Palm Beach County Business Magazine (Fall 2012) by Passport Publications

World Stem Cell Conference | PBC Economy Adding Jobs | Central County | Enterprise Zone

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

Fall 2012

A Quarterly Economic Development Publication

Clean

Renewable

Green Energy

Palm Beach County is a Leader in the Alternative and Renewable Energy Sector Innovative approaches include: solar and biomass energy, and tapping ocean currents

Ocean Currents

Solar

Biomass

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Palm Beach County is a Leader in the Alternative and Renewable Energy Sector Innovative approaches include solar and biomass energy, and tapping ocean currents

Security Companies Choose Palm Beach County for Headquarters Global leaders have growing presence in region

Regional Profile: Central County Services, Manufacturing, Culture and More West Palm Beach, Lake Worth and Lantana offer business-friendly climates

Florida Atlantic University Contributing to the Region’s Growth Dynamic institution has powerful economic impact

Palm Beach County Enterprise Zone Program Regional program offers important incentives

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CONTENTS

News & Events World Stem Cell Conference Coming in December Smallridge Named to State Post Latest Relocations and Expansions

Welcome from the President TO OUR MEMBERS AND PARTNERS: Upon reading this issue of Palm Beach County Business, you’ll learn how visionary companies and researchers in the region are leading the way in developing and commercializing new forms of alternative and renewable energy. For example, Palm Beach County-based NextEra Energy, Inc. has developed a public-private solar partnership with NASA to develop clean energy, FAU is looking at ways to generate power from the ocean, and Florida Crystals uses its crops and urban wood waste as fuel to generate renewable electricity. As innovations in clean energy contribute to job creation and a strong economy, an excellent university system plays a vital role in developing a sophisticated workforce and cutting edge research. In this publication, Florida Atlantic University’s President, Dr. Mary Jane Saunders articulates the correlation between a robust university system and a strong and vibrant business community. 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 continue to further the growth of Palm Beach County’s wide-ranging economy, please continue to follow us

on Facebook and Twitter and watch for our e-newsletters 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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Spotlight on Cleantech:

Palm Beach County

a Leader in Alternative and Renewable Energy Sector

Editor’s Note: Palm Beach County is a national leader in researching, developing and commercializing new forms of alternative and renewable energy. This article looks at area initiatives relating to solar, biomass and ocean currents. A second article in the next issue will look at batteries, fuel cells and other innovative developments.

Solar

Martin County solar facility

For decades, Florida Power & Light (FPL) has been investing in solar power to diversify the state’s energy sources. In recent years, FPL – with the support of its parent company, NextEra Energy, Inc. – has developed a public-private solar energy partnership with NASA, a large-scale photovoltaic (PV) solar project in Desoto County and a third solar project in Martin County. Now, the three solar power plants create 110 megawatts of electricity. “We’ve long been proponents of a cleantech industry,” said Buck Martinez, senior director project management, FPL. “We are well positioned to build more projects, but our state has not yet gotten behind solar energy.” Since 2008, the cost of solar panels and other components have fallen, making solar more economically competitive with fossil fuels, according to Martinez. To test various components and systems, FPL has installed a rooftop solar laboratory at its Juno Beach headquarters. FPL has also partnered with Scripps Florida to develop more efficient solar systems. “This partnership is an important endorsement

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of our energy research and will play an important role in helping us expand the program through philanthropy, government funding and additional corporate collaborations,” said Roy Periana, professor of chemistry and director, Scripps Energy Laboratories, Scripps Florida. Other aspects of the Scripps energy sustainability program – including storage batteries and innovative ways to recover fossil fuel resources – will be covered in the next issue. “Ultimately, solar energy is a materials problem,” said Periana. “We need to reduce the cost and improve efficiency. That’s a worldclass challenge, but that’s what we take on here at Scripps Florida.” Meanwhile, Martinez is a staunch advocate of adding more solar power facilities to Florida’s energy mix. “Solar is a zeroemission source of power and it requires no water to cool the generators,” he said. “Building a solar industry here would create new jobs and advance the economic development of our state. With our skilled workforce, Florida can become a global leader in clean solar power.”

Biomass Using its crops and urban wood waste as fuel to generate renewable electricity, Florida Crystals, owns and operates the largest renewable energy facility of its kind in North America. Located in western Palm Beach County, the facility converts urban wood and vegetative waste and leftover sugar cane fiber, called bagasse, to electricity. The facility powers the company’s sugar operations and approximately 60,000 homes. Florida Crystals has also partnered with leading universities to conduct research and development of cellulosic ethanol to make fuel out of sugar cane fiber and other wood waste. For instance, Florida Crystals serves on the technical advisory committee, helping to evaluate the commercial viability of the University of Florida’s cellulosic ethanol technology. The University of Florida was awarded a $20 million state grant to encourage the development of alternative energy resources. Technology developed by University of Florida professor Lonnie Ingram will be used to convert sugar cane bagasse and other biomass to ethanol, a clean energy alternative. Florida Crystals is also working with Florida International University to identify a pretreatment process that can costeffectively convert sugar cane bagasse to ethanol. The Florida

Florida Crystals Renewable Energy Facility

Department of Environmental Protection awarded FIU’s Applied Research Center and Florida Crystals a $1M grant to develop cellulosic ethanol technology under the Florida Renewable Energy Technologies Grant Program.

