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Trump’s Impact on Business | A Boca Raton M.D.’s Pioneering Approach to Prevention | Nikon, FAU Join Forces
PA L M B E AC H C O U N T Y
A Quarterly Economic Development Publication
Spotlight on
Manufacturing
Winter 2017
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Manufacturer Profile
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Panelists Optimistic
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Cosmetic Solutions is a Palm Beach County skin-care company with international reach About Trump Administration’s Impact on Business
Academic Leaders Council
Education leaders join BDB workforce initiative
News & Events
FAU partners with Nikon to support neuroscience advancements Boca Raton Airport closer to unveiling customs facility Relocations & Expansions
ON THE COVER
Preventive Cardiology Inc.
Palm Beach County’s manufacturing sector is making sparks fly.
A leading-edge approach to cardiovascular health
New Commercial Developments
Gardens Innovation Center among many new projects
Manufacturing Is Rising
The county’s Department of Economic Sustainability weighs in
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CONTENTS
Manufacturing Sector
Manufacturing is big in Palm Beach County, from solar panels to 3D printing and identification software
Welcome from the President TO OUR MEMBERS AND PARTNERS: Palm Beach County has a strong manufacturing sector that ranges from aerospace to agriculture and includes technology, medical devices and construction material. But because of this diversity, many members of our community don’t realize how many products are “Made in Palm Beach County.” Today, one of the nation’s top priorities is growing the U.S. manufacturing industry, and the Business Development Board is fully aligned with that effort. In this issue of Palm Beach County Business, you can read about several of our innovative manufacturing businesses, which have a powerful impact on our regional economy through high-wage jobs and purchases of materials and services. Education is another area of focus for the BDB. We are very proud of our integrated approach to K-20 education, which is helping our region meet the workforce needs of today and tomorrow. For example, in February, our team helped Palm Beach County students learn about their many career options close to home at our annual “Claim Your Future Showcase.” Our new Academic Leaders Council, highlighted in this issue, is another great example of how our public and private schools, institutions of higher learning and the business community are working together to benefit our entire community.
As we look ahead, it’s clear that 2017 will be a year of change for our nation. New policies in regard to taxes, trade, health care and immigration may have a deep impact on Palm Beach County’s business community. Through events like our January luncheon on the business impact of the Trump administration, we will continue to keep you up to date on the new direction for our county. But one of the things that hasn’t changed is the BDB’s ongoing commitment to keep Palm Beach County growing through strong publicprivate partnerships that improve our overall quality of life. We recognize the importance of a robust, diversified regional economy that offers immediate jobs and long-term career opportunities to Palm Beach County residents of all ages and backgrounds. Let us continue to work together toward a bright future for everyone. CHAIRMAN’S COUNCIL:
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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Manufacturing
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a Growing Sector of County’s Economy
From left, Richard Agostinelli, Kelly Smallridge, Boris Rosenstein and John Calloway
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Manufacturing
“This is an industry that’s driving innovation and is safe, sustainable and surging.” – Kelly Smallridge, President and CEO Business Development Board
is a powerful contributor to Palm Beach County’s diversified economy, with the potential to create additional jobs in 2017. “This is an industry that’s driving innovation and is safe, sustainable and surging,” said Kelly Smallridge, president and CEO of the Business Development Board, at the BDB’s Manufacturing Luncheon on Nov. 17 at PGA National Resort & Spa in Palm Beach Gardens. “Manufacturing is one of our target industry clusters, and this luncheon showcases three of our innovative companies,” Smallridge continued. She noted that Palm Beach County’s agricultural manufacturing sector in the Glades dates back to the 1940s, while aviation and information technology grew dramatically in the 1960s, ‘70s and ‘80s. Today, the county’s manufacturing cluster includes more than 1,200 companies with 20,994 employees at an average salary of $76,179, and with annual corporate spending surpassing $202 billion, Smallridge added. “We have seen an upturn in the past five years,” Smallridge said, noting that the BDB facilitated more than 3,700 new and retained manufacturing jobs through 35 projects with more than $191.5 million in new capital investments. BDB chair Gina Melby welcomed the attendees to the luncheon, which featured presentations by three dynamic Palm Beach County companies. “We started 20 years ago in Palm Beach County with three people in a garage,” said Richard Agostinelli, CEO, Crossmatch. “Today, we are the largest independent company in the world in biometric identity solutions, with 300 people in seven global locations, including 125 at our headquarters on RCA Boulevard.” Crossmatch’s user authentication software is installed on all HP and Dell computers (40 million commercial devices) so companies can just turn it on. In addition, the company’s biometric identity solution is deployed at all U.S. Customs and Border Protection Global Entry points for fingerprint checking. “Our devices are also used by the U.S. military for maintaining ID records on individuals in Iraq and other locations,” Agostinelli said. “Displaced people in refugee camps don’t have traditional identification, so we are working with government agencies to deploy biometric systems that can track their movements, so we can help the good guys and stop the bad guys.” Agostinelli said Crossmatch’s next-generation thin-film technology device fits into a pocket and uses a wireless or wired connection to obtain IDs in remote areas of the world. “We hope to put this into production in 2017,” he said. “We perform very precise work that requires dedicated, talented individuals. We have been able to build a great workforce here. We just signed a new lease on our facility, and we will continue to contribute to the county’s future.”
