Palm Beach County Business Magazine (Summer 2013)

‘Shovel-Ready’ Sites | FPL’s ‘Smart Grid’ | Sports and Business | Relocations and Expansions

PA L M B E AC H C O U N T Y

Summer 2013

A Quarterly Economic Development Publication

The Economic

POWER

of

Culture and theArts

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The Economic Power of Arts & Culture Building Audiences, Boosting Businesses

Learning about Neuroscience High school students get first-hand experience

News & Events A Leader in Job Creation BDB Honored Sports and Business Florida: A Leading Startup State BDB Recognized as Best in Class Relocations and Expansions

FPL’s ‘Smart Grid’ A powerful green initiative

Behind the Gates

ON THE COVER:

Private equity firm relocates to Boca Raton

Image by Robert Stevens

PBC Interactive A countywide service

Welcome from the President

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CONTENTS

‘Shovel-Ready’ Sites Ready to go for developers

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TO OUR MEMBERS AND PARTNERS: In this issue of Palm Beach County Business you will learn how FPL’s wide-scale installation of 4.5 million smart meters will enhance awareness of electricity usage to improve reliability and problem-prevention; the ways Palm Beach Tours and Transportation, Inc. is building their green initiative; and about PBC Interactive, a website which condenses and coordinates online information to facilitate local business research.

Additionally, this issue features a brief overview of why Palm Beach County’s arts, business, and culture spheres lend to the prosperity and high quality of life which keeps its residents engaged and entertained while enticing new companies to relocate here. The Business Development Board’s “Behind the Gates” initiative has assisted in one such relocation success. Kayne Anderson Real Estate Advisors (KAREA) will be relocating from New York to Boca Raton, thanks to the BDB’s tireless efforts to educate and sell companies on what Palm Beach County has to offer.

I hope you enjoy this edition of Palm Beach County Business which is made possible with the support of the Palm Beach County Board of Commissioners, Workforce Alliance, NextEra Energy Inc., Florida Crystals, and Suffolk Construction.

As we strategize to further the growth of Palm Beach County’s ever-thriving economy, please continue to follow us on Facebook and Twitter and watch for our enewsletters to stay well-informed on economic development and business news and events in Palm Beach County.

Kelly Smallridge President and CEO

Business Development Board of Palm Beach County, Inc. 310 Evernia Street | West Palm Beach, FL 33401 561.835.1008 | www.bdb.org Palm Beach County’s Economic Development Resource

Published by » Passport

Publications & Media Corporation

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Arts, Business & Culture The ABCs of Palm Beach County

The Norton Museum of Art

When Scripps Florida chose Palm Beach County instead of central Florida, one of the deciding factors was the region’s vibrant arts and cultural community. A decade later, the county’s science museums, art galleries, theaters, music venues and other cultural assets are an even more important contributor to Palm Beach County’s prosperity.

“What distinguishes our county is the size, strength and maturity of our arts and cultural organizations,” says Rena Blades, president and CEO, Cultural Council of Palm Beach County. “Located throughout the region, these institutions attract large audiences, create jobs, offer educational programs and provide other types of opportunities for the business community.”

For example, many area businesses – including audio-visual firms, caterers, decorators, printers, and marketing firms – benefit by supplying goods and services to these nonprofit organizations. Live performances also bring in patrons who dine at local restaurants, shop at nearby stores and spend the night at area hotels and motels.

Arts and cultural organizations create opportunities for “working” partnerships with Palm Beach County companies, such as sponsoring events or participating in volunteer programs that strengthen employee engagement and build team spirit.

Palm Beach Opera

local residents and delivers $23.9 million in local and state government revenue.

“What is truly remarkable about these findings is that they have increased 20 percent from the prior study despite the struggling economy,” says Blades. One reason is that Palm Beach County has 23 arts and culture organizations with budgets of more than $1 million annually – more than any other in South Florida, according to Blades. “That provides financial stability,” she says, adding that the cultural sector also benefits from the region’s strong tourist industry. “While our organizations certainly took a hit, it was much less than other cities in Midwest that don’t have the same flow of tourists,” she says.

Those large cultural organizations – as well as dozens of smaller nonprofits – reach an audience of more than 3.3 million people a year, Blades says. “Because our assets are spread out across this very large county, there is a misconception about its size,” she says. “While our venues are reachable in 30 minutes by car, they’re not within walking distance of each other.”

