DCOA provides $1.2 million for pharmacy school
October 18, 2006
The Development Corporation of Abilene on Tuesday increased its commitment to the Texas Tech University Health Sciences Center School of Pharmacy. Altogether, the DCOA will provide $1.2 million for the pharmacy school now under construction. The $12 million pharmacy school is being funded by a combination of private and public funds .Previously, the DCOA committed $850,000 to help cover building costs, but on Tuesday the DCOA board pledged more money for the project. The DCOA administers the city's half-cent sales tax for economic development. The money will be used for infrastructure, such as water, sewer and utility/Internet lines, plus drainage improvements.
Included in the forgivable loan will be an incentive to secure four high-paying research jobs at the pharmacy school. The salaries for the four jobs would total more than $350,000 annually. Abilene assistant city manager for economic development Richard Burdine said if the pharmacy school retains the research jobs and remains in Abilene more than 10 years, the loan will be forgiven. The first class of 40 students is scheduled to start in the fall of 2007. At capacity, the school will have 160 students.
