Subsidy Tracker Individual Entry

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: 
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