Missouri Awards Tax Credits for Cortex Biotech Center
As expected, the state of Missouri last week awarded $15 million in tax credits the Center of Research, Technology and Entrepreneurial Exchange, or Cortex, in St. Louis, the St. Louis Post-Dispatch reported.
The Missouri Development Finance Board granted the credits for Cortex, which is planning to build a 1 million-square-foot space facility. As BioRegion News recently reported, Cortex plans to use the tax credits to obtain $30 million in private financing, as well as to help a regional incubator expand (BioRegion News, March 10).
Cortex was founded by BJC HealthCare, Washington University, St. Louis University, and the University of Missouri-St. Louis. Its first facility, a multi-tenant wet lab building at 4320 Forest Park Ave., is almost fully leased, CEO John Dubinsky told the paper.
Roche Diagnostics Subleases Marsh Supermarket HQ for Expansion
Roche Diagnostics and Marsh Supermarkets said last week that Roche has agreed to sublease the former Marsh corporate headquarters located near I-69 in Fishers, Ind.
Roche said that it “looked at several options to either build new, expand, or sublease existing space to accommodate growth, production, and R&D capacity and distribution needs,” and decided that subleasing the 148,000-square-foot building would be its “best alternative.”
“We are pleased that we were able to find a facility near our corporate office just south of 96th street and I-69 in Indianapolis and our Fishers office, just north of 96th street with the square footage and amenities similar to what we offer in our other locations,” said said Kent Kost, president of Roche Diagnostics Operations, in a statement.
“With this additional location Roche Diagnostics is well positioned for growth beyond 2011,” Kost said.
The Indianapolis Star reported that the facility will house 360 new Roche jobs by December 2011.
The paper reported that the Fishers Town Council approved a $277, 200 tax abatement for the 10-year sublease period. The town will gain $282,800 in property taxes from the company in that time.
EDA Awards U Kansas Medical Center $3M for Incubator
The Economic Development Administration of the US Department of Commerce has awarded $3 million to the University of Kansas Medical Research Institute and the University of Kansas Medical Center, to support renovation of the campus’s Breidenthal building for re-use as a life sciences incubator.
The new incubator “will provide the infrastructure necessary to promote the growth and recruitment of biotechnology companies to the region and essential to expanding innovation and regional entrepreneurship,” according to the award abstract on the EDA website.
The investment is part of a $6.25 million project that will help create 300 jobs and generate $44 million in private investment, the EDA said.
The remodeling of the Breidenthal building will include 40,000 square feet, according to a report from the Newton Kansan. The new space will accommodate a 6,000-square foot wet lab, new offices, a commons area and a telecommunications center.
The project will support 10 companies at a time, the Kansan reported.
The medical center and the research institute are seeking to secure matching funds to make up the $6.25 million cost of the project.
Mascoma to Relocate from Cambridge, Mass., to Boston
Renewable fuels developer Mascoma has signed a five-year lease to move its headquarters from 4,000 square feet near Kendall Square in Cambridge, Mass., to 22,000 square feet at 1380 Soldiers Field Rd. in Boston, the Boston Globe reported last week.
Mascoma is developing a method for producing ethanol from wood chips and switchgrass.
Mascoma also has R&D facilities in Lebanon, NH.