TBO.com - TBO is Tampa Bay Online

Hillsborough Approves Funding To Lure Draper Labs To USF

ADVERTISEMENT

By MIKE SALINERO | The Tampa Tribune

Published: July 16, 2008

TAMPA - A bioengineering research company that could create 100 high-paying jobs now and more later is a step closer to setting up shop on the University of South Florida's campus.

County commissioners today unanimously approved spending $6 million to help with construction and equipment purchases by Draper Laboratories, a leader in microtechnology applications for missiles and pharmaceuticals. USF will kick in $4 million and the state $10 million to lure the Massachusetts company here.

The money would be used for renovating and expanding an existing building at USF to serve as a biomedical research lab.

The deal is contingent on Draper opening a separate manufacturing plant in Pinellas County. The Pinellas County Commission is scheduled to meet next week to consider a joint $5 million incentive package with St. Petersburg that would be matched by $5 million in state funding.

A Draper spokeswoman said Wednesday she could not confirm the company has chosen the USF campus from among several sites around the country the company is considering for expansion.

"Today was a very big step in the process," said Gene Gray, head of Hillsborough's Economic Development Department. "But we only have one vote in the process and there are other agencies that have been involved in the decision-making process, including the company itself."

Gray said the company should make a final decision in the next few weeks, assuming Pinellas and St. Petersburg approve their incentive packages.

At today's commission meeting, though, USF and county officials acted as if the deal was all but done.
USF President Judy Genshaft told commissioners the $20 million project couldn't be more timely in light of the increasingly dismal economy.

"This is a particularly important project during a time when we have a lot of downturn. This is a real upturn for Tampa Bay, Tampa — it makes a huge difference," Genshaft said.

Draper's research is expected to focus on combining engineering with drug delivery, said Rod Casto, executive director of the USF Research Foundation. The goal is to develop tiny machines, a tenth the diameter of a human hair, that will travel through the body to an area where drug delivery will be most effective.

For instance, if a patient has a heart blockage, the machine would seek out the blockage and dissolve it without affecting the rest of the body, Casto said.

"You can reduce the amount of drugs," Casto said. "You can program the machines to deliver the drug every four hours. You reduce the side effects."

The Draper building will take six to 12 months to build. Gray said the facility is expected to leverage $150 million to $300 million in research grants and boost the area economy by $204 million to $337 million.

The 100 initial workers will make an average $75,000 a year. Another 111 to 171 jobs could be created during the five- to seven-year ramp-up period. If Draper selects the USF site, the company will commit to staying at USF for at least 10 years, with a penalty for noncompliance.

Reporter Mike Salinero can be reached at (813) 259-8303 or msalinero@tampatrib.com

Share this:

Loading Comments...

Email Print

ADVERTISEMENT