A $250 million impact A national study conducted last year –Arts & Economic Prosperity IV – indicates that Palm Beach County’s nonprofit arts and culture sector generates $249.9 million in total economic activity.

This includes $138.9 million by nonprofit arts and culture organizations and $111.1 million in event-related spending by their audiences: The study also showed that the sector supports 5,782 full-time equivalent jobs, generates $135.8 million in household income to

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The Robert M. Montgomery, Jr. Building

Young Singers of the Palm Beaches

The Boca Raton Museum of Art

Quality of life Sophisticated CEOs recognize that a strong cultural base contributes to a community’s quality of life.

That’s one of the reasons the cultural council is partnering with the Business Development Board of Palm Beach County in reaching out to hedge fund managers and other corporate executives through the BDB’s “Behind the Gates” initiative.

“These CEOs know that it’s great to have lots of fun and intellectually stimulating things to do,” says Blades. “But there are plenty of other reasons, too.”

For example, employees and their families are looking for communities that offer a variety of weekend and summer activities. “We have many educational programs, like museum and theater summer camps,” Blades says.

In addition, many spouses are looking for community service opportunities, serving as volunteers or as members of nonprofit boards. “Our community has dozens of opportunities where participants can really make a difference,” she adds. “That’s one of the great things about living in Palm Beach County.”

Palm Beach Pops

About the Cultural Council

The Cultural Council is Palm Beach County’s official arts agency, serving non-profit cultural organizations and professional artists throughout the county. The Cultural Council’s responsibilities include marketing the county’s cultural experiences to visitors and residents, administering grants to organizations and artists, expanding arts and cultural education opportunities, advocating for funding and arts-friendly policies, and serving cultural organizations and artists.

As part of the Palm Beach County Tourist Development Council (TDC), the Cultural Council works with the Convention and

Visitor’s Bureau, Sports Commission and the Film and Television Commission to promote Palm Beach County as a vibrant tourism destination.

Founded by community leader Alexander W. Dreyfoos in 1978, the council now is located in the historic Robert M. Montgomery Jr. Building in downtown Lake Worth. Open to the public Tuesdays through Saturdays, 10 a.m. to 5 p.m., the council’s facility includes a visitor center, exhibit/ performance space, gift shop and artists’ workspace. For more information, visit www.palmbeachculture.com.

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High School Students Get Hands-on

Top row: Dominic Russo, Terrell Ibanez and Christopher Heung.

Bottom row: Alisha Kshetry and Monica Wei

Neuroscience Experience

Summer intern, Erica Morris (Jupiter High School) and Dr. Sam Young

Palm Beach County high school students are getting firsthand exposure to the neurosciences, thanks to educational outreach initiatives with Max Planck Florida Institute and Scripps Florida. “Whenever students have an opportunity to experience scientific discovery outside of the classroom setting, it can have a big impact,” said Greg Goebel, 6-12 science program planner with the School District of Palm Beach County.

This summer, six area high school students are participating in a laboratory internship program at Max Planck Florida Institute, according to Dr. Ana Fiallos, head of education outreach. “We highlight the importance of basic research and encourage students to go into the biomedical sciences,” she said. “These students work side by side with our scientists in the labs. They do experiments and learn about interpreting data. They also select a topic, write an abstract and prepare a PowerPoint presentation. It’s an excellent experience for them.”

Fiallos said Max Planck Florida Institute also sponsors a “Brain Bee” competition as part of a national program sponsored by the Society for Neuroscience. In February, there were three local finalists with the winner receiving a sponsored trip to compete in the national event in Baltimore.

In April, high school students from four Palm Beach County Title I schools took part in hands-on activities with biomedical research scientists at “Neuroscience Saturday,” an all-day event hosted

by Scripps Florida and Max Planck, and sponsored through a grant by Quantum Foundation.

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Students and teachers from Glades Central High School, Royal Palm Beach High School, Palm Beach Gardens High School and Palm Beach Lakes High School traveled to the Jupiter institutes and engaged in interactive activities, including a brain dissection, a speed competition where students “role played” different parts of a neuron to discover how signals travel through the brain, and a neurophysiological activity, where students recorded the electrical activity from the nerve impulses in an insect’s leg.

Neuroscience Saturday is based partly upon the success of Scripps Florida’s “Science Saturday” outreach program, which has reached thousands of students from Title I high schools since 2006.

