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Council Approves Incentive Packages For Pair Of Bethesda Companies

By Aaron Kraut

Tuesday - 9/24/2013, 3:15pm  ET

Montgomery CountyA pair of Bethesda companies will be staying in Bethesda after the Montgomery County Council on Tuesday approved six incentive packages worth almost $4.5 million.

Precision for Medicine, Inc., which helps develop and commercialize medical products, will relocate in Bethesda to a 8,400-square foot location with the condition of adding about 60 employees to the 16 it has now by the end of 2017. The state of Maryland will provide a conditional loan of $750,000, leveraging $200,000 from the county’s Economic Development Fund.

The company, which lists its headquarters at 2 Bethesda Center, expects to spend about $750,000 in the move.

Also remaining in Bethesda will be Sucampo Pharmaceuticals, Inc., a publicly traded pharmaceutical company with 55 employees in its East-West Highway headquarters.

The company will get $300,000 from the state and $200,000 from the county, provided it add another 55 jobs by the end of 2017. The company expects to spend half-a-million on lease, furniture and equipment expenses.

The Council also approved a $500,000 incentive package to go on top of $850,000 from the state for Total Wine & More, Inc., the wine, beer and liquor company that has 90 stores in 15 states, including one in Cabin John Mall in Potomac.

The company plans to add 150 more employees to its 310 and it plans to lease 100,000 square feet of space in the county over the next six years. The company estimated the expansion costs will come out around $5 million.