Ontario commits $13.4 m to Waterloo Research & Tech Park
WATERLOO, ON, June 25 /CNW/ - The Ontario government has committed $13.4 million to the University of Waterloo Research and Technology Park, a premier innovation, research and technology centre, Enterprise, Opportunity and Innovation Minister Jim Flaherty announced today at a groundbreaking ceremony on the Waterloo campus.
"The Ontario government is committed to unleashing the full economic power of innovation," said Flaherty. "The University of Waterloo is internationally known as a centre of innovation excellence. The planned public/private project will ensure that the region is equipped with the facilities it needs to strengthen its position as a leader in the information technology and high technology fields, and a top industry competitor in the global marketplace."
With 1.2 million square feet of office space for technology companies, the Park will be situated on the 100-acre north campus of the University of Waterloo. Its presence is expected to provide a significant economic boost to the region and the province through increased local investment and employment for an estimated 6,000 people. The economic impact over the next 10 years is expected to be between $5 billion and $10 billion.
The project is the result of a unique partnership between the Ontario government, through SuperBuild Millennium Partnership Initiative, the Region and the City of Waterloo, the University of Waterloo, Communitech, Canada's Technology Triangle and the federal government, through the Canada Ontario Infrastructure Program. The Region and the City of Waterloo have committed jointly $13.4 million to the project, as has the federal government, a total infrastructure commitment of $40.2 million.
"Turning the sod is the first concrete step in making the park a reality! With Sybase, our first tenant signed on, we are now on the way to seeing a great new project emerge in Waterloo Region which will see us continue to grow as a leader in research and technology," said Ken Seiling, Regional Chair.
Deputy Premier and Kitchener-Waterloo MPP Elizabeth Witmer said, "I am delighted with our government's strategic investment in this initiative. This R&T Park will be a catalyst for tremendous economic prosperity across Ontario and across our community of Waterloo Region."
"Today's announcement will enhance the status of the Waterloo area as one of Ontario's innovation cluster centres, bringing together partners from academia, the private sector and government to help make our province an innovation powerhouse," said Flaherty.
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For further information: Media contact: Dan Miles, Minister's Office, (416) 325-8321