Neuroscience Saturday was also inspired by “Neuroscience Discovery Day,” a public event hosted by the Max Planck Florida Institute in December 2012 as part of its grand opening celebration.

Driven by a desire to reach students from underserved communities and leverage shared strengths in neuroscience research, the two institutes jointly developed the Neuroscience Saturday program and presented it to Quantum Foundation as a means of making a positive impact.

“We were attracted to this new program because it is designed to not only educate, but to inspire,” said Kerry Diaz, president of Quantum Foundation, a grant-making organization in Palm Beach County. “We’re confident that the Neuroscience Saturday experience will spark a passion for discovery in students and perhaps even steer their interest towards pursuing a science-based career.”

Palm Beach County

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1 Abacoa Town Center Phase II -Parcel 3 (0.5 Acres) 2 Abacoa Town Center Phase IV (15 Ac) 3 Abacoa Workplace - Tract WK4 (22 Ac) 4 Abacoa Workplace - Tract WK7 (South) (5 Ac) 5 Centrepark Lot 2 North (2.38 Ac) 6 Centrepark Lot 4 South (2.5 Ac) 7 Coda (0.64 Ac) 8 Fairway Corporate Center (26.7 Ac) 9 First Park South Florida - Building 20 (4.62 Ac) 10 First Park South Florida - Building 21 (5.87 Ac) 11 First Park South Florida - Building 25 (13.5 Ac) 12 First Park South Florida - Parcel 2 (20.31 Ac) 13 First Park South Florida - Parcel 3 (40.98 Ac) 14 First Park South Florida - Parcel G-12 West (99.88 Ac) 15 First Park South Florida - Parcel G-9 (23.06 Ac) 16 First Park South Florida - Parcels P, Q, and R (26.06 Ac) 17 Florida Research Park - G11 (16 Ac) 18 Gardens Corporate Center (6.59 Ac) 19 Georgia Lime Commerce Center (0.67 Ac) 20 Grove Medical Plaza (3.64 Ac) 21 High Point On Congress (7.4 Ac) 22 Historic Depot Square (12.38 Ac) 23 House of Floors Parcel A (1.45 Ac) 24 Lantana Airport 19 acre Parcel (19 Ac) 25 Latitudes in the Gardens (8.99 Ac) 26 Mirasol Town Square - Building D (3.91 Ac) 27 MPC 3 Parcel 3 (47.69 Ac) 28 Palm Beach International Airport - Parcel F (57.41 Ac) 29 Palm Beach International Airport - Parcel C (23.77 Ac) 30 Palm Beach International Airport - Parcel D (13.16 Ac) 31 Palm Beach International Airport - Parcel G (12.92 Ac) 32 Palmetto Park City Center (4.5 Ac) 33 Palms West Professional Plaza Condominiums (4.33 Ac) 34 PGA Professional and Design Center (10 Ac) 35 Pineapple Grove Ltd. (0.5 Ac) 36 Plat 5 - Centrepark - Lot 8 (1.15 Ac) 37 Plaza 3333 Professional Center (3.87 Ac) 38 Pointe West (18.26 Ac) 39 Rosemary Office Tower (n/a Ac) 40 University Centre - Parcel 3 (3.23 Ac) 41 Vista Lot 19 (7.19 Ac) 42 Watertower Business Park (10.55 Ac) 43 Watertower Commons (1.26 Ac)

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PALM BEACH COUNTY IS A PRIME LOCATION WHEN IT comes to expediting corporate relocation and expansion projects because of its many available shovel-ready sites. The term “shovel-ready” originated as a political neologism and, despite having some conflicting industry-specific qualifications, has come to generally refer to an industrial or commercial property that is available, fully served, and developable. These sites go through an approval process to qualify them under land use, infrastructure, pricing, and availability qualifications. This process allows for development and construction to begin sooner, something that is extremely important when time is money and companies are eager to begin work at a new location. The Business Development Board of Palm Beach County defines a shovel-ready site as one that possesses an approved development order and can begin building in just one year. By reducing red tape, often in the form of laborious processes such as architecture, zoning, and legal considerations, these sites allow for a more immediate impact on the local economy. It is fantastic, then, that Palm Beach County has such an abundance of these locations. Palm Beach County’s shovel-ready project was one of the first in the state and still offers more land at lower prices than some of its neighboring counties.

