The state of Florida handed over $10M earlier this month to the Max Planck Society. The hefty amount is the initial payment that was sent with an executed contract by the state to move the biotech institute to Jupiter, Florida. A second payment of $30M is scheduled for June.
The state of Florida has negotiated a separate contract from Palm Beach County’s impending contract with the institute. The combined efforts of both the state and county includes a $190 million package of government incentives, of which county funds are estimated at $87 million and are to be disbursed over the next 10 years.
The Jupiter Courier reported that a state economic analysis is projecting the Max Planck Society’s Jupiter facility to create 1,824 jobs over the next 20 years, generate $2.4 billion in labor compensation and $5.3 billion in gross state product. The paper went further to say that Forbes.com recognized the county as one of its top pics for up-and-coming tech areas. “It ranks Palm Beach County No. 3 on the Top 10 list of “Hotbeds of Tomorrow’s Technology,” behind Columbus, Ohio and Santa Fe, NM.”
The news further validates my view that a positive recovery is on the horizon. The state and county efforts to establish an internationally recognized biotech hub in Palm Beach County is one of many positive forces that will help our local real estate market bounce back. View the articles below for more information on topics impacting our local economy.
Susanne Quirk is a real estate sales associate with Cobblestone Realty specializing in oceanfront and luxury homes in Juno Beach and Jupiter, Florida. Contact Susanne at (561) 386-0350, e-mail, or visit her website, The Juno Beach Realtor.
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