The life-science zone

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The life-science zone

Bergen County's study is focusing on how to bring life-science businesses to four municipalities: Hackensack, Hasbrouck Heights, Maywood and South Hackensack.

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Latest story:  Cutting edge

New Jersey's efforts to create an environment where entrepreneurs will believe the risks are worth it include tax credits, grants and loans to biotech start-ups, research funding, and even office rent subsidies.

And two years ago New Jersey established a $10 million venture capital fund to provide seed money for new companies.

PCT is essentially a spinoff of Hackensack University Medical Center in that the company's operations began after Pecora and a group of investors purchased the hospital's cell engineering laboratory in 1999.

PCT now employs 50 people at three sites, two in New Jersey and one in California. Revenues for the privately held company totaled $7 million in 2005, up from $5.5 million in 2004, according to Pecora, who still holds down his job as head of the hospital's cancer unit. "We're doing well and we're growing," he said.

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Latest story: No jet lag in Corzine's talks in China

Zhenge Zhao, deputy director-general of the China Council for the Promotion of International Trade, said New Jersey is "very competitive" with other states in jockeying for Chinese business, and that the high-tech, life sciences and biotechnology sectors offer the most opportunity for growth.

"I think there will be great potential for cooperation between New Jersey and China," Zhao said. "The governor is very active. From this trip, there will be more Chinese companies who want to do business with New Jersey."

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Latest story:  Research park touted as magnet for tax revenue, jobs

A proposed bio-life science technology park could bring in $1.4 million in annual tax revenue to the city and more than 2,800 jobs over a 20-year period, a recent study found.

The study found that Hackensack is an ideal location for the mixed-use research park because of its transportation and housing options and its proximity to major highways. Hackensack University Medical Center is also a draw, the study found.
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Gold in Hackensack

A $120,000 study by the Bergen County Economic Development Corp. to bring a bio-life science technology park to the county found that Hackensack is an ideal location. A 22-acre area off Essex Street has been proposed as a prime location for the project because of its proximity to transportation, diverse housing options and Hackensack University Medical Center. The project would include research, office, retail and residential space. Among the findings:

• Construction employment would generate 656 jobs and $34 million in payroll over the first eight years, yielding $2 million in income taxes to the state.

• After 10 years, Hackensack municipal tax revenue would grow $500,000 per year. It would reach $1.4 million per year after 20 years.

• Bergen County's tax revenue would grow $100,000 per year after 10 years and up to $270,000 per year after 20 years.

Source: Bergen County Economic Development Corp.

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Record Editorial: Proceed with caution

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Related story: Life-sciences companies tap a rich vein