Subsidy Tracker Individual Entry
Company:
Torrey Pines Institute for Molecular Studies
Parent Company:
Torrey Pines Institute For Molecular Studies
Subsidy Source:
multiple
Location:
Florida
City:
Port St. Lucie
County:
St. Lucie
Project Description:
medical research facility and headquarters relocation
Year:
2006
Major Industry of Parent:
healthcare services
Specific Industry of Parent:
biomedical research
Subsidy Value:
$81,900,000
Program Name:
multiple
Awarding Agency:
multiple
Type of Subsidy:
MEGADEAL 
Number of Jobs or Training Slots:
189
Wage Data:
$62321
Wage Data Type:
average annual wage
Source of Data:
The value and the breakdown of the subsidy package and the job and wage requirements are taken from: The Florida Senate Interim Report 2009-107, "Review of OTTED's Oversight of the Innovation Grant Program," October 2008, p.5; available online at: http://archive.flsenate.gov/data/Publications/2009/Senate/reports/interi.... Information on the Quick Action Closing Fund subsidy is taken from: Office of Program Policy Analysis & Government Accountability Report No. 10-05, "Biotechnology Clusters Developing Slowly; Startup Assistance May Encourage Growth," January 2010; available online at: http://www.oppaga.state.fl.us/MonitorDocs/Reports/pdf/1005rpt.pdf
Notes:
Torrey Pines, a private non-profit research center, received state and local subsidy for relocating its headquarters from La Jolla, CA, and establishing research facilities. The state contributed $24.7 million through the Innovation Incentive Program and $7.2 million through the Quick Action Closing Fund The county contributed $10 million and the city $40 million for buildings and equipment. Torrey Pine received also about $21 million as a private donation; this amount was not included in the total. Overlaps with main Subsidy Tracker data: a $24.7 million Innovation Incentive entry and a $7.3 million Quick Action Closing Fund entry, both for 2006.
Source Notes:
If an online information source is not working, check the Tracker inventory page for an updated link.