Ocean Currents When looking for sources of renewable energy, it’s important to consider the differences between regions. For example, Texas has strong, steady winds for power generation, while Florida’s resources include sunshine, biomass and ocean currents. “Since Florida has more coastline than any state in the continental U.S., we are a logical choice to look at ways to generate power from the ocean,” said Howard Hanson, professor of geosciences at Florida Atlantic University and chief scientist of the Southeast National Marine Renewable Energy Center. “The Department of Energy has implemented a program for advancing the development of marine renewable energy.” The FAU center is looking at the potential of the Gulf Stream, while a second DOE center in Hawaii studies energy from waves and thermal conversion, and a third in the Pacific Northwest looks at energy from waves and tides. “The goal is to accelerate the development of renewable clean resources and diversify our nation’s sources of energy,” added Hanson. “The Gulf Stream has the potential power density of a gale force wind and it’s right next to heavily populated Southeast Florida, so there’s a ready customer right next door.” The FAU center has applied for federal permits to lease an area off Dania Beach and begin testing various designs and concepts for generating power from the Gulf Stream. “There are dozens of companies working on ways to use the currents to turn a rotor and generate electricity,” Hanson said. “We don’t want to compete with

them. Instead, we want to help startups test their prototypes in the ocean. The European Marine Energy Center has taken a similar strategy in testing devices off Scotland.” Once permission is received, the FAU center will anchor a buoy in place as a reference point for measurements. Then an FAU-designed and built “generic system” will be put into place for baseline testing. “Once we test it and see how it behaves, we can start working with the other developers,” Hanson said. “Ultimately, this initiative could result in considerable economic development benefits, creating new jobs in manufacturing, maintenance and operations.”

Image ©: Florida Atlantic University Southeast National Marine Renewable Energy Center

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News Events Smallridge Named to Enterprise Florida’s Stakeholders Council Gray Swoope, Secretary of Commerce and President & CEO of Enterprise Florida, Inc., recently appointed Kelly Smallridge as the new vice chair of Enterprise Florida’s Stakeholders Council and at-large member of the Enterprise Florida Board. She began her two-year term in August of 2012. As vice chair, Smallridge will preside at council meetings to identify challenges in Florida’s ability to create jobs and maintain a competitive business climate. As the only economic development organization president, Smallridge will serve as a member of the Enterprise Florida board and will report council discussions and recommendations to directors. As such, she will serve as the primary liaison between the economic development boards in 67 counties and the Enterprise Florida board to ensure that issues and recommendations regarding Florida’s economic competitiveness are effectively and appropriately conveyed to and considered by the board.

BDB Facilitates 2000+ New and Retained Jobs Speaking at the September 27 Fourth Quarter Luncheon, Kelly Smallridge, president and CEO of the Business Development Board, provided the following update on year end accomplishments: 27 relocation and expansion announcements 2,159 new and retained jobs for Palm Beach County $116 million in capital investment 1 million square feet of space leased, purchased or constructed in Palm Beach County “We hit a record high for the past six years,” Smallridge told the audience. “About 60 percent of that job creation comes from growing companies in our back yard.”

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Enterprise Florida, Inc. (EFI) is a public-private partnership serving as Florida’s primary organization devoted to statewide economic development. EFI’s mission is to facilitate job growth for Florida’s businesses and citizens leading to a vibrant statewide economy. The Stakeholders Council is a broad-based group including economic development organizations, workforce development organizations, business development organizations, regional planning councils, community colleges, universities, military complexes, state agencies and key business sectors. The council provides strategic information to the Enterprise Florida Board on key issues that affect job facilitation, business climate, and economic development policies and procedures around the state. The Stakeholders Council addresses issues through subject matter-based task force groups, e.g. competitiveness, marketing, innovation & entrepreneurship, supply chain, logistics and manufacturing.

