Purdue News
Purdue News
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May 12, 2003 Kernan announces Purdue is home to state's
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Today (Monday, 5/12) Lt. Gov. Joe Kernan joined West Lafayette Mayor Sonya Margerum and Purdue University President Martin C. Jischke to announce that the Purdue Research Park has been awarded the status.
"This is an historic day not only for West Lafayette and Purdue, but for Indiana as a whole. We're showing the world that we are serious about developing and supporting technology companies in our state," said Kernan, who oversees the state's economic development efforts as director of the Indiana Department of Commerce. "We couldn't have found a better situation than this one. Purdue and West Lafayette have an outstanding partnership in place – and with this designation, we are confident that they'll take it to the next level."
A result of 2002's tax restructuring legislation, the new Certified Technology Park program encourages the location of high-technology businesses within areas identified by local redevelopment commissions. Portions of tax revenues generated by tenants are 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.
"The Purdue Research Park, already the largest of its kind in Indiana, has taken up the cause of economic development for our cities and our state, and this new designation will help it improve its services and attract even more high-tech industry," Jischke said. "One of the first investments we plan is in the infrastructure needed to upgrade the Internet and telecommunications service for the companies that locate here."
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Jischke also is president of the Purdue Research Foundation, which operates the 591-acre park in West Lafayette. With 38 buildings, the park is home to 104 businesses, of which 68 are high-tech businesses. They employ more than 2,200 people. This park is home to leading high-technology companies such as Cook Biotech Inc., Endocyte Inc., Bioanalytical Systems, SSCI Inc. and Copient Technologies. Cook Biotech last week broke ground for a 55,000-square-foot expansion in the park.
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West Lafayette and the Purdue Research Foundation partnered to develop 40 of the acres in the Purdue Research Park that is now designated as a Certified Technology Park. Covenants were created for this area that require companies to have a technology component and a commitment to interact with Purdue University. To initially develop that area, West Lafayette contributed $2.5 million and the Purdue Research Foundation added another $1 million for infrastructure improvements including streets, utilities and construction of a 4-acre lake.
"The City of West Lafayette and our Department of Development have worked closely with the park to help it grow," Margerum said. "Now it will be up to the West Lafayette Redevelopment Commission to decide how this additional revenue will be spent in the park to attract the kind of high-tech businesses we need. This is a government-private partnership for economic development at its very best."
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Any city, town or county with a redevelopment commission is eligible to have an area designated as a Certified Technology Park if certain requirements are met, including: demonstrating the significant support of a research university; a commitment to the commercialization of products; access and utilization of public and private resources in the park; the existence of, or proposed development of, a business incubator; the development of a business plan or the assurance that the park will be used for high-technology business activity. In addition, a firm commitment must be shown from at least one business primarily engaged in a high-technology activity creating a significant number of jobs that will locate within the park.
In Purdue's case, SSCI Inc. has demonstrated such a commitment. SSCI provides information and research services to the pharmaceutical and fine chemical industries. Founded in 1991 with only two employees, the company opened a laboratory in the Purdue Research Park in 1993. SSCI now leases more than 30,000 square feet from the park and employs more than 70 people.
Sally Byrn, president of SSCI, said, "This designation sends a message to business and venture capitalists everywhere. Purdue, Greater Lafayette and the state of Indiana are serious about making this research park the best of its kind."
Priorities set by Purdue include using the Certified Technology Park program to further develop the technology centers and telecommunications network within the Purdue Research Park. This will not only enhance the long-term capacity for assisting and retaining high-tech firms, it will increase overall competitiveness.
For more information on Indiana Certified Technology Parks and other community development efforts, please call the Indiana Department of Commerce's Development Finance Office at (317) 232-8898 or visit the Web site.
Sources: Jeff Harris, Indiana Department of Commerce, (317) 232-2464
Jeanne Norberg, Purdue University News Service, (765) 494-2084
Wyatt Hornsby, city of West Lafayette, (765) 775-5100
Purdue News Service: (765) 494-2096; purduenews@purdue.edu
NOTE TO JOURNALISTS: This news release is being simultaneously issued by Lt. Gov. Joe Kernan's office and Purdue University. A publication-quality Purdue Research Park graphic and a photograph are available at ftp://ftp.purdue.edu/pub/uns/+PRF/research.park.logo.jpeg and ftp://ftp.purdue.edu/pub/uns/+PRF/techcenter.sign.jpeg. Several photographs from Purdue Research Park companies are available at ftp://ftp.purdue.edu/pub/uns/+PRF/companies.research/.
PHOTO CAPTION:
Lt. Gov. Joe Kernan speaks today (Monday, 5/12) during an event to announce the designation of the Purdue Research Park as the state's first Certified Technology Park. The new Certified Technology Park program encourages the location of high-technology businesses within areas identified by local redevelopment commissions. Portions of tax revenues generated by tenants are reinvested into the park. (Purdue News Service photo/Mark Simons)
A publication-quality photograph is available at ftp://ftp.purdue.edu/pub/uns/kernan.cpt.jpeg
PHOTO CAPTION2:
Lt. Gov. Joe Kernan (at right) presents Purdue President Martin C. Jischke and West Lafayette Mayor Sonya Margerum with a certificate designating the Purdue Research Park as the state's first Certified Technology Park. Kernan came to the park in West Lafayette today (Monday, 5/12) to make the announcement. West Lafayette and the Purdue Research Foundation partnered to develop 40 of the acres in the Purdue Research Park that is now designated as a Certified Technology Park. The new Certified Technology Park program encourages the location of high-technology businesses within areas identified by local redevelopment commissions. Portions of tax revenues generated by tenants are reinvested into the park. (Purdue News Service photo/Mark Simons)
A publication-quality photograph is available at ftp://ftp.purdue.edu/pub/uns/jischke.cpt.jpeg.
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