He suggested creating a tax incentive to help bring biomedical technologies to market, rather than providing a state appropriation. Pawlenty said he is hopeful the Legislature will act on the seed fund this year, but acknowledged that it is not a top issue for many lawmakers. It s an obscure issue, he said. Many legislators don t appreciate the subtle importance of it. Under the administration s proposal, BICI would consist of a CEO and a seven-member board of directors.
Officials expect the new ventures to begin generating revenues within five to seven years.
Although the fund is a joint proposal between the state and the University of Minnesota, Ventura said it is an economic development project, not a request for funding in higher education. Earlier in the session, Ventura recommended funding the university s budget at a much lower level than the school requested. The university and the Ventura administration may not agree on everything, but we do agree on this proposal, Ventura said. Coralie Carlson is a staff writer for the St. Paul Legal Ledger. Copyright 2001 Finance and Commerce.