Downing Secures $6.5 Million Authorization For PEDA08:42AM / Friday, March 21, 2008
BOSTON — State Sen. Benjamin B. Downing, D-Pittsfield, secured the adoption of an amendment for $6.5 million for a life science incubator building at the William Stanley Business Park.
He filed the amendment authorizing the funds for the design, construction and development of the building that was adopted during the Senate considered Gov. Deval Patrick's Life Sciences bond bill.
"Making industry-ready commercial space available to prospective businesses is vital to rejuvenating the economy of Pittsfield and the surrounding region," said Downing. "It is important that Western Massachusetts carve its own niche in the commonwealth's emerging life science industry. This targeted investment will pay dividends for years to come."
Using payments promised by General Electric in 1999, the Pittsfield Economic Development Authority is spearheading the redevelopment efforts of former GE land, now recognized as a brownfield and known locally as the William Stanley Business Park.
Downing's amendment authorizes $6.5 million for design and construction of a 30,000-square-foot facility. The incubator building is intended to attract businesses and provide a temporary growth space, or small-business incubator, which would also house on-site employee training. This project is the next step toward filling the redeveloped space with new high-tech businesses.
This $6.5 million authorization for PEDA was also included in the House of Representative's version of the life sciences bond bill, though in a different account. As the Senate and House have engrossed competing versions of the bond bill, the differences between must be reconciled by a conference committee before it can be forwarded to the governor for final approval.