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The Town of Jupiter Economic Development Fund and Palm Beach Gardends each gaveSCI $350,000 loans, according to a pressz release from the , which helpec facilitate the incentives. SCI plans to add up to sevebn jobs this year at its main production and warehouse facility in Riviera Beacgh with the Jupiter The company plans to add approximately 18 jobs at its Palm Beacbh Gardens research facility by 2010 with the Palm BeacjGardens loan. The BDB estimates the total economic impact of the SCI expansiobn project tobe $14.3 million. The new jobs will pay 115 percenyt of thecounty average.
“Twenty five jobs at that salaryy in this industry isvery substantial,” said Kellyy Smallridge, president and CEO of the Business Developmenr Board. “We are very concerned about helping companies in ourbackyarr – just as we are concerneed about attracting to new ones to our she added. Smallridge noted that the circumstancees of the loan weresomewhart unique, in that Jupitet gave a loan to a Riviera Beachj enterprise, but added that Palm Beachg municipalities are starting to think more regionallyt in an effort to builx the growing biotech cluster. “Thi s is about the team, it’s about nortuh county,” she said.
“It’s in Riviera but it still benefits all ofNortuh County.” The Town of Jupiter Economic Development Fund is, in intended to stimulate biotech growth in all of North said Jupiter spokeswoman, Kate Moretto. Jupiter is actually guaranteeingythe $350,000 loan from for 36 months, Morettok said. Full terms of the loan were notimmediatelyh available. Palm Beach Gardens gave Sancilio adirect $350,000 loan at 4.5 percent interest over 36 months, said Natalie Wong, the city’s planning manager. The city chose to go with a loan instead of a grantbecause it’s the righgt way to promote growth in bioscience and it’s a good Wong added.
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