Here's why Palm Bay officials want semiconductor company Rogue Valley in their city
Palm Bay officials say they are excited about the prospect of Rogue Valley Microdynamics Inc., a semiconductor manufacturer, locating in their city.
Medford, Oregon-based Rogue Valley is considering opening a facility in Palm Bay at a now-vacant, 50,000-square-foot building. The company says it could employ 75 to 100 people there in five years, with the new jobs having an average salary of $65,267.
Additionally, the facility is expected to create spinoff jobs at other local companies.
Rogue Valley also is considering sites in Arizona and Texas for its expansion.
The Palm Bay City Council is considering a property tax break for the company as an incentive to choose the Palm Bay site.
What kind of tax break is the company looking for?
The City Council will take a final vote on March 2 on a package, under which Rogue Valley would get a 70% tax break on city property taxes in Years 1-4; 60% in Year 5; 50% in Year 6; and 40% in Year 7.
Palm Bay public information officer Christina Born said city officials estimate that that tax break would be valued at $799,704.
How likely is Rogue Valley to come to Palm Pay?
Gomez made no commitment to the city, but said the City Council approving proposed property tax breaks for the company could help clinch the deal.
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"We're really excited about this opportunity," Gomez said. "We really think that we can be successful in this community. We're thrilled to have this opportunity."
What does Palm Bay Mayor Rob Medina think?
"This is the type of business that we've all been talking about," Medina said.
Medina said, when he was elected mayor in 2020, he wanted to get rid of “this stigma that plagued Palm Bay as a bedroom community” by encouraging business development.
Palm Bay Growth Management Director Alexandra Bernard said Palm Bay officials hope to boost the city’s industrial land use from 3.9% of its total acreage up to 10%.
What to other City Council members think?
Palm Bay Deputy Mayor Donny Felix said a company like Rogue Valley locating in Palm Bay could help trigger other companies opening in the city.
Councilman Randy Foster said Palm Bay "needs to lead the way" in attracting technology and manufacturing companies like Rogue Valley to the area.
"This is an opportunity for us to be a high-tech community," Foster said,
What's the advantage of people both living and working in Palm Bay?
Nancy Bunt, Palm Bay’s community and economic development director, said traffic patterns show about 70% of Palm Bay residents leave the city to go to work elsewhere.
“By commuting out, a lot of the things that you would do on your lunch hour and right after work are going to be done at the city where you’re working at,” Bunt said. “So we want our residents to actually be working in the city that they live in."
Who else is supporting the tax break proposal?
Supporters include officials of the Economic Development Commission of Florida's Space Coast and the Greater Palm Bay Chamber of Commerce.
Greater Palm Bay Chamber of Commerce President and Chief Executive Officer Nancy Peltonen said attracting Rogue Valley is "a huge investment in our community," and could help expand a high-tech corridor in the city, leading to more companies locating in Palm Bay.
"That area is ready to just explode," Peltonen said. "It's a high-paying tech industry that we are looking for, and makes sense for Palm Bay. Commercial growth and job creation are extremely important to the long-term tax base of Palm Bay."
Lynda Weatherman, president and chief executive officer of the Economic Development Commission, told the City Council that "many places in this state and in this nation would love to have" the Rogue Valley facility in their community.
Contact Berman at dberman@floridatoday.com, on Twitter at @bydaveberman and on Facebook at www.facebook.com/dave.berman.54.
This article originally appeared on Florida Today: 6 things to know about why Palm Bay seeks to lure semiconductor firm
