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Kruzan announces plans to create a certified technology park

FOR IMMEDIATE RELEASE
October 4, 2004

For more information, contact:
Mayor Mark Kruzan (via Penni Sims), 349-3569
Ron Walker, Economic Development Director, 349-3406


Kruzan announces plans to create a certified technology park

Mayor Mark Kruzan today announced that the City of Bloomington, in partnership with Indiana University, has begun the process to designate a certified technology park in downtown Bloomington. The creation of a certified technology park has been a high priority of the Kruzan administration and was specifically called for in Plan Kruzan.

"By working with Indiana University, we can provide a location and the supportive services that help new companies get started," said Kruzan. "This partnership will strengthen our existing technology and life science sectors and will lead to spin-off companies and the attraction of suppliers."

The proposed certified technology park encompasses 87 acres of downtown Bloomington and includes the IU Research Park and inVenture, a new technology business incubator. The proposed certified technology park is also adjacent to many cultural attractions, downtown restaurants, core neighborhoods and downtown housing.

Kruzan said, "We are making a concerted effort to make our community attractive to new life science and technology companies. The types of entrepreneurs leading these companies, and their employees, desire the amenities that our downtown offers."

Indiana University will provide access to resources and assistance to companies in the technology park through the IU Research & Technology Corporation and through assistance to inVenture.

"IU's involvement is key to the success of a certified tech park," said Economic Development Director Ron Walker. "Bloomington is quite blessed to have a leading research university in its community and their resources and support will go a long way toward helping technology and life science companies grow and stay in Bloomington."

IURTC is a not-for-profit agency of IU that assists with technology transfer, and research and technology collaboration to help stimulate growth in Indiana's technology sectors. A core function of IURTC's is helping businesses develop and commercialize new technologies.

"I'm very excited about the city's pursuit of a certified technology park in the downtown," said Sonny Kirkley, CEO of Information in Place, Inc. "Bloomington will benefit from a district with a preponderance of high tech and life science businesses. It creates a synergistic environment in which local companies can operate and helps attract a critical mass of high tech workers to our downtown."

Ivy Tech State College, which just began a biotechnology associate degree program that will help prepare students for jobs in the life sciences, is working with the city on a partnership in which students and faculty can add value to the life science and technology companies conducting the research and development necessary to bring new products to market.

Certified technology parks have the ability to capture the incremental growth of payroll and sales taxes generated within the park. Local units of government may collect up to $5 million for use within the certified technology park. Communities with a certified technology park may also apply to the Indiana Technology Development Grant Fund for up to $4 million for use within the park.

The funds collected by local units of government may be used for economic development purposes within the park, including public facilities, laboratory facilities, research and development facilities or to support a business incubator.

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