Michigan Tech to Apply for Federal Grant to Construct SmartZone Building
The Michigan Technological University Board of Control March
15 voted to allow the University to apply for a $2.47 million grant from
the U. S. Department of Commerce Economic Development Administration. If received, the grant would partially fund the construction
of a building to house major student projects and to serve as a business
incubator for the Michigan Tech EnterPrise SmartZone. Total construction
costs are estimated at $3.5 million. In additiion to the $2.47 million in possible grant funding,
approximately $1 million in corporate pledges are now in place to support
construction. The Board of Control capped building costs at $4 million,
should the University proceed with the project, and specified that only
non-University funds be used. The facility, which would be known as the Advanced Technology
Development Complex, would provide space for student design activities
that may involve developing products or participating in vehicle competitions
such as FutureTruck and FormulaCar. The center would be located on Michigan
Tech and at the corner of Sharon Avenue and Garnet Street. The building would also serve as a business incubator for
the SmartZone, a joint project of the University and the cities of Hancock
and Houghton. The SmartZone, which captures certain state taxes, has the
goal of creating or attracting more than 500 science and engineering jobs
to the area. The business incubator will provide shared office support,
fast Internet connections and shared office equipment. It will also include
space for business service providers, such as organizations that provide
marketing support, business plan development and other planning functions. If the EDA grant is approved, construction could begin
as soon as the end of 2002. MTU--3/15/02