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Manufacturing
a Growing Sector of County’s Economy Boris Rosenstein, CEO and founder, SolarTech Universal, said his team visited several states before deciding to establish the company here. “Florida has a business-friendly environment with very reasonable operating costs, as well as year-round sunshine,” he said. “We found a great location in Riviera Beach. After some creative engineering, we built a state-of-the-art factory where we manufacture our industry-leading Quantum Series Solar Panels. With our automated systems, we ensure that every single product meets the highest standards in the industry.” Rosenstein said no other manufacturer makes a similar solar panel, giving SolarTech Universal an edge in the market. “There are significant incentives for installing a solar system on a residential or commercial property, and you can usually get a payback in three to four years,” he added. “Solar is clean, renewable energy that is making the world better for future generations.”
John Calloway, president and founder, Halo Technologies, LLC, said his West Palm Beach company is a leader in additive manufacturing, using 3D printing for a growing range of applications. For example, architects can build threedimensional models with more detail more quickly. In the medical field, technicians can create a customized prosthesis or cast and deliver it to the patient in days at a lower cost than traditional processes, he said. “The hardware cost of 3D printing is decreasing, and you can buy a basic model for a few hundred dollars,” Calloway said. “In the future, everyone who wants one will have one. It will allow for localized manufacturing in your home or shop, rather than having to use a factory outside the U.S.” Looking ahead, Calloway said, “We have the potential to make Palm Beach County a technology leader in 3D printing on a global scale. We can educate you on this technology or provide you with solutions. Together, let’s create the future!”
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Manufacturing Profile: Cosmetic Solutions, LLC For Cosmetic Solutions, LLC, Palm Beach County offers an ideal platform to reach customers around the world. “We develop innovative formulations using natural, high-quality ingredients,” says Mervyn Becker, president of the Boca Raton manufacturing company. “While many companies focus on selling low-cost products, our goal is to produce the best products, using raw materials from the U.S., Europe and Asia. As a result, we have built a global client base with customers in more than 40 countries.” Becker founded Cosmetic Solutions in 1992 with his brother, Hilton Becker, M.D., a noted plastic surgeon. “My background is accounting, so we made a great business team,” says Becker, whose brother is now a consultant with the company. “We started selling to other plastic surgeons who wanted quality products, and now provide private label manufacturing for brands in Florida, the United States and other countries.” From that initial, two-man team, Cosmetic Solutions LLC now has about 100 workers at its five-acre, 60,000-square-foot facility in the Park at Broken Sound (formerly the Arvida Park of Commerce). “We have a full-service operation that includes chemists who develop our formulations, and the actual manufacturing,” Becker says. “We also have different types of packaging equipment for products in tubes, jars, bottles and unit doses, such as eye drops, along with an in-house graphics department.” To attract top employees while remaining competitive in the international market, Cosmetic Solutions has built effective employee recruitment, engagement and retention programs, and adopted lean manufacturing principles and practices. Today, the company focuses on face, body, hair, over-the-counter and professional use formulations for the rejuvenation and restoration of over-stressed and dehydrated skin. “We have evolved into one of the highest quality and most innovative private label/contract manufacturing enterprises in the world,” Becker says. “We did so by creating revolutionary formulations using safe and natural products that stimulate and accelerate the skin’s natural healing processes.”
