The biosciences industry has a profound impact on economic activity in Virginia as indicated by Mark Herzog (Executive Director of the Virginia Biotechnology Association, www.vabio.org). To promote investment in the bioscience industry, the Commonwealth of Virginia has approved legislation to grant tax credits for investment in biotechnology.
CityCampus has received enthusiastic support for the proposed re-development from the City of Charlottesville (Aubrey Watts, Director of Economic Development, www.charlottesville.org) and from the University of Virginia (Mark Crowell, Executive Director for Innovation Partnerships and Commercialization, www.virginia.edu/vpipc). In June, Mark Crowell testified before the Congress (U.S. House Committee on Science and Technology) on improving technology transfer from the lab bench to the marketplace.
Our proposal will enhance economic development in the City by creating well paid green jobs (median salary $70,000) that will support local service industries (legal, financial, marketing, catering) and community activities. When fully built out, the facility will create 100-150 jobs with no environmental impact. Our proposed development is unique and represents the best use of the property from an economic development perspective. The project will stimulate re-vitalization of the whole Preston Avenue area, which has long been sought by the City. This area is already home to two small supermarkets, several coffee shops, restaurants, bars, bakeries and auto repair shops. All of these small businesses will be sustained through this development and new businesses will be come in to take advantage of the opportunities created by the influx of center employees.
CityCampus LLC was created as a vehicle for real estate development. The purpose of the LLC is to secure additional investors to finance a re-development of the site to provide wet lab space, offices and conference facilities for small to medium biotechnology research companies.