Utah Science and Technology Research bill takes a step

Higher education and business leaders teamed up Friday to lobby for legislation that would put $200 million toward new university research facilities and an annual $15 million toward recruitment of researchers.

The measure, known as the Utah Science and Technology Research Initiative, passed out of the Senate Economic Development Standing Committee on Friday after bill sponsor Sen. Al Mansell, R-Midvale, told legislators the investment in higher education research would result in spinoff companies, increased tax revenue and higher wages throughout the state.

"Our high-tech jobs we are dropping. We're really losing ground," Mansell said. "If we're to get back in the game of high-tech jobs, we need to do some things that are fairly aggressive."

SB75 would allot $130 million to the University of Utah for a new research center and another $70 million to Utah State University. The legislation would also create a governing body of nine appointed members to oversee use of funds and the hiring of new research teams.

Scott Anderson, president of Zions Bank, told committee members Friday that he expected the USTAR initiative could become self-sustainable once royalties from businesses and inventions start streaming back into the state and the two universities.

In addition, Anderson said the investment this year could translate into $4.9 billion in new federal grants, 422 new businesses, 123,000 new jobs and $5 billion in new tax revenues within 35 years.