World Stem Cell Summit Coming in December More than 1,000 professionals from around the world will converge on West Palm Beach in December for the 8th annual World Stem Cell Summit. Bernard Siegel, founder, Genetics Policy Institute, and founder and co-chair of the World Stem Cell Summit, outlined the plans at the third quarter upper level breakfast, held August 23 at the Colony Hotel, Palm Beach. “Stem cells represent the future of medicine,” Siegel said, noting that the summit will be held December 3-5 at the Palm Beach County Convention Center. “This will be the largest Kelly Smallridge and Bernard Siegel interdisciplinary stem cell meeting on the planet. Summit participants will include researchers, clinicians, regulators, patients and policy makers who will meet here to chart the future of regenerative medicine. You can sit at the lunch table with a Nobel Prize laureate, a national policy maker, and a venture capitalist, and learn from interesting personalities along with top scientists.” Kelly Smallridge, president and CEO of the Business Development Board, added, “We are working with the Tourist Development Council and the Palm Beach County Convention and Visitors Bureau so summit attendees can learn more about business advantages, lifestyle and attractions.” The Genetics Policy Institute is based in Wellington, and Siegel serves on the BDB’s Life Sciences Committee. For more information on the summit: www.worldstemcellsummit.com

Relocations and Expansions In the past two months, the Business Development Board of Palm Beach County (BDB) has facilitated the growth plans of several local and new-to-market companies, including the following:

TBC Corporation TBC Corporation (TBC) is expanding its corporate headquarters in Palm Beach Gardens with its purchase of 38,000 square feet of office space at 4280 Professional Center Drive. The company’s need for additional space is driven by its recent acquisition of Midas, one of the world’s largest providers of automotive service, offering brake, maintenance, tires, exhaust, steering and suspension services. TBC’s expansion will result in the creation of 175 new local jobs. “This is our second Palm Beach Gardens expansion in the past three years,” said Erik Olsen, Chief Operating Officer, TBC Corporation. “Not only does this growth allow us to serve our customers efficiently and effectively, it opens career opportunities in both the wholesale and retail tire and automotive services industry.” TBC is one of the nation’s largest marketers of automotive replacement tires through a multi-channel strategy. The retail group operates more than 2,700 franchised and company operated tire and automotive service centers under the brands Tire Kingdom®, Merchant’s Tire & Auto Centers®, NTB®-National Tire & Battery®, Big O Tires®, Midas®, and SpeeDee Oil Change and Tune Up®. TBC’s wholesale group supplies independent regional tire retailers and distributors throughout the U.S., Canada and Mexico.

the biotech industry,” said Satish Chandran, Ph.D., CEO at Somahlution, Inc. “We believe that being close to other biotech organizations in Palm Beach County will be advantageous to the future success of our organization.”

American Sugar Refining American Sugar Refining, Inc. will expand its Florida offices and workforce with a new location in Boca Raton. The world’s largest cane sugar refining company has leased a 16,000 square foot office and light industrial space in the Research Park on Florida Atlantic University’s main campus, where it will establish a Global Technology and Innovation Center to contribute to the company’s growth through the creation of new products, processes and packages for customers across the globe. The project will create 10 new jobs in Florida initially. “Our Global Technology and Innovation Center will serve as a central point for generating new product growth and creating innovative sweetener solutions for our customers,” said Richard Dyer, chief science and technology officer of American Sugar. “We are looking forward to our association with the FAU campus, as they will assist in the company’s long-term research plans.” American Sugar is owned by Florida Crystals Corporation and the Sugar Cane Growers Cooperative of Florida, both headquartered in Palm Beach County.

Somahlution Somahlution, a privately held development stage life science company focused on advancing the science of organ and surgical conduit transplantation, will relocate from Fargo, North Dakota to a 13,000 square foot space in the Town of Jupiter. The facility will house its headquarters, research and development, and laboratory space for contract research and analysis. Somahlution will create 25 new jobs over three years. “We are thankful for the support of the Business Development Board and the local governments for assisting us in finding office space, obtaining tax incentives and introducing us to local contacts in

JFK Medical Center Atlantis’ JFK Medical Center will open an Emergency Services Facility this fall in the Midtown Center at 4797 PGA Boulevard in Palm Beach Gardens. The 10,000-square-foot center will have 40 employees. In addition, JFK will open an emergency treatment and diagnostic center, named “Emergency Care Services at JFK Medical Center” at 10921 South Jog Road in western Boynton Beach. The 12,600 square foot center will employ 40. Both facilities will be open 24/7 to treat emergency and non-emergency patients.

Palm Beach County’s Economy Adding Jobs Palm Beach County is adding new jobs this year, according to William Stronge, senior fellow at the Economic Development Research Institute in West Palm Beach and professor emeritus at Florida Atlantic University. Approximately 5,000 jobs have been created during the first eight months of the year, Stronge said. “While our economy has not been recovering as rapidly as we would like, the first half of 2012 was a fairly good improvement in a weak national picture.” Stronge said most of the job growth has occurred in wholesale and retail trades (about 2,500 positions), followed by administrative and support services, education and healthcare, and construction. Employment by local governments, including public schools, has also

increased slightly this year. On the other hand, there has been a decline in financial services, and the leisure and hospitality sector. Since March, the county’s seasonally adjusted unemployment rate has remained steady at about 9 percent, with a spike to 9.3 percent in July, Stronge added. However, the number of Palm Beach County residents in the labor force has actually increased in the past six months. From about 619,000 workers in March, the county’s labor force rose to about 623,000 workers in June and fell to 621,000 in July. “That increase in the labor force since March is a positive factor for the county’s economy,” Stronge said. “Even though the unemployment rate is basically unchanged, there may be more people who are out there working today.”

