Laval’s $250-million Biotech City opens for business

Quebec’s latest special tax jurisdiction to encourage the creation of technology clusters has opened. Biotech City, also known as the City of Biotechnology and Human Health of Metropolitan Montreal, has opened in the Montreal suburb of Laval with commitments totalling $250 million over five years. The one million sq-m jurisdiction in the Laval Science and High Technology Park is being created through a major redeployment of the Armand-Frappier campus of the Institut national de la recherche scientifique (INRS), a key player in the venture. The Armand-Frappier campus will be home to the Biotechnology Development Centre, accommodating up to 15 businesses. More than $100 million is being invested in equipment and to support the campus reorganization. The focus of Biotech City is to incubate firms through the commercialization of university research. Firms locating within its boundaries are eligible for a 40% refundable tax credit for the hiring of new employees. There are already 30 firms located within Biotech City. FMI: www.citebiotech. com....