New facility will help increase high-tech industry within Pima County
Real Estate Daily News
The Pima County Board of Supervisors June 4 unanimously approved an intergovernmental agreement with the Town of Oro Valley in support of a biotech industry incubator facility.
The planned biotech incubator will be built in Innovation Park in Oro Valley and operated by the nonprofit Oro Valley Innovation Labs. The Board action allows Pima County to allocate up to $60,000 for development of a planned 4,000-square foot incubator space. The allocation matches what the Town of Oro Valley has already pledged. The County will provide funding over the current and following fiscal years.
Support for the biotechnology and bioscience industries is an important part of the County’s Economic Development Plan and the goals set forth therein. These industries develop medical treatments, pharmaceutical products, and agricultural technologies, among other important technological advances that benefit the health and welfare of the public. In addition, biotechnology and bioscience companies provide the highest average annual wage employment opportunities in the state.