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Security Companies Choose

Palm Beach County for Headquarters

The Geo Group

ADT

Palm Beach County has long been a preferred location for corporate headquarters, attracting “A-list” companies like FPL/NextEra Energy, Office Depot and Florida Crystals. Likewise the strength of the region’s workforce, domestic and international air connections and a supportive professional infrastructure has led to a dynamic cluster of security companies that have established headquarters in Palm Beach County. Today, the region is home to ADT, Garda, G4S and The Geo Group, which are global leaders in the fast-growing security services sector. “Coincidence? I think not,” said Kelly Smallridge, president and CEO, Business Development Board. “There are many reasons why our county appeals to these multinational organizations.” For example, Palm Beach County offers: Access to customers both nationally and internationally Access to three international airports Access to a multi-lingual workforce that allows security companies to serve international customers from this location There is a large regional market for services, including government buildings, universities, hospitals, prisons, seaports and military bases

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Garda

Many athletes, entertainers, celebrities and affluent homeowners require personal security services A low tax environment that supports ongoing operations For many years, ADT Worldwide and Tyco Fire and Security, a division of Tyco International, have been among the area’s major employers. This fall, Boca Raton-based Tyco International split into several separate businesses. One unit – formerly known as ADT Commercial in the Americas – became Tyco Integrated Security in North America, while retaining the ADT name outside North America. Tyco’s North American residential security unit will continue to operate as ADT. Other Tyco companies include Tyco Integrated Security (TIS), Tyco Security Products (TSP), Tyco Fire Products (TFP), and SimplexGrinnell. Also based in Boca Raton is The GEO Group, one of the world’s largest correctional and detention organizations, operating more than 100 facilities with 75,000 beds in the United States, United Kingdom, Australia, and South Africa. The company employs more than 20,000 people worldwide.

On the north end of Palm Beach County, UK-based G4S – which has more than 50,000 employees across the United States and Canada – has several headquarters in Jupiter, including the G4S Americas Regional Offices, Latin American headquarters, the G4S North America Training Institute and G4S Strategic and International Accounts. “We are continuously hiring and training talented employees and using local resources for our operations,” said Drew Levine, president, G4S Secure Solutions, North America. “The positive business climate and world-class quality of Palm Beach County contribute to our continuing global success.” Montreal-based Garda World Security Services selected Boca Raton for its North American Cash Logistics headquarters in 2011 and has continued to grow in the past year. Today, Garda Cash Logistics is the second largest cash logistics firm in North America. “The positive business climate fostered by the local, county and state government was a key factor,” said Nathalie De Champlain, chief financial officer, adding that the cost of doing business in Palm Beach Country is much less expensive than most major U.S. cities.

“The positive business climate and world-class quality of Palm Beach County contribute to our continuing global success.”

Drew Levine, President, G4S Secure Solutions, North America

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REGIONAL PROFILE:

Central County Services, Manufacturing, Culture and More

The Raymond F. Kravis Center for the Performing Arts

Palm Beach County Convention Center

A hot spot for entrepreneurs, one of the nation’s most livable cities, a center for culture and entertainment, and a dynamic multidimensional business community – all these features are key business advantages of central Palm Beach County.

The Lake Worth Street Painting Festival

“The charm and excitement of West Palm Beach’s vibrant downtown provides a perfect home for the creative class of entrepreneurs that we are trying to attract,” said Alan Durham, the city’s new economic development director. As the county seat, West Palm Beach is a hub for financial, legal, accounting and other professional services. To the south, Lake Worth and Lantana have their own diverse business communities, ranging from retail to manufacturing and distribution. Across the Intracoastal Waterway, affluent residents of the Town of Palm Beach play a key role in funding new business startups, real estate investment, and cultural and philanthropic activities. Other important assets of the region include Palm Beach International Airport, easily accessible from I-95 and S.R. 80, the Palm Beach County Convention Center, the Raymond F. Kravis Center for the Performing Arts, as well as the CityPlace and Clematis Street retail-dining-entertainment districts. Central County is also home to a wide range of company headquarters, like Shoes for Crews, Olympusat, FTI Consulting and Wafer World. One of the newcomers is Radical Cosmetics, which recently announced the relocation of its corporate headquarters and manufacturing operations from New Jersey bringing an estimated 40 new jobs to Lake Worth. Radical Cosmetics is recognized as one of the premier cosmetic contract manufacturers of pressed powders in the U.S. and a bulk cosmetic supplier of a variety of other cosmetic and beauty products. “The decision to relocate to the City of Lake Worth was based upon access to major highways and ports, and the affordable cost of doing business,” said Fenton Baijnath, CEO. “The City of Lake Worth and the Business Development Board of Palm Beach County had such a business-friendly attitude which was a refreshing change from past experience in other states.”

