U.S. EDA Invests in Austin Bioscience Sector
June 18, 2010
Contact: John Atwood, (202) 482-4085
University of Texas at Austin to Explore Increasing Wet Lab Capacity
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $140,000 grant to the University of Texas at Austin's Technology Incubator to develop a study on the feasibility of developing wet lab space to support the bioscience sector.
"With access to wet lab space for new and growing bioscience companies, Austin will be able to tap into the many economic benefits linked to a strong bioscience industry," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez.
"The EDA grant to support the Austin Technology Incubator's wet lab facility feasibility study in Austin will have a major impact on our economic development strategy. We believe that wet lab infrastructure would accelerate the growth of life sciences companies in Austin, and we welcome the opportunity to prove out and game plan that part of our economic development agenda," said Mayor of Austin Lee Leffingwell.
The proposed study will characterize best practices for existing wet lab facilities, identify possible facility sites within distressed regions of Austin, and evaluate key project criteria for each site, including size and scope, site attributes, cost and schedule projections, operation and utilization, funding resources and sources, and regional economic impact. The study will consider property acquisition and new construction as well as renovation and re-use of an existing facility.
About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.