In signing SB75 into law Monday, Gov. Jon Huntsman Jr. likened himself to a previous governor.

Huntsman noted that in 1972, Gov. Calvin Rampton launched an "unheard of, risky program" called Research Park at the University of Utah. SB75, providing funding for research infrastructure at the U. and Utah State University, has the opportunity to be just as successful as Research Park has been, he said.

"No doubt this will be a logical Phase II to the dreaming and the vision that was displayed in 1972 by my predecessor," Huntsman said.

"I think that this will have the same impact," said Scott Anderson, president and chief executive officer of Zions Bank and chairman of the Economic Development Corp. of Utah.

SB75 boosts the Utah Science Technology and Research, or USTAR, Initiative through general obligation bonds for the construction of research buildings at the two universities, funding for research teams there and the creation of a technology outreach program for strategic locations in the state.

Supporters said Monday that USTAR ultimately should lead to 422 spin-off companies with 123,000 employees being paid an average of $81,000; nearly $5 billion in new federal grant money for Utah; and about $5 billion in new tax revenue for the state.

Huntsman said SB75 is the "ultimate message bill," letting the world know that Utah is serious about its future, economic development and enhancing its competitive advantages.

"I think this ensures, with some clarity, that we as a state, and by extension we as a nation, will always be able to write the lyrics for the global economy, as opposed to being just another commoditizer out there," Huntsman said.

"We'll write the lyrics that others will want to pursue and read from eventually, but it's developed, it's innovated, it's created here, and that's where the jobs are going to be produced. . . . And it will also mean that we will be a haven for the intellectual leadership and talent from universities all over this nation that will allow USTAR to multiply and build upon itself year after year after year."

Both university presidents spoke about wide-ranging support the USTAR bill received, from the governor to the Legislature, from the business community to academia.

U. President Michael Young noted that the university has long been involved in the commercialization and licensing of technologies. Research Park alone has about 5,000 employees, and the two universities have spun off a total of more than 120 companies, he said.

"So this is not something new, but the capacity to accelerate this, even at very conservative multipliers, has a wonderful benefit to the state," Young said.