HomeMy WebLinkAboutAgenda EDAB 07200644t!*
P A L M B E A C H G A R D E N S
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Economic Development Advisory Board Agenda
Thursday: July 20, 2006 at 8:30 a.m.
Council Chambers, City Hall
1.
Call to Order
Lou Gaeta, Vice -Chair
2.
Pledge of Allegiance
3.
Roll Call
Debbie Andrea, Recording Coordinator
4.
Approval of Minutes from June 8, 2006
Members
5.
Staff Report
Dolores Key, Staff Liaison
6.
Land Development Petitions
a. Northlake Village — Garden Walk,
LLC (continued from March 9, 2006)
Petitioner has requested to be scheduled for September 14, 2006 meeting
7.
New Business: Financial Incentives
8.
Establishment of Next Meeting Topic
9.
Next Meeting Date
August 10, 2006
10.
Public Comment
11.
Adjourn
Dolores Key, Economic Development and Marketing Director
Economic Development
Incentive Program Discussion
City of Palm Beach Gardens
Economic Development Advisory Board
July 20, 2006
Background Data
Land cost comparative
Impact fees — County & City
Building permit fees — City
Bioscience definition
Background information
Items for consideration
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Drugs & Pharmaceuticals
S 79103
Finarce & insurance
5 69.989
Total Biosciences
S 65.775
Research, Testing, & Medical Laboratories
S 65.414
Agricultural Feedstock & Chemicals
S 63.383
Professional. Scientific & Technical Sery ces
S 62.41'
Infonnal,on
S 60,530
Medical Devices & Equipment
$ 66,449
Manufacturing
S 47.705
Construction
S 40.297
U.S. Total Private Sector
S 39,003
Transportation & Warehousing
S 38.758
Real Estate & Rental & Leasing
S 37.167
Health Care & Social Assistance
S 36,606
Retail Trade
S 24.337
Sour' 9atteile ca',culw nns Eased nn Flurea,j n' I ahn• Sutwi 3r:F%V —ram data
from the M.nnesota Implan Group
Data include Puerto Rzo.
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Background Information: San Diego
Research / Development accounts for approximately
$7 billion in spending in the San Diego economy
40% of the people working in San Diego's
biotechnology industry sector work for the nearly 150
companies that have spun -off from the triad of The
Scripps Research Institute, Salk Institute, and UCSD.
These 150 companies contribute in excess of
$1.8 billion annually to the San Diego economy
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Items for Consideration
Current ED incentive structures were
developed on conditions existing in the
marketplace approximately 20 years ago
— Based upon job creation — little flexibility for
smaller, leaner companies
- Incentives for public /private partnerships
Items for Consideration
• Shifts in Global Economy
— Outsourcing of labor intensive
products /services to developing nations
— IT capabilities
— Creative class accounts for approximately 1/3
of the workforce, yet produces nearly' /2 of all
wages in the U.S. = $1.7 trillion annually