January 24, 2003
Purdue Research Foundation applies for official 'tech park' status
WEST LAFAYETTE, Ind. Purdue Research Foundation's plan to turn a portion of the Purdue Research Park into Indiana's first "Certified Technology Park" advanced today (Friday, 1/24) with support from the West Lafayette Redevelopment Commission.
"By applying for the status of Certified Technology Park, we are asking the state to allow the success of the research park's current and future high-tech businesses to help fuel the park's growth," said Joseph Hornett, Purdue Research Foundation's senior vice president and treasurer.
Modeled after Michigan's "Smart Zones," Indiana's "Certified Technology Parks" are the state's newest economic development tool for promoting high-technology activities.
"Certified Technology Park" designations were created by a bill passed during the 2002 special session of the Indiana General Assembly. As part of the law, certain incremental income taxes and sales taxes attributable to businesses within the designated park would be distributed to the commission for use in financing additional high-technology activities within that park.
"Being the first commission to submit an application for this state designation shows our commitment to move West Lafayette further into the high-tech arena," said Stephen Belter, redevelopment commission president.
The commission's resolution asks the state to approve its designation of 123 acres of land owned by the Purdue Research Foundation (bounded by Cumberland Avenue, Kalberer Road, U.S 52 and Yeager Road) as such an area. Within those boundaries, the foundation operates a state-of-the-art business incubator that nurtures dozens of life sciences, information technology and other kinds of knowledge-based companies. Just down the road, a $2.2 million park expansion includes roadwork and infrastructure development necessary to entice technology companies to build on 10 commercial lots.
The West Lafayette City Council must approve the commission's resolution prior to its submission to the Indiana Department of Commerce. If approved, then the commission, West Lafayette City Council, the foundation and the IDOC must enter into an official agreement for the designation to become finalized.
Writer: Jeanine S. Phipps, Public Relations Director, Purdue Research Park, (765) 496-3133; firstname.lastname@example.org
Joseph Hornett, (765) 494-8645; email@example.com
Stephen Belter, (765) 742-8428; firstname.lastname@example.org
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