Many of the sites are located near railways and interstates, which can be extremely beneficial to companies that need to stay connected over a large area. There are over 40 shovel-ready sites of varying sizes and environments all over Palm Beach County, allowing for a diverse choice for companies interested in a simple and speedy relocation or expansion. These sites combined can accommodate at least 5 million square feet of newly constructed space.

Sources: Esri, DeLorme, NAVTEQ, USGS, Intermap, iPC, NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), TomTom, 2012

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News Events Florida: A Leading Startup State Florida has the secondhighest rate of producing new businesses and ranks high on Fundable’s venture capital rankings. In addition, Startup America said Florida is the nation’s No. 3 state for annual revenue per startup, with $1.2 million. In an interview with Startup America, John Duffy, CEO of Boca Raton-based 3CInteractive, said, “If you’re a rich guy retired in Palm Beach, your family office is investing in funds based elsewhere. So there’s been a lot of emphasis on attracting good investors to this area.”

Smallridge Receives Ambassador Award

Recognizing her 25-year contribution to economic development in Palm Beach County, Gov. Rick Scott honored Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County (BDB) with the Governor’s Ambassador Award. He also recognized the BDB as one of the top performing economic development organizations in the state at the May 9 Enterprise Florida Board meeting.

The Governor’s Ambassador Award was created by the Executive Office of the Governor and Enterprise Florida, Inc. in 2012 to recognize individuals and companies that have made significant contributions to the state of Florida’s economic development. Recipients receive a medal featuring the Florida state seal and the wording “Governor’s Business Ambassador.” The back side of the award features the recipient’s name and the date the medal was awarded.

Scott said, “I am pleased to present Kelly Smallridge with the Governor’s Business Ambassador Medal for her tireless efforts to create jobs in South Florida. She has been a champion for our efforts at the state level to eliminate barriers on manufacturers by removing the tax on machinery and equipment, which creates more jobs and opportunities for Florida families.”

BDB Luncheon Highlights

Sports’ Contributions to Economy

With golf, baseball, college football, soccer, polo and more, Palm Beach County’s sporting activities contribute more than $260 million a year to the region’s economy. “Sports also add to our quality of life and bring CEOs to our communities,” said Kelly Smallridge, president and CEO of the Business Development Board at the BDB’s May 23 quarterly luncheon at the Boca Raton Resort and Club.

BDB Chair Rex Kirby welcomed attendees to the panel discussion, which was moderated by Steve Politziner, general manager, ESPN West Palm and VP, Good Karma Broadcasting. Sponsors included Alpern Rosenthal, Bank of America, and Greenspoon Marder.

“Sports bring revenue and visitors into our communities,” said George Linley, executive director, Palm Beach County Sports Commission. “Equestrian activities are the largest driver in our county.”

Mark Bellissimo, CEO, Equestrian Sport Productions, agreed, noting that equestrian events contribute about $180 million of the $260 million total economic impact from sports. ‘We have doubled our numbers since 2008, “ he said. “We bring in 3,000 to 4,000 families from 50 states and 33 countries, representing the 6,000 horses that

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participate in our Winter Equestrian Festival.”

Golf is another major contributor to the region, said Ken Kennerly, executive director, The Honda Classic and SVP, IMG Golf, North America. “Golf has stayed healthy through the recession,” he said. “The PGA Tour has maintained its sponsorship base here with the Allianz Championship and Honda Classic. We’ve grown the Honda Classic to an attendance base of more than 168,000, while raising funds for children’s healthcare. And when someone is sitting up north in February watching our event, the sunshine of Palm Beach County is very attractive.”

Mike Bauer, general manager, Roger Dean Stadium, said more than 160,000 people attend the Jupiter facility for Major League Baseball spring training games. The stadium also hosts a year-round stream of regional and national youth athletic tournaments.

Applauding an appearance at the luncheon by “Owl” athletes and cheerleaders, Pat Chun, athletic director, Florida Atlantic University said, “We have barely scratched the surface from an economic standpoint. We have a great stadium and are committed to building our athletic program.”

A Leader in Job Creation

Relocations & Expansions In partnership with Palm Beach County, The Business Development Board of Palm Beach County (BDB) facilitated these companies’ expansion and relocation plans.

CityPlace

Governor Rick Scott announced in April that Palm Beach County tied for second place with Lee County behind Collier County for having the fastest annual job growth rate in Florida for 2012. Commissioners from each county were presented their awards at the Florida Association of Counties Legislative Meeting in Tallahassee.

