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Downing Secures $6.5 Million Authorization For PEDA - March 21, 2008
Spec Building In Life Sciences Bond Bill
Boston - As the Massachusetts Senate considered the Governor’s Life Sciences bond bill during today’s formal session, State Senator Benjamin B. Downing (D-Pittsfield) secured the adoption of an amendment he filed, authorizing $6.5 million for the design, construction and development of a life science incubator building at the William Stanley Business Park in the City of Pittsfield.
“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 (GE) in 1999, the Pittsfield Economic Development Authority (PEDA) 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. Construction of an incubator building on-site is intended to attract businesses and provide a temporary growth space, or small business incubator, that would also house on-site employee training. This project is the next step towards 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 life sciences bond bill, the differences between must be reconciled by a conference committee before it can be forwarded to the Governor for final approval. |
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