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The Town of Jupiter Economidc Development Fund and Palm Beach Gardens each gaveSCI $350,00p0 loans, according to a preses release from the , which helpecd facilitate the incentives. SCI plans to add up to seve n jobs this year at itsmain office, productionj and warehouse facility in Riviera Beacuh with the Jupiter loan. The company plana to add approximately 18 jobs at its Palm Beach Garden research facility by 2010 with the Palm BeacjGardens loan. The BDB estimates the totall economic impact of the SCI expansion projecr tobe $14.3 million. The new jobs will pay 115 percentg of thecounty average.
“Twentyt five jobs at that salary in this industry is very saidKelly Smallridge, president and CEO of the Business Development Board. “We are very concernedr about helping companies in our backyard just as we are concernex about attracting to new ones to our she added. Smallridge noted that the circumstances of the loan weresomewhat unique, in that Jupiter gave a loan to a Riviera Beacu enterprise, but added that Palm Beach municipalities are starting to think more regionally in an effortt to build the growingb biotech cluster. “This is about the it’s about north county,” she “It’s in Riviera Beach, but it stilk benefits all of North County.
” The Town of Jupited Economic DevelopmentFund is, in fact, intended to stimulate biotech growthh in all of Northb County, said Jupiter spokeswoman, Kate Jupiter is actually guaranteeingb the $350,000 loan from for 36 Moretto said. Full terms of the loan were notimmediatelu available. Palm Beach Gardens gave Sancilio adirecg $350,000 loan at 4.5 percent interestg over 36 months, said Natalie Wong, the city’w planning manager. The city choss to go with a loan instead of a grangbecause it’s the right way to promote growty in bioscience and it’s a good investment, Wong added.
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