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Panelists Optimistic About Trump Administration’s Impact on Business
Former U.S. Senator George S. LeMieux, Eric Wytenus, Kevin Anderson
Three of President Trump’s priorities—cutting government regulations, reducing taxes and increasing infrastructure spending—could be positive factors for Palm Beach County businesses. But a strong U.S. dollar or global trade disputes could have a negative effect because of the importance of foreign trade and real estate investment to Florida’s economy. That was the consensus view of three noted panelists who spoke at a Business Development Board luncheon Jan. 25 at the Kravis Center on “How Will the Trump Administration Impact Your Business?” Kelly Smallridge, BDB president and CEO, said, “Regardless of your political views, it is clear that President Trump’s policies will be affecting our businesses. In addition, Palm Beach is now the winter White House, and several of the President’s cabinet picks and advisers have ties to Palm Beach County.” All three of the panelists gave an upbeat outlook about the Trump administration’s actions on the nation’s business community. “The incoming administration is pro-business, pro-growth and pro-investment,” said Erik Wytenus, investment team lead, managing director, J.P. Morgan Private Bank, Palm Beach. “While there are risks, our nation’s economy is in good shape, and we are optimistic about the capital markets in 2017.” Former U.S. Senator George S. LeMieux, chairman, Gunster, said the next four years will be “exciting and bumpy” as President Trump moves to shake up the federal government. “Any cut in business regulations would be helpful to our economy,” he said. “Cutting corporate taxes and
infrastructure spending would also stimulate the economy.” LeMieux also cautioned that Republican conservatives in Congress may not be happy with Trump’s plan to spend $1 trillion on infrastructure. “I think he will get approval on some of the funds, but not all of it,” he said. Kevin Anderson, national tax partner, BDO USA, LLP, outlined some of the nuances in the current tax code, including “pass-through” business income from partnerships, S corporations and sole proprietorships that is taxed at the individual rate. He noted that U.S. corporations also have at least $2 trillion of earnings parked in foreign subsidiaries to avoid taxes on dividends repatriated to the United States. “Tax reform cannot be done by tweet or executive order,” said Anderson. “It takes the House, the Senate and the president’s signature, and there are competing proposals now being considered in Congress.” Asked about the impact on Florida, Wytenus said a growing national economy will benefit the state, while LeMieux cautioned that trade restrictions could have a negative effect. “China is our state’s third-biggest partner, and 20 percent of U.S. exporters are Florida businesses,” he said. LeMieux also emphasized the importance of rapid action in Washington. “I think the president and Congress have until the summer to get things done,” he said. “Then the momentum of President Trump’s first hundred days will slow down.”
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Academic Leaders
Council
From left, Gary Vonk, Flagship Campus president, Keiser University; Kimberly Lea, West Palm Beach Campus President, Keiser University; William “Bill” Fleming,
In an unprecedented partnership between industry and education, the Business Development Board of Palm Beach County recently launched the Academic Leaders Council. This sweeping initiative joins businesses and schools to ensure curriculum alignment with jobs and continue building a skilled workforce for the many companies relocating or growing in Palm Beach County. “As more companies are attracted to the economic and lifestyle advantages of Palm Beach County, we are pulling out all the stops to ensure that the hiring needs of businesses are met,” said Kelly Smallridge, president and CEO of the BDB, in announcing the program at a forum at the Kravis Center in West Palm Beach. Coming together for the first time, event participants included presidents of six Palm Beach County universities, the Palm Beach County School
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District superintendent, and officers of 17 Palm Beach County companies in the life sciences, aviation, aerospace, engineering, IT/communications and trades/manufacturing industries. “Our inaugural meeting focused on four industries—life sciences, aviation/aerospace/engineering, IT and the trades,” Smallridge said. “Future initiatives will include business and financial services, logistics and distribution, manufacturing and corporate headquarters. All of these sectors are expanding rapidly in Palm Beach County.” The leaders of Palm Beach County’s academic institutions who participated included: n Dr. Robert Avossa, superintendent, Palm Beach County School District n William “Bill” Fleming, president, Palm Beach Atlantic University
