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Statement from CFO Gallagher on Scripps Florida

5/16/2006

CONTACT: Tami Torres
(850) 413-2842
                        
TALLAHASSEE – Florida's Chief Financial Officer Tom Gallagher today helped Scripps Florida, a state-of-the-art biomedical research institute, move one step closer to becoming a reality.  As a member of the Florida Cabinet, Gallagher approved putting Scripps Florida on the Jupiter campus of Florida Atlantic University (FAU).  
 
"Scripps Florida is a monumental step toward diversifying our state's economy and creating high-wage, high-tech jobs," said Gallagher.  "Now we need to concentrate our efforts on graduating Florida students who are qualified and ready to take advantage of the opportunities that Scripps Florida has to offer."
 
The governor and Cabinet approved a new 99-year lease for FAU and 99-year sublease to establish Scripps Florida on the FAU campus, which is state-owned land.  The governor and Cabinet serve as trustees of the Internal Improvement Trust Fund, which holds title to the 30 acres on which Scripps Florida will operate.
 
In November 2003, Florida approved an investment of $310 million from federal economic development stimulus dollars to facilitate the start-up and operation of Scripps Florida to enhance biomedical education, research and technology, and to promote economic development and diversity in Florida.