August 15, 2006 at 11:19 AM #7205
WEST PALM BEACH — Another California biotech institute — the Torrey Pines Institute for Molecular Studies – – could be coming to Palm Beach County with a heavy taxpayer subsidy.
Despite some misgivings aired during a two-hour discussion, Palm Beach County commissioners on Tuesday agreed to enter contract negotiations with the San Diego-based institute, which is asking for $21 million in county money to put its headquarters in Boca Raton. In addition, the city would give $11 million in land and the state would pitch in $32 million. In exchange, the institute would create 189 jobs over 10 years.
The clock is set at one week, meaning county officials and Torrey Pines executives have to come to terms on issues such as job creation guarantees and royalty payments by next Tuesday’s commission meeting.
Speakers lined up in support of the proposed project, saying it will build on the biotech cluster started with the $600 million-plus deal to bring The Scripps Research Institute to Jupiter.
Also, commissioners strongly endorsed giving $9 million to Scripps and IBM to establish the world’s fastest supercomputer in Boca Raton, aimed at battling the bird flu. That project would primarily be fueled by $526 million in federal grants.August 15, 2006 at 11:35 AM #31959bubParticipant
Thanks Monster. Don Bauder did a related article in last weeks Reader.
Floriday Overpays For San Diego’s Cluster OutfitsAugust 15, 2006 at 12:11 PM #31964
I saw the same article in the Reader. FYI…Condo in Boca was listed at 550,000 last weekend and if you bought that day, it was yours for 400,000. Brand new, you pick the colors. tile, granite etc etc. No buyers took the bait. WOW! Alot more pain in south fl compared to SD county. Your lucky out here. No hurricane bs to live with or uncontrolled insurance costs. 1000% increase in premiums, cancelled policies with no one looking to pick up your 2mm beach house..Yikes!!!! Adjustable mortgages, whatever? Adjustable insurance premiums are killing the fixed expense crowds. People are praying for a no hurricane season. Better odds in Vegas.August 15, 2006 at 12:33 PM #31967barnaby33Participant
Yes but if we have an earthquake, we will have the same problem. Its just less likely year to year. The only fundamental difference is that SD would seem to have a sounder economy than places in Florida. I assume you could make the same offer here and not drum up that much interest right now.
As to Scripps moving to Florida, good luck with that. A friend of mine is a researcher here in SD. He invented a process to induce faster mutation in bacteria and got another friend of ours to build it. The lead researcher got a teaching position at the University of florida and so the guy building the machine had to move there as well. He spent two years there and finally couldn’t take it anymore. I am not saying everyone will react that way, but it sure doesn’t sound like Florida is going to be able to attract the caliber of talent necessary for a place like Scripps. Not long term anyway.
JoshAugust 15, 2006 at 1:12 PM #31969
Earthquake probability versus yearly hurricane prepareness? I’ll take the earthquake risk. Will global warming increase earthquake risk? Heat does cause more quakes, right? I don’t remember winter quakes. 15 hurricanes every summer or at least a threat every summer is a pain in the a.. Plus its very stressful to continued press regarding death and destruction.August 15, 2006 at 9:40 PM #32003powaysellerParticipant
Josh, why do you think people will leave FL? If the job is there, wouldn’t they stay? Also, why doesn’t San Diego do more to lure biotech companies here? We really need to invest in jobs other than real estate, lending, construction, and tourism. We need to bring more biotech and high tech companies here. What is preventing San Diego from doing so?
Perhaps SD is too broke to offer incentives. Can you imagine how SD’s budget will look in 3 years, after people have their properties reappraised to lower their taxes, and sales taxes keep falling? Missed property tax payments will hurt too. The cities get part of the property tax money, so this will hurt San Diego.
I’m thinking that cities like Carlsbad or Poway (lot of space in the Poway Business Park) could try to bring companies here.
We really need to revive our economy. What’s keeping us from doing so? Josh, Lindi, anyone else, any thoughts?
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