City of Lawrence

City Manager’s Office

TO:              Mayor and City Commissioners

CC:               Cynthia Boecker, Assistant City Manager

                   Diane Stoddard, Assistant City Manager

FROM:          City Manager David Corliss

DATE:           March 24, 2009

RE:               Release of Funds for Bioscience Incubator

On July 8^th, 2008, the City Commission authorized budgeting in the City’s 2009 budget a $75,000 commitment to assist with the construction and operation of a Bioscience Incubator on the West Campus of the University of Kansas.  This commitment reflects a 10 year pledge for $75,000 payment each year to the Lawrence Douglas County Bioscience Authority, for a total of $750,000. 

The Kansas Bioscience Authority confirmed its commitment of $3.25 million toward the construction and operation of the Incubator on March 10^th.  The City recently received the 2009 invoice for the $75,000 payment.

As the City Commission is aware, this project represents and exciting opportunity to take advantage of the outstanding bioscience and technological resources in the faculty and staff at the University of Kansas.  The incubator represents a major City and County partnership with the University to achieve economic development goals and enhancement at the University.

Action Item:  Approve payment to the Lawrence-Douglas County Bioscience Authority in the amount of $75,000 for the incubator project.