BOSTON — A plan to invest $1 billion over 10 years in the life sciences industry, which employs thousands of people on Cape Ann, the North Shore, and in the Merrimack Valley, received initial approval from the Massachusetts House late yesterday evening.
Lawmakers voted 134-13 for a final version of the bill, but did not formally pass it. That vote will happen later today.
Under the House plan, the state would borrow $500 million for capital projects, $250 million for research grants and offer $250 million to tax credits for life sciences companies that set up in Massachusetts.
"This is the economic future of the North Shore and Cape Ann," said Wayne Burton, chairman of the North Shore Chamber of Commerce.
Burton said the bill contains money he hopes will pay for a life sciences center at North Shore Community College, where he is president. The center will help train people to work at the life sciences companies the Legislature hopes to lure to Essex County.
"We need to get urban students into math and sciences," Burton said. "The best way is to have the prospect of jobs nearby."
Among the local earmarks is $12.6 million to help pay for construction of the Interstate 93 interchange. The interchange project is considered a key part of Wyeth Pharmaceuticals' planned expansion in Andover.
Rep. Barbara A. L'Italien, D-Andover, said the bill would create high-paying jobs across the region and the state. L'Italien, speaking on the House floor, said Wyeth and other nearby companies would expand dramatically if there were greater highway access.
L'Italien said 4,500 to 11,500 jobs would be created in the Merrimack Valley.
"It's really going to be an economic boon for Merrimack Valley but provide needed revenue into the state of Massachusetts," L'Italien said on the House floor.
In an interview, Rep. Barry R. Finegold, D-Andover, said: "This is going to create jobs, alleviate traffic problems. This is a major economic development win for our area."
The life sciences bill was originally filed in May by Gov. Deval Patrick. The job creation projections, which L'Italien said were from the Patrick administration and vetted by the House, have come under fire. Patrick overall estimates 250,000 new jobs would be created, a figure some lawmakers questioned at a January Statehouse hearing.
Business groups also have raised concerns about the state playing favorites by making such a large investment in one industry. Rep. David M. Torrisi, D-North Andover, said the state has a role to play.
"I don't see this as a $1 billion handout," Torrisi said. "I see this as an investment. We're building on our strong suit."
Finegold also pointed out that the Legislature has tailored economic development legislation to specific industries, like banks and mutual fund companies, in the past.
The bill would also pay for a $90 million Advanced Therapeutics Center at the University of Massachusetts in Worcester and a $95 million life sciences center at the University of Massachusetts in Amherst.
Massachusetts lawmakers are betting that the life sciences industry, which includes biotechnology, pharmaceutical and medical device companies, will lead the expansion of the state economy.
Rep. Daniel Bosley, a North Adams Democrat, lead the effort to pass the bill. Bosley, co-chairman of the Legislature's Economic Development Committee, said the bill would create good jobs that also help discover cures for diseases.
"This is an industry on the move in Massachusetts, and it's an industry that can only grow," Bosley said on the House floor.
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