Leaders of a $200 million economic development initiative officially took their first step Wednesday and hope to get the effort in full swing by the end of the summer.

The nine-member advisory board of the Utah Science Technology and Research Initiative met with Gov. Jon Huntsman Jr. to hash out details of how the group plans to use academic research to fuel job growth in Utah.

"You are looking at our future and that future will be deliberated by many people around this table," Huntsman said. "We've got a lot of brain power, a lot of talent and a lot of vision."

USTAR, passed in this year's legislative session, gives $110 million in bond money and $50 million in one-time funds for new research facilities at Utah State University and the University of Utah. Both schools will also be chipping in a total of $40 million for the buildings and will receive $15 million in ongoing state funds to hire new talent.

Before the board members can start divvying up those funds, however, they have to choose an executive director to oversee USTAR. While the U. and USU will propose new hires and projects, the board and executive director will choose which ones actually get a piece of USTAR money.

"I know all eyes are going to be on this process," Huntsman said. "This truly is one of the more important boards that's been created in this state."

The board hopes to have resumes for an executive director collected by mid-August and a decision by the end of the summer. The salary range outlined in this year's USTAR legislation — between $78,000 and $106,000 — may be an obstacle to getting top qualified applicants, noted Dinesh Patel, who was appointed as the board chairman Wednesday.

Retirees who can manage a pay cut or newcomers may be the board's best bet, he said.

The USTAR board members also hope to get two new research facilities under way soon at both USU and the U.

"You will have to put a building up before you can attract people," Patel said.

Already, the promise of those state-of-the-art buildings has helped both research universities lure new research teams to Utah. With research money from last year, USU hired two out-of-state scientists to focus on nutrition and computer technology.

New research teams hired under this year's USTAR initiative must be approved by the board first. USTAR supporters estimate those hires could bring in $4.9 billion in new research funds, spin off 422 new companies, create 123,406 new jobs and generate $5 billion in new tax revenues over the next 30 years.

The members of the USTAR board are Ed Alter, state treasurer; Scott Anderson, CEO of Zions Bank; Hunter Jackson, former CEO of NPS Pharmaceuticals; Cathy Petti, medical director of ARUP Infectious Diseases Laboratory; Dan Olsen, a Brigham Young University professor; Patel, partner in Vspring; Charlie Precourt, vice president of Advanced Strategic Programs at ATK Systems Group; Jack Sunderlage, president and CEO of Contentwatch; and Jim Dreyfous, partner in UV Partners.

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E-mail: estewart@desnews.com