West Palm Beach With its revitalized downtown, cultural assets and professional services, West Palm Beach (population 100,000) is an appealing location for creative workers, entrepreneurs and a wide array of companies. Now, the city plans to focus on attracting new banking/finance/investment firms, maritime industries and technology companies. “Like most American cities, there are several stakeholders whose

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Palm Beach International Airport

ultimate goal is economic growth and redevelopment in the community,” said Mayor Jeri Muoio. What we have done here in the City of West Palm Beach is taken it a step farther. Because encouraging business growth and expansion is among my top priorities, we have brought all those stakeholders in under one roof, and created a consolidated master plan that takes advantage of all their resources and expertise. The City of West Palm Beach is serious about business investment. We are not only open for business, but this new consolidated work plan shows that we are also open to business.” A recent Harvard Business School study found that West Palm Beach is the No. 1 hot spot in the country for entrepreneurs. The city encourages business launches by offering start-up incentives. One program offers grants of up to $25,000 to help remodel new restaurants or retail shops in designated downtown areas. Another covers six months of rent (maximum grant: $50,000) for unique boutiques, restaurants and cultural centers that will help diversity the city’s retail base. Durham is working with civic and business leaders to prepare a new economic development ordinance that will help attract new investment. “We are the central business district for the county with a high-density, walkable downtown area,” he said. “A lot of companies like that urban environment. At the same time, we have plenty of venture capital and angel investors waiting to be introduced to businesses here.” Noting that the city has a relatively low office vacancy rate, Durham said the city’s efforts will focus more on helping current companies expand, as well as attract new small to mid-size companies. “The Downtown Development Authority has done a great job with ground-floor restaurant and retail space to activate the core,” he added. “Now, we can take a deeper look at opportunities in downtown’s upper-story office space.” Other drivers for economic growth include the new Palm Beach Outlet Mall, and a yachting-marine industry initiative. “We want to work with Riviera Beach and the private sector to encourage marine businesses to cluster along Broadway,” Durham said. “That could be similar to the antique stores along South Dixie.” West Palm Beach also shared first-place honors in the 2012 City Livability Awards Program from the U.S. Conference of Mayors. The mayors’ award highlighted the city’s Career Catalyst program, which provided new resources for nearly 1,000 unemployed residents with new resources and increased access to Palm Beach County Workforce Alliance.

SV Microwave: A Manufacturing Success Story

Henry Morrison Flagler Museum

SV Microwave is one of Palm Beach County’s manufacturing success stories. Founded in 2001, the West Palm Beach Company has grown steadily through the years and now has about 150 workers, including engineers and skilled machinists. “Our company’s track record shows that manufacturing can be done on a costeffective basis in Palm Beach County as long as you have the right talent,” said Subi Katragadda, general manager. “We have been able to attract skilled technical workers, both locally and from out of town.” A global leader in the radio frequency (RF) microwave industry, SV Microwave designs and manufactures RF connectors, cable assemblies and passive components for U.S. and international customers. The company’s products range from standard off-the-shelf catalog items to customdesigned products for special requirements. “We excel in providing made-toorder, one-of-a-kind and hard-to-find products,” said Katragadda. “Our RF and microwave products are used in the military, satellite, aerospace and telecommunication industries where performance, reliability and durability matter.”

Lantana and Lake Worth The Town of Lantana, population 10,000, is a coastal community that retains the charm of its origins as an old Florida fishing village, while attracting new companies like Image Skincare. Deborah Manzo, who became town manager this summer, says the items on her to-do list include project planning and implementation and assisting business development. One of the pending issues is the future use of the site of the A.G. Holley State Hospital, which was closed in July. “The state has sent a notice of intent to sell the land to other state agencies and universities to provide them an opportunity to lease the parcel, which is zoned for mixed-use industrial,” she said. With 37,000 residents, Lake Worth is a multi-cultural city with a strong social and environmental consciousness. The downtown is considered the artistic soul of Lake Worth with an historic theater and museum, live music clubs, coffee houses, art galleries, antique malls, retail stores, and many restaurants. It’s also the home to the Palm Beach Cultural Council. Lake Worth is focusing its economic development efforts on clean/alternative energy, aviation/aerospace/engineering, information technology and business and financial services. The city’s Beach Improvements Project covers improvements to parking, vehicular traffic, and the beachside park. Its Casino Rehabilitation Project involves the design and rehabilitation of the historic Lake Worth Municipal Casino Building, built in the 1920s on a 19-acre oceanfront site. The Energize Lake Worth initiative is designed to serve as a roadmap for addressing climate change and environmental sustainability issues in the community.