“Florida’s economy continues to grow jobs because of the decisions we have made over the last two years. It’s working,” Scott said in a statement. “Over the last two years, Florida’s private-sector has created over 294,000 new jobs. Our state is headed in the right direction, and I congratulate Collier, Lee and Palm Beach counties for helping lead the way.”

The governor’s office said Palm Beach County’s 2012 annual job growth rate of 2.5 percent was caused mainly by gains in the following industries: other services (+9.4 percent); professional and business services (+4.2 percent); leisure and hospitality (+4.0 percent); and construction (+3.0 percent).

Business Development Board Recognized As Best in Class for Marketing of Palm Beach County The Florida Economic Development Council, Inc. (FEDC), the state’s industry trade organization, presented the BDB with a first place award in promotional and marketing innovation at its 2013 annual conference held June 26 through June 28 in Orlando.

Out of all entries from counties throughout Florida, the BDB received the first place award in the External Publication category for its ‘Shine’ brochure - a sophisticated marketing piece designed to help CEOs and site selectors visualize Palm Beach County as a premier place to do business while enjoying a worldclass lifestyle.

FEDC’s annual awards serve to emphasize outstanding marketing strategies and encourage the development of more effective marketing tools. Judging criteria included creativity, impact, quality, originality, and substance.

SolarTech Universal, LLC, is establishing a new 74,000-square-foot facility in Riviera Beach. The company anticipates a total capital investment of $11.7 million and the creation of 80 full-time jobs with an average annual wage of $47,000. The State of Florida approved a Qualified Target Industry Tax Refund incentive request for $640,000, of which $128,000 is the required local match. Palm Beach County and the City of Riviera Beach will provide the local match in the amount of $64,000 each. The five-year local Economic Development Return on Investment is anticipated to be $85 million.

Funding Shield, LLC, has moved its corporate headquarters from New York to West Palm Beach. Funding Shield leased 3,000 square feet at 1655 Palm Beach Lakes Boulevard and plans to add 10 employees at the new location. The BDB assisted with the site selection process and introductions to economic development partners such as Workforce Alliance.

United Structural Associates, LLC, is moving to a 6,000-square-foot facility in unincorporated West Palm Beach. United Structural Associates will create 15 jobs in the first year.

Red Hawk Fire & Security, headquartered in Boca Raton, plans to expand its existing office space at 5100 Town Center Circle by 8,000 square feet to accommodate the addition of 35 new professional positions. The BDB assisted the company with the incentive process resulting in a $245,000 Qualified Target Industry Tax Refund (QTI).

The State’s contribution of the QTI is $196,000; Palm Beach County’s contribution is $24,500 and the City of Boca Raton’s contribution is $24,500.

Belcan Engineering Group, Inc., located at 4750 East Park Drive in Palm Beach Gardens, will add 25 new positions. The BDB assisted Belcan with the incentive process resulting in a $35,280 QRT (Quick Response Training) grant from Workforce Florida.

Palm Beach Orthopaedic Institute, P.A. (PBOI), will create 27 new positions and move 72 existing employees into a new, to be constructed,38,000 square-foot medical office/research campus at 4215 Burns Road in Palm Beach Gardens. The new facility is scheduled to open in early 2014.

Navinta LLC will occupy 20,000 square-feet of manufacturing and R&D space at 1003 Clint Moore Road in Boca Raton where it will hire 25 new employees with an average annualized wage of $50,000. The economic impact of this project is expected to exceed $24 million. The State of Florida approved a QTI incentive request in the amount of $125,000 of which $25,000 is the required match from the City of Boca Raton.

Kayne Anderson Real Estate Advisors (KAREA), leased 12,750 square-feet of space at One Town Center in Boca Raton. Twenty of Kayne Anderson’s employees will relocate from New York to the Boca office and the company plans to hire additional employees over the next twelve months.

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FPL Completes

‘Smart Grid’ Enhancements

FPL President Eric Silagy (in front) discusses the technology improvements made to the region’s electric grid

FLORIDA POWER & LIGHT COMPANY RECENTLY COMPLETED ITS Department of Energy-supported grid modernization projects and the installation of 4.5 million smart meters in its 35-county service area.

FPL President Eric Silagy announced the two milestones during a celebratory event at FPL’s grid monitoring center in Palm Beach County that was attended by Patricia Hoffman, assistant secretary for the Office of Electricity Delivery and Energy Reliability at the U.S. Department of Energy (DOE), as well as local dignitaries and business officials.

