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$21M Incubator Project Lands Financing

ST. PAUL-More than a year and a half after it is unveiled, the University Enterprise Laboratories finally raises $9 million in charitable contributions and arranged financing to renovate the former 125,000-sf warehouse in biotech lab and office space.

By Jim McCartney | Updated on October 11, 2004

ST. PAUL-Funding for a $21-million biotech incubator on University Avenue at State Highway 280 finally came together this week. University Enterprise Laboratories says it has raised the minimum $9 million in charitable contributions it needed to go forward with the project.

Allina Hospitals and Clinics’ contribution of $1 million over five years allows the enterprise to surpass its $9-million fundraising goal and begin to outfit the 125,000-sf former warehouse building with lab space. The money helped finalize the project’s financing along with St. Paul Mayor Randy Kelly’s agreement to recommend the city co-sign a $6-million bank loan for the nonprofit corporation created by the University of Minnesota to launch the venture. The city council will consider the proposed financing package this week.

Plans call for the university’s corporation to spend $21 million converting a former warehouse on University Avenue at State Highway 280 into office and lab space for new and biotech firms, as well as established companies. The incubator has letters of interest from 14 companies out of 21 spots, and several companies and economic development entities already are leasing office space in the building. Architectural Alliance of Minneapolis is doing the design for the renovation work and Kraus Anderson, the Minneapolis-based general contractor, is overseeing the project.

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