Palm Beach County is home to two of the richest incentive “megadeals” in U.S. history, according to a report released last week by Good Jobs First.
The organization looked at “megadeals” — incentive packages worth $75 million or more — nationwide and came away unimpressed with the results. Two deals made the megadeals list of 18 incentive packages that promised more than $1 million per job: Max Planck Florida ($1.4 million) and Scripps Florida ($1 million).
“These subsidy awards are getting out of control,” said Philip Mattera, research director of Good
Jobs First and author of the report.
Good Jobs First counts six megadeals in Florida, including $545 million to Scripps Florida, $240 million to the Burnham Institute in Orlando and $193 million to Max Planck Florida. While the nonprofit biotech institutes have hit their goals of hiring scientists and bringing in grants, the private-sector jobs they were expected to create have been scarce.
Good Jobs First overlooked Digital Domain Media Group, which was promised $135 million from the state and the cities of Port St. Lucie and West Palm Beach. It collected nearly $90 million of that, only to collapse last year.
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