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Focuses on Building Skilled Workforce
president, Palm Beach Atlantic University; John Kelly, president, Florida Atlantic University; Robert Avossa, superintendent, Palm Beach County School District; Ava Parker, J.D., president, Palm Beach State College; George Hanbury, president and CEO, Nova Southeastern University; and Kevin Ross, president, Lynn University
n Dr. George Hanbury, president and CEO, Nova Southeastern
University n Dr. John Kelly, president, Florida Atlantic University n Dr. Gary Vonk, Flagship Campus president, Keiser University n Kimberly Lea, West Palm Beach Campus president, Keiser University n Ava Parker, J.D., president, Palm Beach State College n Kevin Ross, president, Lynn University The Academic Leaders Council is the first organization of its kind in Palm Beach County, said Smallridge. It will focus on preserving and expanding intellectual capital in the county and ensuring that the curriculum taught in the classroom meets the needs of industries that are growing in the county. The direct goals of the Council include:
n Creating a formal connection between top leaders of academic institutions and industry leaders
n Increasing internship opportunities for all students n Reviewing curricula to ensure better alignment with employer needs
n Providing a platform for academic leaders to better understand the
technology and innovation that is present in Palm Beach County Among other topics, the Academic Leaders Council discussed creating expanded opportunities for internship programs, apprenticeship programs and externship programs for teachers, as well as close collaboration, mentorship and other initiatives that will provide students with real-life exposure to the diverse industries in Palm Beach County.
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News Events Frontier Airlines Adds Philadelphia Service Frontier Airlines is adding additional spring break service from Philadelphia to Palm Beach International Airport (PBI). “The spring break season lasts for a number of weeks, and customers are always looking for great deals to warm weather getaways,” says Daniel Shurz, senior vice president, commercial. Frontier will offer four-time weekly service between PBI this spring, complementing daily service to Trenton, N.J. (TTN), which can serve as a gateway to both New York and Philadelphia.
The Business Development Board hosted a Winter Equestrian Festival reception on January 21 at the Palm Beach International Equestrian Center. The event included a show jumping competition and a special appearance by Mark Bellissimo on how he built WEF into the largest such competition in the world. From left, Katherine Bellissimo, Mark Bellissimo and Kelly Smallridge.
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Relocations & Expansions CTD Holdings CTD Holdings, a biotechnology company that develops cyclodextrin-based products for the treatment of disease, will establish its corporate headquarters in Palm Beach County. The company recently announced it will lease space in Jupiter, where it will add 51 jobs and invest $2.75 million in the region. “CTD Holdings is an example of the many sophisticated biotechnology companies that are locating to and expanding in Palm Beach County,” said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. The BDB, in cooperation with Enterprise Florida, the Florida Department of Economic Opportunity, CareerSource Florida and the Town of Jupiter, provided support for the new headquarters. “CTD Holdings is pleased to be locating to Jupiter in order to build out our company and our drug development programs,” says N. Scott Fine, chairman and CEO. “We are grateful to Governor Scott and his team, as well as to our local colleagues and officials in Palm Beach County and the [Town] of Jupiter for all their support as we make this important move.” CTD Holdings’ Trappsol® Cyclo™, an orphan drug designated product in the United States and the EU, is used to treat NiemannPick Type C, a rare and fatal genetic disease.
An artist’s rendering of the new facility
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FAU Establishes Partnership with Nikon
Florida Atlantic University’s Brain Institute in Jupiter is now home to a Nikon Center of Excellence, making it one of seven designated centers in the United States and 17 worldwide. FAU President John Kelly recently joined Toshiaki Nagano, president and CEO of Nikon Instruments Inc., and Randy Blakely, executive director of FAU’s Brain Institute, in signing a Memorandum of Understanding before about 300 community stakeholders and FAU students, faculty and staff. “We are very pleased to be opening the first Nikon Center of Excellence in the Southeast. This strategic partnership between FAU and Nikon represents a commitment to accelerating advancements in neuroscience, which is this Center’s area of expertise,” says Nagano. “Nikon is proud to support FAU, and we will grow together by leveraging cuttingedge microscopy technology to challenge the boundaries that exist in science.”
