Business Development Board Assists Palm Beach Gardens
FOR IMMEDIATE RELEASE
June 2, 2009 (WEST PALM BEACH, FL)
More jobs may become available if the Palm Beach County Commissioners, the City of Palm Beach Gardens and the state of Florida approve an incentive package for a company to expand its North American headquarters in Palm Beach Gardens. To support its growth, TBC Corporation (TBC) may be adding 50 additional jobs after receiving assistance on its expansion plans from the Business Development Board of Palm Beach County, Inc. (BDB).
TBC Corporation, located at 7111 Fairway Drive, Palm Beach Gardens, FL 33418, is the nation's largest vertically integrated marketer of tires in the automotive replacement market. TBC's operations include company-operated tire and automotive service centers: Tire Kingdom, Merchant's Tire & Auto Centers, and National Tire & Battery. The company maintains franchise stores under the Big O Tires brand. Additionally, TBC is a wholesale supplier to regional tire chains and distributors throughout the US, Canada and Mexico under the names of TBC Private Brands, Treadways, and Carroll Tire.
"This may be our second expansion in Palm Beach County," said Larry Day, TBC president and CEO. "TBC purchased Palm Beach County based Tire Kingdom in 2000. Tire Kingdom is a true Palm Beach County success story, which expanded from a company comprised of 78 corporate headquarters employees to almost 350 today."
The planned TBC expansion would require a new leased facility and create at least 50 new jobs with average salaries of $65,200 which is 150% of the county average wage.
TBC is applying for Florida's Qualified Target Industry Tax Refund (QTI) in the amount of $200,000, which requires a 20% match from local government. The source for the local matching funds will be a $40,000 grant from the Palm Beach County Job Growth Incentive Fund (JGI). The Palm Beach County Board of County Commissioners voted to approve the JGI request on June 2, 2009.
The TBC expansion is also contingent on a $50,000 grant from the City of Palm Beach Gardens, which is the matching amount linked to the request from the Governor's Closing Fund. The City of Palm Beach Gardens will consider the request on June 4, 2009.
"TBC has a choice of locating its corporate headquarters in several other states around the US," said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. "Without the financial assistance from Palm Beach County and the City of Palm Beach Gardens, and the hard work of the BDB staff, none of this may be possible. The cooperative effort in Palm Beach County will hopefully produce another economic ‘win' that results in jobs here."
For more information about TBC Corporation please contact: Tim J. Miller, Executive Vice President, Chief Financial Officer and Treasurer - TBC Corporation, Telephone: 561-227-0983, Fax: 561-775-4993,
tmiller@tbccorp.com
The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida.
Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade.
During the past five years, the BDB has assisted companies that have created more than 7,700 direct jobs with average salaries greater than $55,400, resulting in more than $355 million in capital investment to Palm Beach County and an economic impact that exceeds $1.8 billion. Additional information can be found at the BDB’s Web site,
www.bdb.org.
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