[Source: The Arizona Republic] – A City Council vote Thursday could turn Chandler into a landlord for inventors, scientists and startup entrepreneurs.
The proposal, which got a unanimous recommendation for approval from the Economic Development Advisory Board on Friday, requires the city to put up about $5.7 million now and $720,000 a year for at least a decade to create “Innovations,” a bioscience and technology incubator wet-lab project in a vacant building.
The city would lease about one-third of that 120,000-square-foot building southwest of McClintock Drive and Chandler Boulevard, start renovations in October and open by May 1. Intel built the structure in 1979; it has been vacant for five years and was purchased by Capital Commercial Investments for $7.1 million last year. The same investor recently bought the former 152-acre Motorola campus on Price Road for $18.5 million.
For more information: Bioscience, technology incubator lab project awaits City Council vote