PALM BEACH GARDENS, Fla. (Aug. 11, 2009) — TBC Corp. will keep its headquarters in Palm Beach County and expand operations there by about 50 jobs, according to the Business Development Board (BDB) of Palm Beach County Inc.
TBC maintains 345 jobs in Palm Beach County, up from 78 just nine years ago when it purchased Tire Kingdom, according to Timothy Miller, TBC executive vice president, CFO and treasurer.
TBC did not disclose the size of new facility or the lease terms but said the 50 new jobs would carry average salaries of more than $65,000, or roughly 50 percent higher than the average wage in the county. Earlier TBC said it leases about 60,000 square feet of space in the county and needed 10,000 to 20,000 more square feet to accommodate its growing needs.
Staying in Palm Beach County will make TBC eligible for up to $650,000 in incentives from various county and local entities, the BDB said.
The largest incentive, up to $400,000, comes from the Office of Tourism, Trade and Economic Development, whose Quick Action Closing Fund provides up-front cash to approved economic development projects.
The Company is also eligible to receive up to $200,000 from the Qualified Target Industry Tax Refund Program from the same office, the DBD said, based on the target of creating 50 new jobs at $4,000 per job. This incentive requires a 20-percent match from Palm Beach County, which already has been approved.
TBC is also receiving a $50,000 grant from the city of Palm Beach Gardens which is the matching amount linked to the Quick Action funding.
“TBC's expansion is significant for Palm Beach County and vital to the economic growth of our state,” said John Adams, president and CEO of Enterprise Florida, the state's primary economic development organization.