October 29, 2003
Research park expansion makes room for high-tech companies
WEST LAFAYETTE, Ind. - A ribbon-cutting ceremony today (Wednesday, 10/29) marked the completion of $2.4 million in infrastructure development on 50 acres at the Purdue Research Park and paves the way for recruiting additional high-tech companies.
"Along with streets, sidewalks and sanitary sewers necessary for 10 commercial lots, we have created an atmosphere that speaks to the creativity of employees in the high-tech industry," said Joseph Hornett, the Purdue Research Foundation's senior vice president and treasurer. "High-speed Internet access, a four-acre lake and numerous walkways that connect to our area's beautiful, new trail system are part of the amenities we know these ventures require to attract and retain top employees."
The second phase of the park expansion, which was begun in September 2002, is part of an economic development partnership among Purdue University, the Purdue Research Foundation and the city of West Lafayette. The development also includes the extension of Win Hentschel Boulevard and the creation of McClure Street, with future plans calling for a large outdoor commons and numerous parking lots.
"With the land ready for incoming companies and designated as the state's first Certified Technology Park, we are poised to attract the kinds of ventures that can diversify the economy and bring high-paying jobs to Indiana," said Purdue President Martin C. Jischke. "Working together with the city of West Lafayette, we are providing a place for new ideas to develop and grow, gain a foothold and take their place in the international marketplace."
Purdue Research Foundation, which administers the park, estimates that this second phase may result in more than 900,000 square feet of additional office-lab space and 2,000 new jobs. The foundation's investment in the development is being supplemented by tax increment financing funds.
West Lafayette Mayor Sonya Margerum said, "This ceremony today celebrates more than the latest phase of Purdue Research Park. It celebrates the total commitment of our community to high-technology, knowledge-based economic development. The unique partnership the city of West Lafayette and Purdue University share is about more than buildings, roads and sidewalks, infrastructure and fiber-optic conduits. It's about a commitment to making West Lafayette an even better place to live, work, earn an education and raise a family."
More than 2,200 people currently are employed within the park, which encompasses 591 acres about two miles north of campus. Almost 150 acres have been developed with approximately 1 million square feet owned or leased by 104 businesses, of which 58 are high-tech. Many of these companies are developing Purdue-licensed technologies in the largest university-affiliated incubation complex in the country.
The park is home to leading high-technology companies such as Cook Biotech Inc., Endocyte Inc., Bioanalytical Systems, SSCI Inc. and Copient Technologies. Cook Biotech broke ground in May for a 55,000-square-foot expansion in the park. Another facility planned for construction is a center that will enable Purdue to blend pharmaceutical education and drug manufacturing, making Purdue one of a handful of universities allowed to make drug products for human consumption.
As the state's first Certified Technology Park , the park will benefit from tax restructuring legislation that allows portions of tax revenues generated by tenants to be reinvested into the park and used for improvements, operation and maintenance of facilities, payment of interest and principal on bonds, and other business-generating activities.
Writer: Jeanine Phipps, (765) 494-0748, firstname.lastname@example.org
Sources: Joseph Hornett, (765) 494-8645, email@example.com
Martin C. Jischke, (765) 494-9708
Sonya L. Margerum, (765) 775-5100
Related Web sites:
Purdue News Service: (765) 494-2096; firstname.lastname@example.org