“This is one of the most ambitious projects that has ever been undertaken in the country and definitely one of the most ambitious projects that FPL has undertaken,” said Silagy. “Completing the installation of the 4.5 million smart meters and the deployment of smart grid technology throughout our service territory is making it possible for us to improve our service reliability, prevent outages and detect problems, while giving customers more control over the energy they use.”

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FPL’s investments in a more efficient electric grid provide tangible benefits, while laying the foundation for future benefits and efficiencies, such as: Real-time information on the health and performance of the electric grid.

Ability to identify outages and diagnose their causes.

Verification that power was restored.

Early warning of power issues to enable rerouting electricity around trouble spots, thus confining outages to smaller areas.

Remote communications with FPL through advanced technology.

Greater information for FPL customers about their energy use so they can make smart decisions about conserving electricity.

In 2009, FPL began the deployment of state-of-the-art smart grid technologies as part of its commitment to building a smarter, more reliable and more efficient electrical infrastructure, explained Silagy.

PBTT Goes Solar!

From left, Paget Critchett; David Bates with FPL; Ibrahim and Debbie Chalhoub, installers/owners Cedars Electro-Mechanical, Lake Worth; Lexi Critchett; Rep. Lois Frankel; Lilly Critchett; John Critchett; and Penni Redford, sustainability director, City of West Palm Beach.

Patricia Hoffman, Assistant Secretary of Energy for the Office of Electricity Delivery and Energy Reliability at FPL’s facility in Jupiter.

“This technology truly is transforming how we create, transport and deliver electricity,” he said. “We’re continuing to find new ways to use this technology to enhance the everyday value we provide our customers for many years to come.”

FPL was one of only six utilities in the U.S. to receive a $200 million grant from the DOE to help fund one of the largest, most comprehensive grid modernization projects. Now, four years later, with an additional $600 million investment from FPL, the installation of these smart grid technologies place FPL among the first utilities to complete its commitment.

“Situational awareness plays an important role in improving the reliability and resiliency of the grid,” said Hoffman. “DOE funding of this FPL project and others is helping utilities and system operators across the nation get a faster, more accurate picture of the status of the grid, allowing them to respond more quickly and efficiently when disruptions occur.”

With the installation of new solar panels, Palm Beach Tours & Transportation, Inc. (PBTT) in West Palm Beach now generates more electricity than it uses. “This green initiative makes good business and economic sense, but equally important is our patriotic role in helping leave our community a better place than we found it,” said John Critchett, president, who celebrated the accomplishment with a May 13 “green ribbon” cutting ceremony that was attended

by U.S. Rep. Lois Frankel.

“I was reading about solar power last year and was intrigued about whether it might be possible for my home,” said Critchett. “I found it wasn’t feasible with my home’s roof, but it would make sense for the flat roofs on my business buildings, because I could angle the panels to face the sun.”

PBTT’s contractor, Cedars Electro-Mechanical of Lake Worth, installed 102 solar panels on the roofs of PBTT’s two buildings as part of a photovoltaic (PV) system. The company now generates its own power, plus extra electricity that it sells back to Florida Power & Light (FPL).

PBTT is participating in FPL’s Solar Rebate Program, which was authorized by the Florida Public Service Commission to promote clean solar power and reduce energy consumption by encouraging customers to install PV systems.

“The solar credits paid for a large portion of my investment,” said Critchett. “There was an unexpected bonus as well: the panels create a lot of shade on my roof, and reduce the heat load by 20 to 25 degrees, saving on air conditioning as well.”

PBTT has been providing chauffeured transportation service to the South Florida community since 1999. The 20employee company specializes in serving corporate executives and providing group transportation.

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BEHIND THE GATES INITIATIVE

Private Equity Firm

The Business Development Board has assisted Kayne Anderson Real Estate Advisors (KAREA) with its relocation from New York to Palm Beach County. A real estate private equity business, KAREA originates, executes, and manages private investments in specialized niche real estate sectors, principally off-campus student housing.

“Palm Beach County has been on our radar for years, so we’re excited to finally make this move,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “Not only does the county provide a solid economic opportunity for our firm, there is a strong talent pool that can help further our business objectives. We anticipate hiring additional people in the very near term.”

Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $21 billion investment management firm with more 30 years of successful experience in the energy, infrastructure, growth capital, real estate and middle market credit sectors.

