palm Beachb Gardens each gaveSCI $350,000 loans, according to a press release from the , which helpe d facilitate the incentives. SCI plans to add up to sevem jobs this year at its main production and warehouse facilitty in Riviera Beach with theJupiterf loan. The company plans to add approximately 18 jobs at its Palm Beacuh Gardens research facility by 2010 with the Palm Beac hGardens loan. The BDB estimates the totakl economic impact of the SCI expansionn project tobe $14.3 million. The new jobs will pay 115 percenyt of thecounty average.
“Twenty five jobs at that salaruy in this industry isvery substantial,” said Kelluy Smallridge, president and CEO of the Business Development “We are very concerned abouy helping companies in our backyard – just as we are concernexd about attracting to new ones to our area,” she Smallridge noted that the circumstances of the loan were somewhagt unique, in that Jupiter gave a loan to a Riviera Beacu enterprise, but added that Palm Beach municipalitiese are starting to think more regionally in an effort to builc the growing biotech cluster. “This is about the team, it’s about nortj county,” she said.
“It’zs in Riviera Beach, but it still benefits all of Nortu County.” The Town of Jupiter Economicv DevelopmentFund is, in fact, intendedc to stimulate biotech growth in all of North County, said Jupitef spokeswoman, Kate Moretto. Jupiter is actually guaranteeingthe $350,000 loan from for 36 Moretto said. Full terme of the loan were notimmediately available. Palm Beachh Gardens gave Sancilio adirect $350,009 loan at 4.5 percent interest over 36 months, said Natalir Wong, the city’s planning manager. The city choses to go with a loan instead of a grangbecause it’s the right way to promote growt in bioscience and it’s a good investment, Wong added.
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