Louisiana Governor Mike Foster's economic development plan calls for $37 million for a Biosciences Initiative, at the state's top research universities, $15 million to support industry clusters for regional universities, and $8.4 million to spur enrollment growth in community and technical colleges. Coupled by a $150 million bond issue, funding for bioscience endeavors would equal a $187 million investment.
For the Biosciences Initiative, The Comprehensive Economic Development Strategy for Vision 2020 recommends that the state invest $28 million in one-time capital expenditures and $9 million in annual revenues, beginning with the new fiscal year on July 1. Included is the Louisiana Health Research and Clinical Care Initiative, the $150 million bond issue that would cost the state $15 million a year to repay. Funding for this initiative — designed to update the state's medical schools' facilities and equipment and attract faculty — would come from interest earnings and tobacco settlement funds. It includes $70 million for a Capital Challenge Fund, $50 million for an Equipment Fund, and $30 million for a Research Revolving Fund.
The Biosciences Initiative also includes the following components: