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Certified Technology Park Program Marks Indiana Milestone in State-wide Economic Development

Lt. Gov. Joe Kernan joined West Lafayette Mayor Sonya Margerum and Purdue University President Martin C. Jischke to announce that the Purdue Research Park has been awarded the status of the state’s first Certified Technology Park."

Govtech.net

"This is an historic day not only for West Lafayette and Purdue, but for Indiana as a whole. We’re showing the world that we are serious about developing and supporting technology companies in our state," said Kernan, who oversees the state’s economic development efforts as director of the Indiana Department of Commerce. "We couldn’t have found a better situation than this one. Purdue and West Lafayette have an outstanding partnership in place — and with this designation, we are confident that they’ll take it to the next level."

A result of 2002’s tax restructuring legislation, the new Certified Technology Park program encourages the location of high-technology businesses within areas identified by local redevelopment commissions. Portions of tax revenues generated by tenants are reinvested into the park and used for improvements, operation and maintenance of facilities, payment of interest and principal on bonds, and other business-generating activities.

"The Purdue Research Park, already the largest of its kind in Indiana, has taken up the cause of economic development for our cities and our state, and this new designation will help it improve its services and attract even more high-tech industry," Jischke said. "One of the first investments we plan is in the infrastructure needed to upgrade the Internet and telecommunications service for the companies that locate here."

Jischke also is president of the Purdue Research Foundation, which operates the 591-acre park in West Lafayette. With 38 buildings, the park is home to 104 businesses, of which 68 are high-tech businesses. They employ more than 2,200 people. This park is home to leading high-technology companies such as Cook Biotech Inc., Endocyte Inc., Bioanalytical Systems, SSCI Inc. and Copient Technologies. Cook Biotech last week broke ground for a 55,000-square-foot expansion in the park.

West Lafayette and the Purdue Research Foundation partnered to develop 40 of the acres in the Purdue Research Park that is now designated as a Certified Technology Park. Covenants were created for the area that require companies to have a technology component and a commitment to interact with Purdue University. To initially develop that area, West Lafayette contributed $2.5 million and the Purdue Research Foundation added another $1 million for infrastructure improvements including streets, utilities and construction of a 4-acre lake.

"The City of West Lafayette and our Department of Development have worked closely with the park to help it grow," Margerum said. "Now it will be up to the West Lafayette Redevelopment Commission to decide how this additional revenue will be spent in the park to attract the kind of high-tech businesses we need. This is a government-private partnership for economic development at its very best."

Any city, town or county with a redevelopment commission is eligible to have an area designated as a Certified Technology Park if certain requirements are met, including: demonstrating the significant support of a research university; a commitment to the commercialization of products; access and utilization of public and private resources in the park; the existence of, or proposed development of, a business incubator; the development of a business plan or the assurance that the park will be used for high-technology business activity. In addition, a firm commitment must be shown from at least one business primarily engaged in a high-technology activity creating a significant number of jobs that will locate within the park.

http://www.govtech.net/news/news.phtml?docid=2003.05.16-51143

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