Plan for the Plan Vision for KU Lawrence Campus Research
Proposal for Developing a Life Sciences Wet Lab Incubator in Lawrence, KS Discussion Document Prepared by: Lawrence Douglas County Biosciences Authority June 17, 2008 1 LDCBA Vision STRATEGY ********** Develop life sciences industry resources by providing an infrastructure of professional talent, modern facilities, specialized equipment and capital centered around targeted core competencies at the University of Kansas and the community. City of Lawrence
Douglas County University of Kansas Lawrence Chamber of Commerce CONFIDENTIAL 2 LDCBA Vision Lawrence Regional Life Sciences Incubator CONFIDENTIAL 3 Business Incubation Business Incubator - facilities and programs to grow early-stage business ideas into viable companies Over 1,200 incubators in U.S. (public, private, community-based, universitybased) University-based incubators provide access to:
R&D labs Ideas People Business development resources Most successful incubators combine building with programs CONFIDENTIAL 4 Need for a Life Sciences Incubator Companies wanting labs and offices in Lawrence/KU location KU spin-offs Emerging companies Existing companies Incubator is important part of overall ED strategy
Start-ups Existing local companies Business recruitment Incubator will become a source of companies for a local business park Lawrence and Douglas County competing with communities in Kansas, US, and rest of world CONFIDENTIAL 5 Benefits of Local Life Sciences Incubator Foster KU life sciences spin-offs Retain local companies Recruit life sciences companies Foster research collaborations Company & university Company & company Recruit and retain KU faculty Support economic development (jobs, investment, larger tax base) CONFIDENTIAL
6 Key Criteria for Local Incubator Multi-tenant facility KU spin-offs Emerging companies Existing companies Flexible space to support wide range of life sciences companies Expandability Provide facilities and business development programs Location Community support CONFIDENTIAL 7 Incubator Overview 20,000 sq ft. wet-lab incubator building Expandable to 40,000 sq ft.
Site: KUs west campus life sciences hub Adjacent to Multidisciplinary Research Bldg. Structural Biology Center Higuchi Biosciences Center Proposed School of Pharmacy Bldg. CONFIDENTIAL 8 Incubator Overview Multi-tenant Facility KU spin-offs Emerging companies Existing companies Resources Building out labs/offices Equipment
Product development Business development assistance CONFIDENTIAL 9 Incubator Operations The incubator will be owned by the LDCBA LRTC will manage the incubator facility LRTC has assisted numerous life sciences companies LRTC will provide hands-on business assistance services to tenant companies to accelerate their growth and increase their chances of success Clients have raised ~$120,000,000 over the last 5 years Clients have created 111 net jobs with average salary of ~$66,000 CONFIDENTIAL 10
Funding Sources City and County $1,500,000 ($750,000 each) 18.75% $500,000 6.25% $2,000,000 ($1.5M cash and $500K land) 25.00% $4,000,000 50.00% LDCBA KU
KBA TOTAL $8,000,000 100.00% Funding from the Kansas Bioscience Authority will be contingent upon $4,000,000 being raised from the local community and KU. CONFIDENTIAL 11 Use of Funds Facility $5,000,000 Management and Services $1,000,000
Shared Equipment and Building Improvements $1,000,000 Product Development and Lease Assistance $1,000,000 TOTAL $8,000,000 The goal is to develop a comprehensive economic development program consisting of facilities, equipment, business assistance services and access to capital. Notes: 1. Design, construction and site work for the 29,495 sq. ft. NISTAC incubator at Kansas State cost $4,513,775. 2. Use of funds schedule assumes constructing a new facility approximately 20,000 sq. ft.
CONFIDENTIAL 12 Next Steps - Timeline Step 1: City & County approve $1,500,000 investment (July 08) Step 2: KBA approves $4,000,000 investment (Fall 08) Step 3: Execute legal documents
(Fall 08) Step 4: Groundbreaking Step 5: Ribbon-cutting, 1st Tenant (Winter 08 Spring 09) (Spring 09) 13 New Incubator Plan vs. Old Plan Total Project Budget City/County
Investment Originally Approved Incubator Project (2007) New Incubator Project (2008) $6,000,000 $8,000,000 $250,000 each per year over 10 yrs. $150,000 each per year over 10 yrs. University
Investment NONE $2,000,000 Financial Leverage 4.8X 10.67X Invest Less Buy More CONFIDENTIAL 14
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