The company leased 12,750 square feet of space at One Town Center in Boca Raton. Twenty of Kayne Anderson’s employees will relocate from New York to the Boca office and the company plans to hire additional employees over the next twelve months.

The BDB assisted the KAREA team with tours of Class A office space, tours of public and private schools, introductions to business and community leaders, residential real estate options, jobs for trailing spouses add and expedited permitting.

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“There has been a significant amount of interest from hedge fund and private equity companies looking to set up an office in Palm Beach County. Approximately 15 have relocated to the area over the past two years primarily for the tax advantages coupled with the high quality of life,” said Kelly Smallridge, BDB president and CEO. Smallridge and VP Mary Katherine Morales spent June 16-18 in New York City meeting with ten additional firms interested in looking at the county.

BDB’s Business Recruitment Mission to NYC In June, BDB representatives traveled to New York for a business recruitment mission where they conducted meetings with private equity groups, hedge fund managers, institutional brokerage firms, third party administrators and commercial real estate brokers to proactively market Palm Beach County as an ideal business location for sophisticated financial services providers.

The BDB arranged the trip to leverage the momentum of the growing number of New York-based hedge fund and private equity firms that have recently established offices in Palm Beach County.

The trip yielded results as three hedge fund companies and an institutional brokerage firm have near-term plans to open offices in south Florida.

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Relocates to Boca Raton “Behind the Gates” Paying Off The BDB’s “Behind the Gates” initiative is succeeding in enticing executives who have second homes in Palm Beach County to move their businesses here, according to Kelly Smallridge. Speaking at the quarterly BDB meeting in May, Smallridge highlighted these results:

Five projects with 253 new high-paying jobs are now in the pipeline

10 prospects have been identified from manufacturing to hedge funds and private equity, to IT organizations

Five high-end events were held to introduce the BDB to out-of-area CEOs

30+ print and online articles have been published regarding Palm Beach County’s attractive business climate

Three nationally televised news programs featured Smallridge discussing Palm Beach County’s business attributes

“These results were made possible with the support of our members,” added Smallridge.

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PBC Interactive Expanding Web-Based Business Research Capabilities Palm Beach County values its partnership with the Business Development Board in drawing new businesses to the area, assisting existing companies with their expansion needs, and working toward the common goal of creating new job opportunities for our county’s residents. BDB’s initiatives complement the financial resources, programs and services administered by Palm Beach County, and together, make for a dynamic approach to economic development.

The partnership has made significant advances in providing web-based tools for use by businesses seeking to locate or expand in the county. BDB’s PBCProspector and Shovel Ready sites link to commercial and industrial properties available for lease or purchase, as well as properties that possess required development approvals and are poised for construction. In addition, Palm Beach County has launched PBC Interactive – the county’s first and only comprehensive public research site providing current, parcel-based business information. Updated daily, PBC Interactive is an additional tool to help facilitate economic growth and job creation.

PBC Interactive was developed through an effective collaboration of county departments of Economic Sustainability (DES), Planning Zoning & Building, and Information Systems Services (ISS), along with the Property Appraiser’s Office. Utilizing the county’s existing Geographic Information System, project staff integrated programs and current data to provide a one-stop-shop that helps the public and private sectors gain information that previously required going to multiple sources.

PBC Interactive offers more than 20 search layers and displays results in map or report form, allowing for multiple search selections. Features and search layers include: North American Industry Classification System (NAICS) codes, which allows selective control over display of a particular industry Tracking of all registered businesses in the county Parcel ownership, assessed property value, tenant composition and square feet Jurisdictional boundaries, U.S. Census data, HUB Zones, Enterprise and Tax Credit zones, Downtown Development Authorities, Community Redevelopment Agencies, economic development organizations, educational institutions, tourist development organizations, and business incubators

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Transportation maps including roadways, bus routes and stops, railroads Web links to sites most useful for business services and research Generates reports that can be downloaded into Excel Land use designations, amendments and zoning approvals The site now includes existing and future land uses for all 38 municipalities. Coordination efforts to incorporate municipal zoning approvals are ongoing. PBC Interactive performs in browsers Internet Explorer, Chrome, Firefox and Safari.

For further information about PBC Interactive, please look for this icon on the Palm Beach County and DES home pages at www.pbcgov.com/des or contact DES at (561) 233-3600.

By Sherry Howard, Deputy Director Palm Beach County Department of Economic Sustainability

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