Council considers money for Research Institute

City councillors will look at providing financial support to the Thunder Bay Regional Research Institute at tonight’s council meeting.

The vote follows a major provincial funding announcement this past week for the Institute. The Finance department will recommend the establishment of a capital account in the amount of $1.5-million to help fund the Cyclotron and Radiopharmacy project.

A delegation from the Research Institute first came to council with the proposal back in January. The funding, if approved, would be spread over three years, from 2011 to 2013. As in the past, the Research Insititute says the funding from the city would be highly leveraged.

Over the past three years, the City has invested $5 million in the TBRRI. That funding helped leverage more than $50 million from senior levels of government and the private sector.

In January, the delegation said the purchase of cyclotron and radiopharmacy equipment could bring radioactive isotope production to Thunder Bay within three years.

When fully operational, as many as 70 staff, scientists and their associated research teams would use the laboratory.

Administration is recommending that the funding commitment be made against the TBayTel Dividend Reserve Fund.