13 Oct Town of Jupiter Approves Loan for Bio-tech Company
October 13, 2011
At a Jupiter Town Council meeting held on October 11, a 4-1 vote was approved, allowing the town of Jupiter to guarantee a $300,000 loan to Endeavour Strategic Investments Florida LLC. This proposal stems from a $3 million fund approved in 2006 to attract biotech businesses to Jupiter. If ESI, a New Zealand-based company, does not pay its bank loan, Jupiter must repay the money. ESI, which is required to open its doors in Jupiter, is hoping to establish their office near Harbourside Place, a $150 million retail/marina project. Harbourside developers are also using the federal EB-5 program to raise investment money. EB-5 lets foreign nationals and their families gain U.S. citizenship in about two years in exchange for a $500,000 investment.