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Article Excerpt
If San Diego is chosen as the permanent headquarters for the California Institute for Regenerative Medicine, expectations are high that the institute will benefit the local economy, bolster the area's scientific work force and help to ensure that San Diego is on the forefront of stem cell research, experts say.
"This is a trophy project in the field of corporate relocation," said John Boyd, the president of a Princeton, N.J.-based management consultant, the Boyd Co.
"A headquarters would give the (chosen) city added prestige and enhance its reputation, along with generating good will and funds in the community," he added.
On March 16, the San Diego CIRM Readiness Coalition, a public-private group headed by representatives of San Diego city government, the San Diego Regional Economic Development Corp. and Biocom, an industry group, filed a bid hoping to make the Torrey Pines Science Park in La Jolla the home of the California Institute for Regenerative Medicine.
The San Diego Coalition's proposal includes 18,000 square feet of rent-free space at the Torrey Pines Science Park provided by Chicago-based real estate developer Slough Estates USA for 10 years, branding and public relations, transportation services and other perks totaling an estimated $10 million in free and discounted services.
A voter-approved initiative known as Proposition 71 provides the institute with $3 billion in grants to fund stem cell research for the next 10 years.
The CIRM Site Selection Subcommittee appointed to oversee the site selection process is...
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