Province announces $10-million for McMaster Innovation Park

Peter George, president of McMaster University, said today's budget
opens the door to a new era for the University.

In his budget, delivered to the Ontario Legislature, Greg Sorbara, the minister
of finance, singled out McMaster's Innovation Park, announcing that the
province would contribute $10-million to accelerate the development of the site.

“Our Innovation Park will turn leading-edge research into commercial
products,” said George. “We're hugely excited about the Park,
even more so now that the Province is a partner in this venture. It will have
a number of benefits for the people of Ontario: It will create jobs, and enhance
the province's international reputation as a home for research and discovery.”

“The McMaster Innovation Park complements the University's diverse
research enterprise, and will create more opportunities to collaborate with
governments and industry,” said Mamdouh Shoukri, vice-president of research
and international affairs. “The injection of government funding will accelerate
the development of the site, and create enormous possibilities. It will turn
research into results from which we will all benefit.”

In January 2005, McMaster University purchased the former Camco site in west
Hamilton for $13 million to develop the McMaster Innovation Park (MIP). The
37 acre (14.8 hectares) site will be vital to the growth and support of the
research and development arm of a number of key industrial areas including advanced
manufacturing and materials, biotechnology; and nanotechnology. The City of
Hamilton committed $5-million toward the project.

The MIP will enable researchers to work with industry and government in an
environment geared to their specialized area of study. It will benefit researchers,
industry, and local and international communities by providing an opportunity
for stakeholders to forge partnerships and capitalize on the economic value
of research. It will allow McMaster to capture the economic value of the work
done by its researchers through collaboration with industry and government.
Commercializing the cutting-edge discoveries borne from the University will
result in various quality-of-life spin-offs — social, cultural, health,
and economic.

When completed the MIP will house more than one-million square feet of laboratory,
office, teaching, training, and conference facilities. The project represents
a potential investment (building and equipment) of $300-million to $400-million,
the majority of which will come from private sector and government partnerships.
Approximately 1,500 long-term jobs are expected to be created with an annual
direct payroll impact of more than $100-million.

The MIP is expected to trigger an enormous economic boost to the Hamilton region
and to the Province of Ontario. It will attract companies from all over the
world, create jobs, and stimulate the economy not only in Ontario but throughout
Canada. Last month, McMaster University and General Motors of Canada announced
a new partnership that includes the GM of Canada Centre for Corrosion Engineering
Research. The new centre will be housed at the MIP.

The Park is expected to open in late 2006.