Daily Herald | Posted: Thursday, July 6, 2006 11:00 pm
SALT LAKE CITY -- The nine-member advisory board in charge of a $200 million economic development initiative to fuel job growth in Utah wants to have the project started by the end of the summer.
The board has begun seeking an executive director to oversee the Utah Science Technology and Research Initiative, and hopes to have resumes collected by mid-August and a decision on a candidate by the end of the summer.
Board members also want to break ground on two new research facilities at Utah State University and the University of Utah.
The initiative gives $110 million in bond money and $50 million in one-time funds for new facilities at the two universities. The initiative, the goal of which is to use academic research to boost job growth, was passed during this year's legislative session.
The schools will contribute $40 million for the facilities. They will also receive $15 million in ongoing state funds to hire new talent.
Hiring the research teams must be approved by the board. Those positions could bring in $4.9 billion in new research funds, initiative supporters said. That could spin off 422 new companies, creating 123,406 new jobs and generate $5 billion in tax revenue over the next 30 years.
This story appeared in The Daily Herald on page D6.