After being awarded a $2 million federal grant, the Lansing Economic Development Corporation plans to improve the infrastructure of the University Corporate Research Park with hopes of attracting technical companies to the area.
In addition to the grant, the MSU Foundation - a nonprofit organization that works to advance the growth of MSU as a landgrant university - will match the funding awarded, bringing the total to $4 million.
"Essentially, what we are doing is linking the north end of the park to the south end of the park to open it up for future development," said Kara Wood, director of Downtown Core and SmartZone liaison.
Changes to the infrastructure will include road, water and sewer system improvements, as well as adding street landscaping and additional parking, Wood said.
The Lansing Regional SmartZone encompasses the whole of the research park, she said, and is owned and operated by the MSU Foundation.
MBI International is located in the park, as well as several other companies which participate in high tech research, Wood said. In February, the city of Lansing announced that TechSmith - a software company - would house their corporate headquarters in the SmartZone.
Construction for the headquarters will begin in the fall and will be completed either in 2008 or 2009, Wood said.
"This is another giant step forward in preparing the Lansing region for high-tech development," Lansing Mayor Virg Bernero said. "With $4 million in infrastructure improvements, our SmartZone will become an even more powerful magnet for new technology companies, the commercialization of university-based research and the creation of hundreds of tech-related jobs."
The grant was awarded June 29 by the U.S. Department of Commerce Economic Development Administration and must be accepted by the city within 30 days, which requires approval of the city council.
"Building roads, sidewalks, outdoor lighting and other infrastructure improvements lowers the start-up costs for new companies who want to locate within the zone," said Bob Trezise, president and CEO of Lansing Economic Development Corporation. "By reducing the financial barriers, start-up companies can invest their resources in core business activities, including basic research, product development and the commercialization of new technologies."
