To accommodate its needs, Franklin Lakes, N.J.-based BD will invest more than $20 million to renovate 90,000 square feet at the former IVAX Pharmaceuticals building in North Miami. The new manufacturing operation is expected to create 75 high-paying jobs during the next eight years.

The Beacon Council, Miami-Dade County’s official economic development partnership, began its recruitment effort began in 2006. The availability of an existing building with a manufacturing infrastructure, as well as the incentives available, were factors in the company’s decision to locate the facility in Miami-Dade County.

“Worldwide demand is increasing for our cell culture media supplements that are used in the production of biological medicines,” said Tom Isett, vice president, Advanced Bioprocessing, for BD Biosciences. “Miami-Dade County, with its spirit of public-private partnership, skilled work force and infrastructure, is an ideal location for BD to grow this important part of our business.”

The Beacon Council assistance package included business contacts and referrals, research, incentives and permitting assistance.

BD qualified for state and local incentives totaling $1.4 million. All of the incentives for which BD qualified are performance-based incentives, which means they will only be disbursed if the company meets specific investment and job creation commitments during the next eight years.

The state incentives include a Florida Qualified Target Industry (QTI) tax refund and associated bonuses that total $675,000, of which 80 percent ($570,000) is provided by the state and 20 percent ($105,000) is provided by the county.

BD also qualified for a Miami-Dade County Targeted Jobs Incentive Fund (TJIF) incentive worth $733,450. Under the locally funded TJIF program, Miami-Dade County will provide BD with a refund of up to 80 percent of the incremental countywide Ad Valorem Property taxes, taken from the general fund and generated by the company’s expansion. The refund was determined based upon the $21.1 million capital investment BD has committed to making.

Based on the more than $20 million in new capital investment during the next eight years BD is projected to create $3.35 million in new tax revenue for the county. Of that, $1.3 million will go to Miami-Dade County Public Schools and $905,329 will go to Miami-Dade County’s General Fund.

“The new BD facility contributes to our ongoing effort of increasing economic growth through the recruitment and retention of life science companies,” said Frank Nero, President and CEO of The Beacon Council. “There is an aggressive competition in play to recruit companies and we cannot stress enough how important it is for Miami-Dade to advance its education priorities. In order for Miami-Dade to remain competitive in the knowledge-based economy, we need to continue to produce a skilled work force attractive to high-tech and advanced industries, such as the life sciences.”