A Nikon Center of Excellence (NCE) is a partnership and exchange of knowledge with selected research centers around the world that invest in Nikon advanced imaging instruments to provide young researchers access to the latest optical systems. The research centers benefit from Nikon technical knowledge and access to high-end research microscopes at a favorable cost. Nikon gains a showcase for its products and invaluable feedback from “up and coming” researchers who can share new emerging applications and science in specific research areas. This input allows Nikon to ultimately provide the perfect imaging solution. “FAU is undergoing rapid development as a center of world-class research, due in part to our innovative partnerships with leading global companies such as Nikon,” Kelly says. “It is exciting to anticipate the new frontiers our faculty and students will cross with access to this state-ofthe-art technology.”
New Customs Facility Construction on Schedule at Boca Raton Airport Construction is on schedule for the new U.S. Customs and Border Protection (CBP) facility at Boca Raton Airport. “Our goal is to deliver a completed building by June,” says Clara Bennett, executive director, Boca Raton Airport Authority. Work is underway on the underground utilities and landside improvements, as well as the $4.3 million, 4,700-square-foot facility, which is being built by West Construction Inc., in Lake Worth. Ricondo & Associates, the airport’s aviation consultant of record, is overseeing the project, which includes new sewer, water, storm drainage, site electrical and lighting, as well as a new entrance road and parking area improvements.
Once the building is finished, the airport authority will assist the federal CBP team in installing communications technology and establishing a staffing plan, Bennett says. “We have had great support from the BRAA board, tenants, city, county and business community for this important project,” she adds. “It will make Boca Raton a more convenient destination for international travelers and bring many benefits to our region.” A grant from the Florida Department of Transportation (FDOT) is funding 80 percent of the project, with the remainder coming from Boca Raton Airport Authority funds.
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Preventive Cardiology Inc. Focuses on Managing Cardiovascular Conditions Identifying and managing cardiovascular risks can prevent lifethreatening heart attacks, according to Seth J. Baum, M.D., founder and medical director of Preventive Cardiology Inc. (PCI) in Boca Raton. “We continue to learn more about genetic disorders, lipid abnormalities and other risk markers that help us to take a proactive approach to managing heart disease,” he says. PCI is one of the few practices in the nation that specializes in comprehensive cardiovascular prevention and lipid management. “We use leading-edge and scientifically validated modalities to identify vascular disease risk as well as subclinical disease even before it has caused symptoms,” Baum says. “This type of assessment is particularly important for people with a family history of coronary disease.” Nationally recognized for his contributions to the field, Baum recently began a two-year term as president of the American Society for Preventive Cardiology (ASPC). “We focus on all aspects of cardiovascular disease prevention at ASPC,” he says. “Our reach extends to lipids, heart rhythms, blood clotting, heart failure and beyond. We teach residents, fellows and their colleagues how best to prevent adverse cardiovascular events. We also advocate for patients.” Baum is principal investigator for a number of clinical trials involving complex lipid programs, genetic issues and the relationship between diabetes and heart failure. He is collaborating with researchers
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at the University of Pennsylvania on the first gene therapy study for homozygous familial hypercholesterolemia, a rare genetic disorder characterized by extremely high cholesterol levels. “We can inject a virus carrying a gene that goes to the liver, which uses the gene to make a healthy LDL receptor,” Baum explains. “We are proud to be the Florida site involved in this study, which could potentially lead to a cure for this disorder.” Baum plans to reach out to Scripps Florida and other research institutions to promote new studies relating to cardiovascular conditions. At PCI, Baum leads a staff of nine clinicians and researchers who provide patient-centered health and medical services, including LDL apheresis, a blood-cleansing technique for complex lipid disorders. PCI also offers advanced cholesterol and lipoprotein tests, forward-looking blood biomarkers, precise carotid artery wall examination, and an advanced coronary artery scanner. Baum earned his medical degree at Columbia College of Physicians and Surgeons, and completed training in internal medicine, cardiology, interventional cardiology, and electrophysiology. He opened his practice in Boca in 1991 and now focuses on preventive cardiology. “We can truly lower the risk of a heart attack through managing lipids and changing lifestyle factors such as diet, exercise and smoking,” he says.
