SALINA, Kan. (AP) — Kansas will be selling off the assets of its Bioscience Authority a dozen years after creating it to nurture emerging biotechnology companies.
The measure also tightens up the rules for using bonds backed by sales tax revenues for major economic development projects.
The new law was part of efforts to keep the budget balanced because Brownback believes selling the Bioscience Authority’s assets will raise $25 million.
Lawmakers in 2004 viewed the authority’s creation as a major economic development initiative.
But Brownback and others thought the agency ultimately had only a mixed record. They also argued its activities could be better handled by private companies.
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