Richard Halstead, Marinij.com
Posted: 01/04/2010 05:14:55 PM PST
The Buck Institute for Age Research will build a $41 million building in which to conduct stem cell research at its Novato headquarters, even if it fails to get a cent of the $15 million in federal stimulus funds for which it has applied.
"That was the unanimous decision of the board," said Dr. Charles Epstein, the newly elected chairman of the institute's board of trustees.
In May 2008, the California Institute for Regenerative Medicine awarded the Buck Institute $20.5 million in seed money to construct a $41 million stem cell research facility. The California Institute was created to award grants and oversee research conducted with money generated by Proposition 71.
Due to the recession, however, the Buck Institute has been unable so far to raise the $20.5 million in matching funds it needs to proceed with construction. The Buck Institute is hoping to get a major piece of the cash it needs from the federal stimulus package.
Now, however, the institute's board has decided to go forward even if the stimulus grants fail to materialize.
"In this economy, to turn down 20 million you really have to scratch your head," said Epstein, a retired professor of pediatrics, who practiced at the University of California at San Francisco.
Epstein said that if the Buck Institute fails to get a significant amount of stimulus money, it will look first for gifts from philanthropic organizations and wealthy individuals. But Epstein said the Buck Institute's board also has not
ruled out the possibility of borrowing the money it needs.
Ralph O'Rear, the institute's vice president of facilities, said the institute won't have to seek government approvals for the new 65,600-square-foot building, which will be at the Buck Institute's Novato campus. That is because the I.M. Pei-designed master plan for the site, which calls for a total of five buildings encompassing 355,000 square feet, already has most of its permits.
"We're looking at late March or early April to break ground," O'Rear said.
The new building will be similar in design to the existing buildings. It will house 12 laboratories, storage space for cells and tissues, administrative offices, a fitness center equipped with showers, a conference center, food service and library.
O'Rear said that to save money, the Buck Institute is looking into the possibility of building the shell of the building and then requiring tenants, possibly other research institutes, to pay for completing construction of their sections.
Posted: 01/04/2010 05:14:55 PM PST
The Buck Institute for Age Research will build a $41 million building in which to conduct stem cell research at its Novato headquarters, even if it fails to get a cent of the $15 million in federal stimulus funds for which it has applied.
"That was the unanimous decision of the board," said Dr. Charles Epstein, the newly elected chairman of the institute's board of trustees.
In May 2008, the California Institute for Regenerative Medicine awarded the Buck Institute $20.5 million in seed money to construct a $41 million stem cell research facility. The California Institute was created to award grants and oversee research conducted with money generated by Proposition 71.
Due to the recession, however, the Buck Institute has been unable so far to raise the $20.5 million in matching funds it needs to proceed with construction. The Buck Institute is hoping to get a major piece of the cash it needs from the federal stimulus package.
Now, however, the institute's board has decided to go forward even if the stimulus grants fail to materialize.
"In this economy, to turn down 20 million you really have to scratch your head," said Epstein, a retired professor of pediatrics, who practiced at the University of California at San Francisco.
Epstein said that if the Buck Institute fails to get a significant amount of stimulus money, it will look first for gifts from philanthropic organizations and wealthy individuals. But Epstein said the Buck Institute's board also has not
ruled out the possibility of borrowing the money it needs.
Ralph O'Rear, the institute's vice president of facilities, said the institute won't have to seek government approvals for the new 65,600-square-foot building, which will be at the Buck Institute's Novato campus. That is because the I.M. Pei-designed master plan for the site, which calls for a total of five buildings encompassing 355,000 square feet, already has most of its permits.
"We're looking at late March or early April to break ground," O'Rear said.
The new building will be similar in design to the existing buildings. It will house 12 laboratories, storage space for cells and tissues, administrative offices, a fitness center equipped with showers, a conference center, food service and library.
O'Rear said that to save money, the Buck Institute is looking into the possibility of building the shell of the building and then requiring tenants, possibly other research institutes, to pay for completing construction of their sections.