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Florida Atlantic

University Contributing to the Region’s Growth

In education, business, medicine and research, Florida Atlantic University is contributing to the growth of Palm Beach County’s economy. The Boca Raton-based state university that serves six counties has an annual economic impact of more than $6.3 billion, according to a recent study.

Dr. Mary Jane Saunders

“Our university is dedicated to economic development, research and community engagement and will continue to expand upon these areas in the years to come,” said FAU President Mary Jane (MJ) Saunders in a recent interview. “We are proud to be part of the community and support the work of the Business Development Board.” Saunders highlighted several FAU schools, centers and programs that have close connections to the region’s economy. Noting that 30 percent of FAU students are enrolled in the College of Business, she said, “Our accounting program is nationally ranked, and we have an accounting scholars program that combines a bachelor’s and master’s degree. Every one of our graduates of that program got jobs with top firms across the country.” FAU also offers executive education and entrepreneur “boot camp” programs, as well as a business plan competition through the Adams Center for Entrepreneurship. “We also host a business forum with leaders from the area’s business community,” she added. Last fall, FAU enrolled its first class for the Charles E. Schmidt College of Medicine, accepting 64 students from among more than 1,500 applications. “This fall, we had more than 3,000 applications from across

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A $6.3 BILLION ANNUAL IMPACT Highlights of the study include:

Florida Atlantic University has an estimated economic impact of more than $6.3 billion annually in its six-county service region, according to a recently released project report led by Khi Thai, Ph.D., FAU professor of public administration, and designed by William B. Stronge, Ph.D., FAU professor emeritus of economics. According to the report, FAU is a major economic driver as a purchaser of goods and services from private business and an employer of 3,543 men and women who spend their income in the local market. FAU graduates and students also hold jobs in the region, and alumni, students and visitors alike purchase goods and services in the local economy.

the country,” Saunders said. Five area hospitals – Boca Raton Regional Hospital, Bethesda Memorial Hospital and Tenet’s Delray Medical Center, St. Mary’s Medical Center and West Boca Medical Center – are partnering with FAU to provide clinical training experiences, she added. “It’s important to know that our hospitals have made a commitment to becoming academic medical programs, as that will have a large impact on the quality of healthcare in Palm Beach County,” she added. In addition to the medical doctor degree, FAU also offers an MD/PhD program with Scripps Florida. FAU also has a close partnership with Max Planck Florida Institute for graduate education in the neurosciences. This fall, seven FAU faculty members will be moving from Boca Raton to Jupiter to start a neurological institute in proximity with Scripps Florida and Max Planck. “We are building a science destination campus, and expect to hire more faculty to work in that area,” Saunders added. Several professors in FAU’s medical and nursing school have also received research grants to study timely healthcare issues. In July, FAU announced that Joseph G. Ouslander, M.D., senior associate dean of geriatric programs at the medical school, and Ruth Tappen, Ed.D., R.N.,

FAU contributed $2.5 billion to direct spending in Florida for the 2010-11 fiscal year. FAU activities are responsible for more than 60,450 in-state jobs. The FAU presence in the state generates a $4.1 billion increase in Florida’s gross domestic product and a $6.3 billion increase in gross sales. In 2009-10, FAU graduates contributed more than $2.3 billion more in direct economic impact than high school graduates in Florida. FAU students spend more than $509.9 million annually in Florida over and above tuition, fees, and University-supplied room and board. Those who came to visit FAU students spent more than $39 million in the state. “FAU’s Board of Trustees is committed to the University’s incredible ability to drive the economy within the six-county region it serves,” said Board Chair Robert J. Stilley. “FAU is an impressive institution, and the impact it has will only increase in importance as it continues in vast discoveries of research, as well as the growing potential to recruit science-based companies to relocate here.”

in the Christine E. Lynn College of Nursing, received a four-year $1.8 million grant from the National Institutes of Health (NIH) to study interventions to reduce hospitalizations of nursing home residents. “One of our goals is to become a top research university, and we are already bringing in about $50 million in grants a year,” Saunders said. “That helps us attract high-quality students who hopefully will continue to live and work in our community after they earn their degrees.” FAU is also a national leader in marine studies and coastal research, centered on the Harbor Branch Oceanographic Institute. Last year, the university dedicated $45 million in new laboratory buildings at the Fort Pierce facility. Overall, about $350 million in construction projects are now underway at the FAU campuses, Saunders added. Recognizing the importance of staying in close touch with the area’s business community, FAU recently hired Jennifer O’Flannery Anderson, Ph.D., as vice president for community engagement and executive director of the FAU Foundation, Inc. “One of our goals is to provide one-stop service for the business community, in terms of looking for interns or making connections with faculty and students,” Saunders said. “We also want to invite the community to attend FAU’s football games this fall.”

