Q&A
$100 million city commitment for life sciences building development
1:11:58
ยท
68 sec
Council Member Powers inquires about the $100 million commitment from the city to help build out the life sciences property. Cecilia Kushner explains the purpose and allocation of these funds.
- The city has committed up to $100 million in capital for developing a center of excellence in the commercial life science tower.
- The funds are intended to support the development of expensive lab infrastructure and technology for AI and tech in life sciences.
- The capital is designed to support the needs of potential anchor tenants, whether academic or corporate institutions, in developing the center of excellence.
Keith Powers
1:11:58
Okay.
1:11:59
Few more questions.
1:12:01
You talked about a $100,000,000 commitment to help build out this, property for life sciences.
1:12:06
Is that city is putting up a $100,000,000 to assist with the building out of it to then have a tenant take that over, and the RFP would be essentially being the tenant.
1:12:15
And the city would be doing a $100,000,000 increment for for building it.
1:12:19
Is that correct?
Cecilia Kushner
1:12:20
That's right.
1:12:21
So, I wanna in the spring, we released an RFEI, with a $100,000,000 of capital attached to it, that is really geared towards developing a center of excellence, ideally, at the intersection of AI and tech and life science in one of the commercial life science tower.
1:12:38
We are reviewing, application.
1:12:41
We life science is a very expensive industry, to develop.
1:12:46
Labs are extremely expensive.
1:12:47
The technology that supports AI and tech is also extremely expensive.
1:12:51
And so the capital money, which is up to a $100,000,000 is there to support, any need that an anchor tenant, be an academic institution or corporate institution, may have in be able to, develop and open the center of excellence at this location.