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HomeMy WebLinkAboutMinutes EDAB 072006Ei. C, • • Economic Development Advisory Board July 20, 2006 The Economic Development Advisory Board met on July 20, 2006. The meeting was called to order by the Vice - Chair, Lou Gaeta, at 8:30 A.M. in the Council Chambers of the Municipal Complex, located at 10500 North Military Trail, Palm Beach Gardens, Florida, and opened with the Pledge of Allegiance. I. Roll Call Members Present Lou Gaeta Vice Chair Casey Steinbacher James Kissel Mark Murnan Sandra Foland 2nd Alternate Members Absent Kenneth Kahn Chair Elaine Beers Steve Cohen 1 st Alternate Also Present: Joseph Russo, Mayor and Council Liaison Dolores Key, Economic Development Director and Staff Liaison Dan Clark, Interim Growth Management Administrator Kara Irwin, Planning Manager II. Approval of Minutes The Board approved the minutes from the March 9, 2006 meeting. III. Staff Report There was discussion about Item #6, Northlake Village, Garden Walk, LLC. The petitioner has requested to be scheduled for September 14, 2006 meeting. IV. New Business Dolores Key reported that staff was directed to explore options for financial incentives and present ideas to City Council. A data and analysis report has been authored, as well as ideas for different types of incentive programs. Analysis included the comparison of land costs; impact fees for both County and City; Building permit fees; and the Bioscience definition. An illustration of impact fee 1 costs was shown using a 50,000 square foot facility as comparison for a lab, medical /general office, and general office space. • The definition of "the Biosciences" was provided in a PowerPoint slide and background information included statistics from the San Diego market. The dollars spent in economy, percentage of people working in San Diego's biotechnology industry including approximately 150 companies that have spun off from the triad of The Scripps Research Institute, Salk, and UCSD. These 150 + companies contributed in excess of $1.8 billion annually to the San Diego economy. Casey Steinbacher reported on recent activities of the Bioscience Land Use Advisory Board where Mayor Russo is part of the board representing the City of Palm Beach Gardens. At their last meeting, Commissioner Marcus asked the Chamber, Business Development Board and some private developers to discuss potential incentives that would work for the development community and to present their findings to the Bioscience Land Use Advisory Board. The diversity, intensity and density of uses were very important to the developer community in order for them to carve out parcels of property to reserve with the hopes of developing it for Bioscience. Mayor Russo thanked the Board for their support and feedback. -The Mayor reported that Council is committing a large amount of money to jump -start this incentive program with the upcoming budget. The goal is to find a long term • funding source to incorporate the program developed by staff. The Mayor discussed a meeting he had with Catalfumo regarding Parcel 5A. Part of the development could include a conference /hotel. Catalfumo and staff are meeting to create a future plan and jump -start the transaction so the Bioscience companies can be shown where they can build because that land is already entitled to build 800,000 square feet. The meeting was opened to suggestions and ideas from the members of the board. Sandra Foland said the keyword is jump -start. If there is a company that we thought we should target, find out their needs and make a list of the two to three things needed and as a City. Examine how the needs can be addressed, do we fit the criteria they are looking for. James Kissel, stated that he was a recruiter and his company had offices worldwide. There are consulting organizations that provide brain power to major organizations that don't have the resources internally the way they used to. However, there are many companies that have the potential of being located here and provide services to the Bio Tech industry that we may not know about. C 2 • Mayor Russo commented that it would be helpful if Kelly Smallridge attended the next meeting. She's out there recruiting these companies everyday and is the best one to explain what is needed. Mark Murnan asked what are other cities doing? What other cities have been successful in recruiting these businesses. What can we offer when we're running into concurrency issues and how much interaction do we really have. In reviewing the numbers, how much of these numbers can we as a city shave just as a simple starting point? Dolores Key offered an explanation about the dynamics of government financing. To create financial Incentive programs an economical development fund would need to be established and transfer dollars from the Economic Development Fund back to line item. Also, for companies to qualify for State funds, a 20% local match is needed. Mayor Russo stated that staff is in discussion with the City Manager but has not finalized the details. City Council will be setting the maximum Millage rate at July 20, 2006 Council meeting. The idea is to take some of the reserves and put it into Economic Development. Lou Gaeta had a few observations. Is there a way to create a City core that promotes the professions that follow Biotech to give extra incentive on intensity or density? That's another way of trying to address it for long term redevelopment. • Mayor Russo added we could jump-start Bioscience and perhaps have Y 1 p Loehman's Plaza be redeveloped, combine parcel 5A and parcel 5B and the redevelopment of NorthCorp, this could be the village concept that the Governor was looking to create. U Lou Gaeta stated that we ought to be looking for a core area or a City center area. Sandra Foland said the City of Birmingham in conjunction with the University of Birmingham formed a partnership. This resulted in royalties for both. Casey Steinbacher stated that typically those relationships were built around incubator opportunities. These small companies that the University and the City funded incubator space, took a percentage of the royalties as they spun out. We have a company that has announced that they are building a wet lab incubator facility in Palm Beach County but they have not announced where they are building it yet. University's were absolutely the birth places of a lot of small businesses based on percentage of royalties. Mayor Russo said that in the Scripps transaction he believes that both the State and County share in royalties. Casey confirmed that. ki Next Meetinq Topic It was the consensus of the Board to have the next meeting on August 10 , 2006 • 9 and to discuss financial incentives and ask Kelly Smallridge of the Business Development Board to attend. Seeing no members of the public present, there would be no comments from the public the meeting was adjourned. IV. Next Meeting Discussion regarding incentives and the process for new companies interested in moving to the City. V. ADJOURNMENT With no further business to discuss the meeting adjourned at 9:29 AM. M • • I • Approval: - • • Kenneth Kahn, Chairpe` -Fgm Lou Gaeta, Vice Chairperson Elaine Beers, Board Member argbs Kissel, Board Member Mark Murnan, Board Member Casey Steinbacher, Board Member Steve Cohen,-Alternate Board Member Sandra Foland, Alternate board Member Attest: D6bbie Andrea, Recording Coordinator for the Meeting Note: These summary minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk. 5 • L