MONROE, La. (KTVE/KARD) — On Wednesday, October 19, 2022, the City of Monroe announced a potential partnership with the Biomedical Research and Innovation Park (BRIP) for the construction of a new, state-of-the-art research and technology facility within Monroe, La. BRIP intends to construct its state-of-the-art facility next to the University of Louisiana Monroe’s College of Pharmacy and intends to invest roughly $30 million in capital and infrastructure improvements to complete its campus.
BRIP’s facility and campus will ultimately serve as a research lab and incubator where scholars will be able to develop patented research locally. The venture will create permanent jobs, increase retail spending within Monroe, and promote economic development through the development of new technologies.
Also, the City Council will consider an ordinance authorizing the City to purchase an 8-acre tract of land next to the College of Pharmacy to lease to BRIP. The purchase price for the land is $5.1 million, and the funds for the purchase price will be obtained from the Tower-Armand Tax Increment Financing District.
This is a prime opportunity for local research to stay local, from its inception through development. This project will also create jobs in our community and increase economic activity throughout our City. I am proud to support this project – one that also has support from the state and federal government.Monroe Mayor Friday Ellis
BRIP has received funding commitments from the Ouachita Economic Development Corporation, Louisiana Economic Development, the State of Louisiana, the Ouachita Parish Police Jury, and the U.S. Department of Commerce/Economic Development Authority. The amount of the commitments can be seen in the list below:
- U.S. Department of Commerce/Economic Development Authority: $1.75 million
- Ouachita Parish Police Jury: $1.5 million
- State of Louisiana: $19.5 million
The City’s commitment will help purchase the land where the Biomedical Research Park will be built.