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SOUTH FLORIDA CITY TO CONSIDER INCENTIVES FOR PHARMACEUTICAL FIRM

Beacon Pharmaceuticals is asking the city of Jupiter for incentives to bring at least 200 new jobs to a 150,000-square-foot bioscience facility in the Palm Beach County town.

On Jan. 7, the Jupiter Town Council will consider a resolution to award the company $60,000 if it meets its job creation target within five years. That equates to about $1,500 for each job created. Each job would pay an average salary of $70,000.

The Town Council previously approved a memorandum of understanding with Beacon Pharmaceuticals for the $44 million life sciences hub it plans to build in the city. The facility will include drug development labs, office space, lounges, conference rooms and legal and administrative services for dozens of startup life science companies.

Beacon Pharmaceuticals is requesting a 30-year lease for the town’s 9-acre site on the north side of Indiantown Road and the west side of the Florida’s Turnpike ramp. The Town Council will also vote on approving that ground lease during its Jan. 7 meeting.

Jupiter is expected to receive $1.4 million in property tax and rental payments over five years and $3.6 million over 10 years from the life sciences hub, according to the job creation resolution.

Beacon Pharmaceuticals worked with the Business Development Board of Palm Beach County on the incentive deal.

Palm Beach County is the center of a growing life sciences clusters. At least 700 biotech, research and development and pharmaceutical companies are based in the county, according to the BDB. The sector supports more than 7,000 local jobs.

Beacon Pharmaceuticals is a subsidiary of Beacon Capital, a New York-based family office that focuses on socially responsible investments in the life sciences and biotechnology, real estate, banking and insurance, and energy industries.

South Florida Business Journal
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https://www.bizjournals.com/southflorida/news/2020/01/06/beacon-pharmaceuticals-asks-for-incentives.html