2005 News Releases
November 16, 2005Government injects $15 million into research commercialization for U of A's downtown facility
Edmonton... The Alberta government has committed $15 million towards the University of Alberta's purchase and renovation of the Hudson's Bay building in downtown Edmonton. The money is part of the Advanced Education and Technology Ministry's supplementary estimates tabled in the Alberta Legislature Nov. 16.
The Bay building is being renovated to house the university's commercialization initiatives and TEC Edmonton, a joint venture with the City of Edmonton through the Edmonton Economic Development Corporation. The university will also relocate its Research Transition Facility from its current location on campus. The long-term plan for the renovated Jasper Avenue downtown facility may also feature professional development opportunities.
"The move to this historic location in the heart of downtown is a tremendous investment in the future of advanced learning in this city and this province," said Advanced Education and Technology Minister Dave Hancock. "Access and quality are two key areas of our work to develop a bold, 21st-century vision for advancing education in Alberta. The University of Alberta's focus on research and the transition to commercialization in this new facility supports both our ministry's direction and our government's 20-year strategic plan, of which research and its transition to commercialization is a key component."
"The renovation of the Bay building will make good use of existing and available infrastructure and will meet the needs of the university," said Dr. Lyle Oberg, Minister of Infrastructure and Transportation. "In a climate where construction costs are rising, this is a smart use of taxpayer dollars to locate programming within an existing facility."
"We're creating a dynamic hub for delivering innovation right in the heart of Edmonton's downtown business district. The Province's investment will greatly help accelerate our technology commercialization activities. Development of a new research transition facility in the Bay building advances the university's long-term plan to bring new ideas and discoveries to the community and throughout the province," said Dr. Indira Samarasekera, President of the University of Alberta.
The expansion of the University of Alberta to Edmonton's downtown core represents a third component to this city's growing learning hub that includes NorQuest College and MacEwan College.
The Hudson Bay building project is a four-way partnership between the University of Alberta, the Alberta government, the City of Edmonton and the federal government. The provincial funding of $15 million is included in the Alberta government's Second Quarter Fiscal Update.
This announcement is part of the Alberta government's plan to invest in the future using this year's surplus. More than 75 per cent of surplus dollars are being spent in priority areas like infrastructure, and saved in endowment funds like the Heritage Savings Fund. Less than a quarter of the surplus will be given back to Albertans through the 2005 Resource Rebate Program.
Surplus dollars invested in infrastructure this year are in addition to the province's $9.2-billion, three-year capital plan, a level of support unmatched in the rest of Canada. Learn more about how government is managing the surplus at www.gov.ab.ca.
