Palm Beach County is betting that having two of the world's top research organizations will draw venture capitalists, start-up companies and pharmaceutical giants.
Palm Beach Post Editorial, Thursday, September 13, 2007
Where else have we seen this? A giddy Palm Beach County Commission spends little time agreeing to huge subsidies for a biotechnology research organization. There's no debate over the site. There's little doubt about investing so much in such a competitive field.
This time, it's the Max Planck Society, representing 78 German research institutions, agreeing to build a 79th institution in Jupiter. In exchange, the county pledged $87 million, plus $7 million from other sources, and will seek a $94 million matching state grant.
The Business Development Board fumbled the Scripps deal, seeking to make it a land development scheme that would benefit the board. Last year, the board did a poor job of preparing commissioners to consider the Torrey Pines Institute for Molecular Studies, which suffered through two insulting commission sessions before sprinting to a warm welcome in Port St. Lucie. With Planck, the business board has redeemed itself by working closely with county staff and regularly briefing commissioners.
The result was a 20-minute "kumbaya fest," as Commissioner Mary McCarty called it. Commissioners papered over any doubt by pointing to their Scripps commitment and the need to create "critical mass." "I'll be honest with you," Commissioner Jeff Koons said. "I spent 10 seconds considering this."
But commissioners are putting lots of public money at risk. Staff offers no source to pay for Planck. Selling Mecca Farms wouldn't cover even the county's existing biotech debt. In Port St. Lucie, a $40 million commitment to Torrey Pines is financed by development fees in a slumping real-estate market.
Palm Beach County is betting that having two of the world's top research organizations will draw venture capitalists, start-up companies and pharmaceutical giants, and transform the economy. Planck President Peter Gruss, like Scripps President Richard Lerner, argues that brainpower - securing the best scientists - is the surest way to build a biotech hub.
The county still has to work out terms with Planck. That effort should take more than 10 seconds.
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