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Palm Beach County Enterprise Zone Program

By Sherry Howard, Deputy Director Palm Beach County Department of Economic Sustainability Offering incentives that will encourage business development in economically distressed areas is one of the major objectives of Palm Beach County’s Department of Economic Sustainability (DES) and a key to strengthening our local economy. The county’s Enterprise Zone (EZ) Program provides an opportunity for businesses located within the EZ to receive tax credits and exemptions. The Florida Enterprise Zone Act was enacted in 1994 to assist local communities in creating the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas and create jobs for residents of these areas. Palm Beach County’s EZ encompasses portions of the cities of West Palm Beach, Riviera Beach, Belle Glade, Pahokee and South Bay. A measure passed by the Florida Legislature in 2011 allowed the county to apply for an EZ boundary amendment, to add up to an additional three square miles. The law required the county to include a portion of the state-designated Rural Area of Critical Economic Concern, which has high concentrations of poverty and unemployment. Just this month, the county received notification from the state that the boundary amendment was approved, expanding the EZ to include a larger portion of Belle Glade, and the 850 acres designated for the future inland logistics center site in unincorporated Palm Beach County. It is expected that business investment in the now larger EZ will serve as a catalyst to further revitalization, economic development and job creation in the Glades.

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Under the program, businesses located within the EZ may qualify for: Corporate income tax and sales tax credits on a percentage of wages paid to new employees who reside in the EZ Sales tax refunds on the purchase of business materials and equipment Property income tax credits Sales tax exemptions on electrical energy Tax credits for donations made to local community development projects (businesses outside the EZ may also be eligible) Ad valorem property tax exemptions for child care facilities DES serves as the county’s EZ coordinator and assists businesses with completing and submitting applications to the state. Application forms are available on the DES website at http://www.pbcgov.com/edo/programs/florida/enterprisezone/tax-forms.htm. For further information, please contact Sherry Howard at DES, (561) 233-3653.

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LONG-TIME

Business Celebrates MILESTONES Plastridge Insurance Agency has developed a strong reputation since being founded in Palm Beach County in 1919. The South Florida Business Journal recently named Plastridge the 17th oldest business in South Florida and it is the oldest insurance agency in Palm Beach County.

Originally starting in Delray Beach, Plastridge had the phone number “1” until the late 1940’s. Under the leadership of Thomas E. Lynch, President & CEO, the company has grown to four locations with over 100 employees. Tom’s sons, Brendan and Connor, joined the business more than 10 years ago and have both moved into Executive Management roles in the company. Plastridge has experienced most of their growth locally in Palm Beach, Broward and Martin Counties, but they are also licensed in more than 30 States and can provide insurance coverage anywhere in the World. They write insurance for Businesses, Condominiums, Commercial Property, Personal Insurance such as homes or automobiles, Life and Health Insurance. Plastridge is an independent insurance agency and they represent many companies, offering a wide-range of products, services, and pricing options. As an independent agency, Plastridge is not bound to any one company and, therefore, can provide you the best coverage and pricing while customizing recommendations for each client’s unique needs. At Plastridge, their mission is to exceed their clients’ expectations. Employees pride themselves on developing relationships with their clients. Plastridge was recently recognized as the 2012-2013

Business of the Year by the Delray Beach Chamber of Commerce. A couple of years ago, Plastridge also received recognition as the “Top Insurance Broker” by the South Florida CEO magazine. They are very proud of the fact that most of their new customers are referrals from their current customers and they are also proud of the long term relationships they have enjoyed with so many of their clients. The management team at Plastridge knows that empowering such an outstanding team of employees is an integral key in the accomplishments of this great organization. It is also clear that much of the success that Plastridge has enjoyed is because of the value placed on being active and strongly involved in local communities. Producers work hard to partner with local businesses and organizations to provide them with solid risk management assessments and considerations. Plastridge also donates generous amounts of time and money into local non-profit organizations. Members of Plastridge serve on many different Chamber and non-profit Boards as well as great organizations like the Business Development Board. This is so important to them that part of their vision statement is to be the most “trusted community driven insurance agency.”

