Saturday, October 25, 2003
St. Louis is continuing its development push into the life sciences. This week, the Missouri Development Finance Board authorized $12 milion in tax credits for a biotech corridor. The idea was launched in 2002, and now developers are expecting the first construction within 18 months (in 2005).
Washington University, University of Missouri-St. Louis, Missouri Botanical Garden, Barnes-Jewish Hospital and Saint Louis University are joint partners in CORTEX, the major promoter of the project. CORTEX will limit its role to land assembly.
The $12 million in tax credits are designed to leverage $24 million in investment capital ($1 tax credit awarded for every $2 of investment). The CORTEX partners have pledged an additional $29 milllion. The City of St. Louis also has committed up to $10 million in in-kind funding. CORTEX will also seek federal economic development assistance for the project.
Read more. Learn more about St. Louis biosciences. Go.
posted by Ed Morrison |
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St. Louis biotech corridor
