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UEL Anchor Tenant Wins Tax Credit

ST. PAUL-University Enterprise Labs' 15,000-sf anchor tenant, Prism Research, has landed the city council's approval for a biotech tax credit. The biotech incubator's 120,000 sf of office and research also landed $24.2 million in permanent financing this week.

By Jim McCartney | Updated on February 03, 2005

ST. PAUL-The city council approved a tax credit for Prism Research through the Biotech/Health Industry Zone program Thursday. The total incentive from the tax breaks now are up to $120,800, including an exemption from corporate franchise tax, an exemption from the state sales and use tax, job credits, a research and development tax credit and an exemption from the local sales tax.

“This tax credit program will accelerate our business’s progress and was a crucial factor in our decision to locate at University Enterprise Laboratories in St. Paul’s Bioscience Zone,” says Jeff Cosgrove, chief operating officer of Prism Research. “UEL is the perfect, centralized location that allows our volunteers easy access for participation.”

Prism Research will create at least 18 new jobs at its UEL facility. Kraus/Anderson, University Enterprise Lab’s general contractor, is accelerating its renovation so that Prism will be able to move into the 15,000 sf of space by March 1.

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