A new multimillion-dollar biotechnology business “incubator” near the Chandler Fashion Center received City Council approval Thursday.
The council voted unanimously to spend $5.7 million to put the planned Innovations Technology Incubator/Accelerator in a former Intel research and development facility at 145 S. 79th St.
Renovations are expected to be done by April 2010.
The facility’s purpose is to provide research space to biotech startups in areas such as software design, engineering, biosciences, nanotechnology and sustainable technologies.
The incubator provides space to allow them to take a concept from a scientific idea to a marketable product and then find investors.
The council also approved a yearlong, $96,000 deal with Gilbert-based consultant Jeff Morhet, nationally recognized as a biotechnology startup expert.