800.290.1143 | www.plastridge.com

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The FTI Consulting

Winter Equestrian Festival

The Palm Beach International Equestrian Center (PBIEC) is considered the most recognizable equestrian sporting venue in America today. It is a 160acre “Equestrian Lifestyle Destination” nestled in the heart of an 8,000-acre equestrian paradise in Wellington, Florida, located only 20 miles west of Palm Beach Island and 15 miles west of Palm Beach International Airport. The FTI Consulting Winter Equestrian Festival (FTI WEF) is the highlight event at the PBIEC and draws elite equestrian riders from around the world. International and Olympic equestrians join to compete and thrill spectators with their pageantry and athleticism. With more than 5,000 horses, 10,000 families, $7 million in prize money, and 250,000 spectators over the 12-week circuit, the FTI WEF offers a unique opportunity for corporations to reach a key demographic. The horse show runs from January 9-March 31, 2013. Along with the potential reach to customers, the FTI WEF is a way for a corporation to expand into exciting, Olympic-level sport sponsorship. With high-end hospitality options, the FTI WEF is a perfect place to host corporate functions. The PBIEC showgrounds offer spectators a picturesque environment to enjoy equestrian competitions. There are a number of hospitality and vendor pavilions dedicated to dining, shopping and VIP areas. There are 1,500

Promoting the Equestrian Lifestyle and the Opportunity for Corporate Sponsorship

grandstand seats, 80 VIP boxes, private chalets and hospitality pavilions that surround the International Arena, providing up-close views for all spectators. The Special Events Pavilion is positioned on a raised platform with a spectacular view of the International Arena. The pavilion is particularly suited for private, catered, hospitality events. The International Club, a private members-only hospitality pavilion, is a perfect environment to entertain guests while enjoying the world’s best equestrian competitions. Two other raised platform areas, The Wellington Club and The Gallery, surround the main competition arena and offer more intimate venues. The FTI Consulting Winter Equestrian Festival is proud to be the home of the Annual FTI Consulting Great Charity Challenge, a one-of-akind event that has grown to be among the largest fundraising efforts held in Palm Beach County. The event, aimed at promoting the spirit of giving, randomly selects 32 Palm Beach County charities to benefit from one hundred percent of the money that is raised. The FTI Consulting Great Charity Challenge has given almost $3 million to Palm Beach County Charities in its three years. For more information on the FTI Consulting Winter Equestrian Festival, sponsorship, and hospitality, please contact Meg Krueger at 561-793-5867 or megkrueger@equestriansport.com. Please visit www.equestriansport.com top find out more.

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connect collaborate cure World Stem Cell Summit 2012 December 3 – 5

West Palm Beach, Florida make new contacts, build your network. The Summit provides an ideal setting for networking, drawing people from over 25 countries in cross-disciplinary pursuits. Primary researchers to philanthropists and policy makers will all be there. forge relationships. In addition to 65 hours of speaker presentations and ongoing exhibitions, the Summit provides a variety of small group events and social opportunities for fostering one-on-one interactions. discover what’s new. Learn about the latest research, challenges in translational medicine and future areas of promise. Help to advance the science. Register to attend [OL [O HUU\HS >VYSK :[LT *LSS :\TTP[ VY JVU[HJ[ HSHU'NLUWVS VYN [V ÄUK V\[ HIV\[ V[OLY ^H`Z `V\ VY `V\Y VYNHUPaH[PVU JHU THRL H KPɈLYLUJL Register today. www.worldstemcellsummit.com

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interdisciplinary stem cell institute

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PALM BEACH COUNTY THE PERFECT BUSINESS CLIMATE In todayâ&#x20AC;&#x2122;s highly competitive business environment, every advantage counts. It is a STRATEGIC decision to expand in a LOCATION that affords your company every opportunity for success. Your business will excel in Palm Beach County because of our: â&#x20AC;˘ ATTRACTIVE CORPORATE LIFESTYLE â&#x20AC;˘ PRO-BUSINESS ENVIRONMENT â&#x20AC;˘ LOW BUSINESS AND LIVING COSTS â&#x20AC;˘ EDUCATED WORKFORCE AND EXCEPTIONAL TRAINING OPPORTUNITIES â&#x20AC;˘ A-RATED PUBLIC SCHOOL DISTRICT â&#x20AC;˘ SOLID INFRASTRUCTURE SYSTEMS And Palm Beach County offers you a LOCATION STRATEGICALLY developed to capitalize on its unparalleled natural beauty, sub-tropical climate, and 47 miles of pristine beaches; offering over 400 cultural venues and organizations, world-class museums, art centers, concert halls, and performing arts theaters; home of the PGA and the â&#x20AC;&#x153;golf capital of the world,â&#x20AC;? The Winter Equestrian Festival, U.S. Open Polo Championship, ArtiGras, SunFest, and the Palm Beach International Film Festival; and six colleges and universities offering up to Ph.D. and M.D. programs.

Launch. Relocate. Expand. Developâ&#x20AC;Ś We have it all, in the perfect business climate. www.BDB.org or phone 561.835.1008 to learn more.

Location: Delray Beach, Florida

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We are not the same. Donâ&#x20AC;&#x2122;t treat us the same.

Hanley Center and Caron Treatment Centers joined forces in 2012.

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