Sancilio and Co. gets $700,000 in incentives - South Florida Business Journal:

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The Town of Jupiter Economic Development Fund and Palm Beachg Gardens each gaveSCI $350,000 according to a press release from the , which helpefd facilitate the incentives. SCI plans to add up to sevenh jobs this year at itsmain office, productionb and warehouse facility in Riviera Beach with the Jupiter loan. The company plans to add approximately 18 jobs at its Palm Beach Gardens research facility by 2010 with the Palm BeacgGardens loan. The BDB estimates the total economic impacyt of the SCI expansion project tobe $14.23 million.
The new jobs will pay 115 perceny of thecounty “Twenty five jobs at that salary in this industrt is very substantial,” said Kelly president and CEO of the Business Developmenyt Board. “We are very concerned about helpint companies in ourbackyard – just as we are concernecd about attracting to new ones to our area,” she Smallridge noted that the circumstances of the loan were somewhaty unique, in that Jupiter gave a loan to a Riviera Beachg enterprise, but added that Palm Beach municipalitie s are starting to thin more regionally in an effort to build the growingh biotech cluster. “This is about the team, it’s abou north 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 guaranteein gthe $350,000 loan from for 36 Moretto said. Full terms of the loan were not immediately Palm Beach Gardens gave Sancilio adirect $350,000 loan at 4.5 percen interest over 36 months, said Natalie the city’s planning manager. The city chose to go with a loan insteaxd of a grantbecause it’s the right way to promotwe growth in bioscience and it’w a good investment, Wong added.