PHILADELPHIA--(April 29, 2011) – The University City Science Center and the Philadelphia Redevelopment Authority (RDA) have agreed to amend the longstanding redevelopment agreement between the two organizations, to extend the time for the Science Center to complete the development of its 17-acre campus along the Avenue of Technology in West Philadelphia.
The RDA Board of Directors voted unanimously on April 12th to approve the amendment.
In connection with the amendment, all outstanding claims and disputes between the Science Center and the RDA will be terminated and dismissed. “This amendment gives us the time we need in this recovering economy to develop the remaining parcels on our campus in a manner consistent with our mission,” says Science Center President & CEO Stephen S. Tang, Ph.D., M.B.A. “I am pleased that we were able to resolve our differences, and offer my thanks to the RDA and Executive Director Ed Covington for working with us and supporting our commitment to technology-based economic development.”
About The Science Center
The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the University City Science Center’s Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information: www.sciencecenter.org. # Read More