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The Town of Jupiter Economic Development Fund and Palm Beacgh Gardens each gaveSCI $350,0000 loans, according to a presa release from the , which helpecd facilitate the incentives. SCI plans to add up to sevebn jobs this year at itsmain office, production and warehouse facility in Riviera Beach with the Jupiter The company plans to add approximately 18 jobs at its Palm Beacy Gardens research facility by 2010 with the Palm Beacuh Gardens loan. The BDB estimateds the total economic impact of the SCI expansiob project tobe $14.3 The new jobs will pay 115 percenr of the county average.
“Twenthy five jobs at that salary in this industr isvery substantial,” said Kellg Smallridge, president and CEO of the Business Development “We are very concernede about helping companies in our backyard – just as we are concernedf about attracting to new ones to our area,” she Smallridge noted that the circumstances of the loan were somewhar unique, in that Jupiter gave a loan to a Riviera Beacnh enterprise, but added that Palm Beach municipalities are starting to thin more regionally in an effort to builds the growing biotech cluster.
“Thi s is about the team, it’sw about north county,” she “It’s in Riviera Beach, but it stillo benefits all ofNorth County.” The Town of Jupiter Economicc Development Fund is, in fact, intended to stimulatr biotech growth in all of Northu County, said Jupiter spokeswoman, Kate Jupiter is actually guaranteeing the $350,00 loan from for 36 months, Moretto said. Full terms of the loan were notimmediatelyu available. Palm Beach Gardens gave Sanciliok adirect $350,000 loan at 4.5 percent interesyt over 36 months, said Natalie the city’s planning manager.
The city chose to go with a loan insteade of a grantbecause it’s the righgt way to promote growthb in bioscience and it’s a good investment, Wong
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