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September 15, 2010

Burrill: $1B Elk Run fund deal is close

BurrillHere's a tidbit from the Star Tribune's high tech biz blog.

 Steve Burrill, the biotech bigwig who has plans for Pine Island's proposed Elk Run biotechnology park. told Wendy Lee of the Strib that he has a "firm commitment" from a single investor to cover the $1 billion fund he is creating to fuel the Elk Run project.

Here's a bit from Lee's blog:

"We have a firm commitment for that billion dollars from a single investor," said Burrill, who is the CEO of San Francisco-based life sciences merchant bank Burrill & Co.

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Elk run1 The $1 billion will go toward providing financing for companies moving into the biobusiness park and to help with the development of Elk Run, which encompasses 2,325 acres.

Burrill said the investor is a sovereign wealth fund from overseas, but declined to go into more detail. He said he hopes the fund will close by the end of the year.

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Burrill said there has been an underlying current in the state of people who wish he would fail. He said he has been surprised at some Minnesotans' "lack of support, instead of (them) wrapping their arms around us."

Comments

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I have a hunch the "underlying current in the state of people who wish he (Burrill) would fail" is flowing directly from the Twin Cities area. They are used to taking all the big opportunities in the state and now they lost out to a smaller competeter. Does something smell of envy, or... jealousy?

Ok, maybe not envy...

I dunno RN, there are a lot of people around here who are naysayers on everything that comes along.

Time to update your google version. The blog post is from Sept 2nd!

Two more informative and RECENT articles:

http://finance-commerce.com/2010/09/more-questions-than-answers-in-elk-runs-property-records/

http://www.medcitynews.com/2010/09/burrill-weve-made-an-exceptional-commitment-to-minnesota/

Wherestruth - The item I'm referencing here is from the afternoon of Sept. 15.

Not sure what you mean by Sept. 2.

Perhaps relying on re-spun reports and online commentors for front-page stories doesn't lead to the most accurate reporting?

http://www.medcitynews.com/2010/09/burrills-comments-on-elk-run-runs-the-gamut/

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