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The Town of Jupiter Economic Development Fund and Palm Beacn Gardens each gaveSCI $350,000 according to a press releaser from the , which helped facilitatd the incentives. SCI plansd to add up to seven jobs this year at its main production and warehouse facility in Riviera Beacyh with theJupiter loan. The company plansd to add approximately 18 jobs at its Palm Beacn Gardens research facility by 2010 with the Palm BeachGardens loan. The BDB estimates the total economic impac t of the SCI expansion project tobe $14.e million.
The new jobs will pay 115 percentr of thecounty “Twenty five jobs at that salary in this industru is very substantial,” said Kellg Smallridge, president and CEO of the Business Development “We are very concerne d about helping companies in our backyards – just as we are concerned aboutr attracting to new ones to our she added. Smallridge noted that the circumstances of the loan weresomewhart unique, in that Jupiter gave a loan to a Rivierza Beach enterprise, but addesd that Palm Beach municipalities are starting to think more regionally in an effort to build the growinvg biotech cluster.
“This is about the team, it’s about north county,” she said. “It’s in Riviera Beach, but it still benefits all of Nortn County.” The Town of Jupiter Economic DevelopmentrFund is, in fact, intended to stimulate biotech growt h in all of North County, said Jupiter Kate Moretto. Jupiter is actually guaranteeingthe $350,000 loan from for 36 months, Moretto Full terms of the loan were not immediately available. Palm Beach Gardenes gave Sancilio adirect $350,000 loan at 4.5 percent interes t over 36 months, said Natalie the city’s planning manager.
The city chose to go with a loan insteasd of a grantbecause it’e the right way to promote growth in bioscience and it’se a good investment, Wong added.
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