In February 2012, the City of El Paso entered into an Economic Development Program Grant Agreement with the MCA Foundation that will result in an estimated $60 million grant over 18 years to the MCA Foundation. Annually, the MCA Foundation receives between $2.6 million and $3 million, which is 75% of the City’s Impact Fund. The City of El Paso derives these funds from an increase in its franchise fee collected from the El Paso Electric Company.
The Economic Development Program Grant Agreement with the City of El Paso outlines nine projects the MCA Foundation is responsible for accomplishing during the course of the 18 year grant agreement with the City of El Paso for the purpose of establishing a biomedical industry.
With this funding, the MCA Foundation is responsible for delivering the following:
The MCA Foundation has been asked to take a leadership role for the region in the development of a biomedical cluster. Project A creates a baseline staffing to make this possible. This includes salary, benefits and office overhead for a Director of Impact Funds/Chief Financial Officer to oversee all MCA Foundation projects and an Administrative Assistant primarily devoted to Impact Fund projects and related office duties.
The MCA Foundation will complete planning and design for the Cardwell Collaborative, Biomedical Institute of the Americas, Clinical Research Organization, and Proof of Concept Fund, and complete a Strategic Business Plan, to include implementing associated organizational structures.
The MCA Foundation will establish, launch and scale-up operations of the Biomedical Institute of the Americas, a technology development and commercialization entity that bridges university Intellectual Property (IP) to the marketplace.
The MCA Foundation will establish, launch and scale-up operations of a local clinical trials network. The MCA Foundation will manage this network through education, cataloging providers’ specialty areas and their patient demography and case mix, and linking the providers with clinical trials on a large scale. The MCA Foundation will affiliate with one or more established CROs that will connect pharma and/or bio-tech companies with products needing clinical trials. The MCA Foundation will then assist in integrating the clinical trials into the local provider network.
Funds are needed to invest in start-up biotech companies meeting a defined set of qualifications – each grant being up to $50,000 per company with a potential second grant at least one year later, in the amount of $25,000 to $50,000.
The MCA Foundation shall acquire necessary strategic land, building and laboratory sites leading to maximized economic development in the special research center district.
Surface and/or Structured Parking necessary for MCA Foundation and related MCA Campus activities.
MCA Foundation will dedicate funds to the cost of the primary anchor buildings in the MCA Research Park, the Cardwell Collaborative, and to optimize research and development uses (e.g., research, commercialization, incubation, and commercial tenant occupancy.) The funds will also contribute to the build out of laboratory facilities and purchase of equipment for use in performing translational Research and Development projects with corporate clients or special multi-client programs.
The MCA Foundation provided primary funding for the development of TTUHSC El Paso Gayle Greve Hunt School of Nursing building by allocating $11 million as a pass through grant from the City of El Paso’s Impact Funds to TTUHSC El Paso.