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Business Observer Wednesday, Oct. 13, 2010 11 years ago

EDC spends $710K on 274 jobs

Sarasota's Economic Development Corp. approves incentives for two local firms.

Two Sarasota manufacturing companies plan to hire 274 new employees over the next five years, and the Economic Development Corp. of Sarasota County has approved $710,000 in performance-based incentive grants to help them do so.

Tervis Tumbler Co. could receive up to $350,000 for adding 214 jobs over the next five years, an EDC release said. Additionally, President Laura Spencer says her company plans to add 35,000 square feet of space to its current facility, and will soon invest more than $7 million in new production equipment.

The other company receiving support is Sarasota Medical Products, which could get $360,000 for adding 60 jobs. Frederick Brown, the company's chief financial officer, said his firm also considered bringing its manufacturing operations to Pinellas County before deciding to do business in Sarasota.

For the companies to receive funding, each new employee must earn a wage that exceeds the current county average.

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