St. Lucie County luring at least 150 jobs

By REBECCA PANOFF and ROBERT BARBA
FORT PIERCE — St. Lucie County officials have approved an incentive package worth about $1 million that will be used to lure an undisclosed company to the county.

County commissioners at their meeting Tuesday morning approved a letter of intent that would provide the company with $255,000 in Job Growth Investment funds payable over five years, beginning in 2008.

The grant is contingent on the company providing a minimum of 150 jobs with an average hourly wage of $26.60 an hour.

County Administrator Doug Anderson said county officials have worked for more than a year on the project, which could bring in high-paying corporate-type jobs.

"It's another high-paying clean industry that would be relocated to St. Lucie County," Anderson said.

As part of the agreement, the company would also receive a full county property tax abatement for its first five years and then a reduced abatement for the next four years, totaling about $850,000. That amount is based on the company's estimated initial investment of $14.5 million. As part of the incentive package, the company must stay in St. Lucie County for at least 15 years or all exempt taxes plus interest must be paid back.

Before Port St. Lucie's bid for La Jolla, Calif.-based Burnham Institute was made public in January, the possible corporate relocation of a Northeast-based high-tech firm was at the center of economic development efforts in the area.

Don Root, executive director of the Economic Development Council of St. Lucie County, declined to confirm if the company, called "Project I", was the high-tech firm.