GlobeSt.com UPDATE: Governor's Advisory Panel Delays Vote on Biotech Plan

ST. PAUL-After final revisions are made, Minnesota’s Bioscience Council is expected to vote via e-mail this week on a proposal to Gov. Tim Pawlenty that would ask the Minnesota Legislature to build two major new research facilities in the Twin Cities and in Rochester and finance land acquisition and infrastructure improvements for biotech zones in St. Paul, Minneapolis and Rochester.

The draft 2004 Legislative and Administrative Policy proposal includes $112 million to assist in the development of facilities to support the growth of the industry. The facilities development money is part of a $434-million package that includes $234 million in bonding requests and guarantees up to $200 million in venture capital investments in local biosciences companies by the state’s pension board. Private investors must match on a dollar-for-dollar basis the $200 million invested by the State Board of Investment, the state’s pension board.