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Gardens Innovation Center Among
New Commercial Developments
Construction is well underway on Gardens Innovation Center, a 63,500-square-foot office and technology complex featuring “green” eco-friendly construction with modern architecture situated within the PGA National Commerce Park on Hiatt Drive and Northlake Boulevard. The developer, LRP Properties II, LLC retained NAI/Merin Hunter Codman to lease the center and KAST Construction to build the project. Ground was broken last July, and the projected completion date is early 2017. Gardens Innovation Center’s two professional office buildings are designed to attract professional office users, as well as leading technological, bioscience and life science firms. The two-story, 37,500square-foot building and the 26,000-square-foot, one-story building will both apply for LEED certification. “The BDB has done an outstanding job attracting the life science sector to northern Palm Beach County,” said Neil E. Merin, chairman of NAI/Merin Hunter Codman. “The hurdle is where to place them. There is a significant shortage of new, Class-A office space in north county. Thanks to LRP, we can now offer science-related industries a fantastic location to do business.”
Water Tower Commons Water Tower Commons, a mixed-use shopping plaza in Lantana, is being developed by a partnership between Lantana Development LLC and Wexford Capital. The 73.3-acre parcel is on the former site of the A.G. Holley Hospital. “The retail market has expressed very strong interest in Water Tower Commons,” said Ken Endelson, vice president of Lantana Development, in a statement. Plans for Water Tower Commons call for more than 300,000 square feet of retail space, and office space will also be available. Eventually, there may be more than 1,000 residential units in the development. Lantana Development plans to retain the water tower at the center of the site as an historic marker, highlighted by lighting in the evenings.
Riviera Beach Marina Village Since its opening last May, Riviera Beach Marina Village has attracted residents and visitors to the city’s working waterfront. It includes the Riviera Beach Marina Event Center, which includes a twostory restaurant, a café, and meeting and banquet rooms for up to 300 people. A multimillion-dollar re-imagining of Bicentennial Park will provide a relaxing space along the Intracoastal Waterway, with a stage for shows, concerts and festivals.
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Manufacturing is Rising
in Palm Beach County By Sherry Howard, Deputy Director Palm Beach County Department of Economic Sustainability
Manufacturing is on the rise in Palm Beach County! In fact, according to the U.S. Department of Labor, the number of manufacturing businesses located in Palm Beach County has grown by at least 50, and the number of manufacturing jobs has increased by more than 1,800 since 2012. In 2015, there were 1,282 manufacturing businesses and 17,094 manufacturing jobs in Palm Beach County. At the direction of the Palm Beach County Board of County Commissioners, the Department of Economic Sustainability implements a variety of strategies to foster an environment where businesses of all types and sizes can thrive, jobs are created, and the economy is strengthened. County-administered loan programs, funded through competitive grants awarded to the county by several federal agencies including the U.S. Department of Housing and Urban Development (HUD) and the U.S. Environmental Protection Agency (EPA), are one such strategy. These programs provide small businesses with low interest rate loans, generally between 1.5 and 3 percent. In the case of manufacturing, six businesses have received more than $10 million in loans through county-administered loan programs. As a condition of their loans, these six companies committed to creating 559 jobs—but, in fact, they have created nearly 1,540 jobs in Palm Beach County. For example, under a $6 million loan agreement with the county for the construction of a 220,000-squarefoot manufacturing facility, Oxygen Development, LLC committed to create 400 jobs. However, the cosmetics, hair care, and skin care manufacturer exceeded its job creation commitment by 885 and created a total of 1,285 jobs.
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While loan programs offer direct assistance to support and grow manufacturing businesses, other efforts of the county are also indirectly adding to the rise of the sector. For example, the county and the City of Lake Worth secured nearly $1.4 million in federal funds from the U.S. Department of Commerce’s Economic Development Administration (EDA) to support infrastructure improvements at the Lake Worth Park of Commerce. Expanding roadway capacity within the 375-acre Park of Commerce will allow significant private sector investment and related job creation, including within the manufacturing sector. Manufacturing is experiencing real growth in Palm Beach County. It is one of many examples of how the county’s efforts to cultivate an innovative and sustainable regional economy, with direct support as well as infrastructure improvements, are facilitating business growth. To learn more about the Department of Economic Sustainability or any of the county’s business assistance programs, please contact me at 561.233.2653 or showard@pbcgov.org.
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THE HCA A
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