Vero Beach, FL — The Indian River County Chamber of Commerce Economic Development Office is pleased to announce that the IRC Board of County Commissioners unanimously approved two incentive applications for Diamond Drinks, Inc., a Pennsylvania-based contract beverage manufacturer that is expanding its operations to Indian River County.
In a Special Call meeting of the Indian River County Board of County Commissioners, a Tax Abatement request and an application for the county’s Local Jobs Grant were approved for Diamond Drinks.
The company’s Tax Abatement will take effect in early 2022, with 100% of the company’s tangible taxes exempted (abated) for the first two years. Additional tax obligations will be phased in over the following six years. This affects only the county’s general revenue and other special taxing districts. It has no effect on taxes levied for schools. The Tax Abatement calculations are based on the company’s anticipated hiring of 50 workers and a $1.6 million capital investment.
The County Commissioners also approved Diamond Drinks’ Local Jobs Grant application. A performance-based incentive program, the Jobs Grant pays up to $7000 per new job created, based on the average wages paid to new hires. At least five new jobs must be created, paying a minimum of 75% of the county’s average annual wage. Based on county staff calculations, the company is eligible for up to a $150,000 Jobs Grant. The award is paid out over a period of 3-5 years, after the jobs are in place.
Diamond Drinks has been in business since 1985. They produce many nationally known private label brands in a wide range of customized sizes and flavors. The company’s new facility on Oslo Road will be its second location, to better serve their Southeast U.S. customer base. They plan to source much of their raw material locally or within Florida, and the packaging is completely recyclable. Diamond Drinks of FL, Inc. expects to be up and running in May 2021.
County Commission Vice-Chair Peter O’Bryan and Helene Caseltine, the Chamber’s Economic Development Director, met with the company President/CEO, Mr. Anthony Cenimo, on several occasions over the past ten months to assist in locating a site and to address any potential regulatory concerns. “The County Commission is excited to welcome Diamond Drinks to Indian River County,” said Commissioner O’Bryan. “We congratulate them on their expansion into the Southeast market, and look forward to their success here in the Sunshine State.”
Helene Caseltine expressed her appreciation, adding “We thank the Commissioners for their continued support of our economic development activities. Today’s actions demonstrate that, indeed, Indian River County, FL is open for business.”
For more information on locating or expanding a business in Indian River County, call Helene Caseltine at the Indian River County Chamber of Commerce, 772-567-3491 or visit www.indianrivered.com.