01/08/2013AP - Laserfiche WebLink

Home Browse Search

Comprehensive Plan Economic Development Element ■ 33,248.00 in Business Equipment Sales Tax Refunds were requested for a total investment of $615,474.00 in Business Equipment. Research Coast In the late 1990's, a Memorandum of Understanding(MOU)was signed by the primary economic development organizations in Martin, St. Lucie, Okeechobee and Indian River Counties to coordinate economic development efforts as a region(Okeechobee County has since reorganized its economic development efforts and opted out of the MOU). That Memorandum of Understanding set the foundation for Martin County,St.Lucie County, and Indian River County to form the"Florida Research Coast Economic Development Coalition"to better promote the economic development objectives of the three counties. Currently,the Business Development Board ofMartin County,the Indian River County Chamber of Commerce,the Economic Development Council of St.Lucie County and Workforce Solutions are sharing resources to promote/advertise the three counties as a cohesive region.The research coast initiative is building upon recent efforts of all three counties and Workforce Solutions to recruit companies involved with the Life Science Industries. In fact, several life science companies have already located to St.Lucie County. One of those life science companies is Torrey Pines Institute for Molecular Studies, a California based biotech company. Recently, Torrey Pines moved into a 100,000 square foot life sciences research facility on 20 acres of land in the Town of Tradition in St.Lucie County. More recently, Oregon Health and Science University's Vaccine and Gene Therapy Institute(VGTI)moved into temporary facilities within the Torrey Pines Institute for Molecular Studies,while VGTI is building its facility. Finally, the Mann Research Center is locating on a 22-acre site within the Town of Tradition. The life science companies locating to St.Lucie County were attracted there through a coordinated effort on the part of the business community along with state and local governments. For instance, Torrey Pines received a combined state and local incentive package of$88.5 million,plus 20 acres of donated land from Tradition developer Core Communities. That financial package requires Torrey Pines to provide 189 jobs within ten years. This equates to a direct financial incentive of $468,253.97 per job. Identification of the County's Constraints and Potentials As with any area, Indian River County has economic development constraints and economic development potentials. Generally, a constraint is a defined characteristic of an area that in some way hinders economic development. Conversely, a potential is a characteristic that supports or Community Development Department Indian River County 30 113