Subject:
Title
Employment Sites Program Funding Agreement for a sum of not-to-exceed $1,645,000.00 to Pharmetric Laboratory, LLC (company) to renovate a 35,080-square-foot former pharmaceutical building into a sterile manufacturing facility.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Employment Sites Program (ESP) Funding Agreement for a sum of not-to-exceed $1,645,000.00 to renovate a 35,080-square-foot former pharmaceutical building.
• Funding for the development of the facility in the amount of $1,645,000.00 was approved by the Board of County Commissioners (Board) at its July 22, 2025 meeting (Legistar File 25-0952A).
• The renovations of the industrial building will provide Pinellas County with 35,080 square feet of upgraded space that should provide employment opportunities to the county residents.
• The total project budget is estimated to be $9,995,000.00.
• The company currently has 45 employees and expects to increase their employment with 60 new positions.
• Funding for this project is included in the FY25-FY30 Capital Improvement Program under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
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Strategic Priorities:
Prosperity and Opportunity
3.3 Increase workforce opportunities
3.5 Foster business growth
Summary:
The company intends to demolish an unsafe boiler at the back of the building, complete landscaping, drainage and parking project associated with abandoned permit BCP 1912-0129, update the laboratory space with an ISO7 cleanroom, and update to LED lighting and the sprinkler system. It will reengineer the electrical system, replace the fire protection system and relocate the loading dock.
Background/Explanation:
The company applied for funding during the seventh round of the Employment Sites Program. The funding will assist with stormwater improvements, pond drainage, and mechanical, plumbing, electrical and fire suppression systems.
The Agreement has a termination date of twenty (20) years from the Effective Date and has one payment based on the receipt of a Certificate of Completion. For a period of the first ten (10) years of the Agreement, the business will provide an annual report to Pinellas County identifying the total commercial square footage used and the total number of jobs with their average wages for the structure.
The company will be responsible for maintaining and operating the industrial building for the term of the Agreement. If the company defaults on the Agreement, there is a process identified for the repayment of grant funds based on the time of the default.
Fiscal Impact:
The total requested County contribution for this project is $1,645,000.00. Including this item, the total amount of Penny IV affordable housing funds committed is $44,596,765.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY25-FY30 Capital Improvement Program under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
Delegated Authority:
The funding was approved by the Board at its July 22, 2025 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
Staff Member Responsible:
Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
Employment Sites Program Funding Agreement
Applicant Overview Page