FOR IMMEDIATE RELEASE - February 21, 2006

$150 to $200 Million Total Investment Within Illinois Medical District Focused on Attracting and Retaining Life Sciences Companies

CHICAGO - Gov. Rod R. Blagojevich announced today that the Illinois Medical District Commission (IMDC) has closed on $40 million to help fund commercial development in the Chicago Technology Park and its District Development Area. The IMDC raised the investment capital through the sale of taxable and tax-exempt bonds backed by the Illinois Finance Authority (IFA). The total cost of the planned projects within the Illinois Medical District (IMD) is estimated to be between $150 and $200 million, which will be funded through private investment and the bond financing.

Projects funded by the bond proceeds will enable the IMDC to acquire and develop additional land and facilities. These investments will provide infrastructure for established and growth-stage life science companies from within Illinois, and attract other companies to the state. The goal is to create new jobs and economic opportunity in this rapidly growing industry.

"As the global economy continues to evolve, we are investing in the technologies of today and tomorrow. Biotechnology serves to improve everyday life by finding solutions to everything from human illnesses and safer food products to cleaner environments and reducing public health threats. It's also creating high-paying, high-tech jobs. This critical step forward by the Illinois Medical District is another strong example of why our state can not only lead the nation but also become the biotech capital of the world. With Chicago hosting BIO 2006 in just a couple of months, the rapid growth of biotech in the District and throughout Illinois will certainly continue," Gov. Blagojevich said.

"The IMD has been Illinois' leader in growing medical communities and life sciences commerce for more than six decades. This investment is a powerful statement that in our 65th year we are renewing that leadership role," said Sam Pruett, executive director of the IMDC and president of the Chicago Technology Park. "Life sciences companies choose the Chicago Technology Park for its established and talent-rich science community, access to the resources of world-class academic and medical institutions, and its convenient location just west of downtown Chicago. Development of additional facilities in the District will provide the infrastructure to enable continued growth of life sciences commerce in Chicago and the rest of Illinois."

"When people consider where to locate their technology-based business, we want them to think 'Illinois Medical District'," said Jill Rendleman, interim executive director of the IFA. "Gov. Blagojevich and I believe this project leverages the best of the extensive medical and research community that is already in the District and also expands the infrastructure that supports both innovation-stage and later-stage technology business development. It is a very effective way for the IFA to support its mission of financing community and business growth, including venture capital, and supports Illinois Medical District's vision as the premier place in the nation to launch or grow new technology ventures - especially in the life sciences."

BIO 2006 marks the first time the convention will be held in the Midwest, and is an important opportunity to show that investing in Illinois biotech is paying important dividends and creating the high-tech jobs of today and tomorrow. The annual BIO convention is the industry's largest gathering of researchers, major international and domestic biotech corporations, start-ups, regulators and investors. Business Facilities Magazine recently rated Illinois #1 for biotech growth in 2005, thanks in part to the innovative work of the Illinois Medical District.

At BIO 2006, Illinois will demonstrate that it is Putting Science to Work - the theme of this year's Illinois Pavilion -- by emphasizing the state's unmatched university and research institutions, world-class infrastructure, diversified workforce and aggressive government support. More than 20,000 people from around the U.S. are expected to attend the convention and more than 60 countries will be represented. This will be a tremendous opportunity to highlight this important collaboration within the Illinois Medical District, and the work that is being done throughout Illinois.

Key components of the IMD project include the purchase and redevelopment of the American Society of Clinical Pathology building; development of an additional graduate research facility and greenhouses; development of an additional professional, office, research and medical building by Jupiter Realty; and acquisition of additional land for future development.

About the Illinois Medical District
The IMD is a public body charged with governing coordinated growth and enhancement of the specially designated 560 acre "district" on the near west side of Chicago. The District was created in 1941 by the Illinois General Assembly and is among the largest of its kind in the world. In addition to urban planning functions, the IMD directly operates the Chicago Technology Park and is redeveloping a 100-acre District Development area. For more information, visit www.imdc.org.

About the Illinois Finance Authority
IFA acts as the State's investment banker providing affordable capital financing to farms, schools, hospitals, businesses, towns, agencies and not-for-profit organizations. Formed in 2004, IFA has approved nearly $7 billion in capital projects to support growth initiatives throughout Illinois -- initiatives that create and keep jobs, stimulate the economy and improve quality of life. To learn more, visit www.il-fa.com.

Gov. Blagojevich's Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois' history. Since a one-size-fits-all approach to economic development just doesn't work, the Governor has divided the state into 10 regions - each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges. Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs. Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.

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Contact:
Cheryle Jackson
312.814.3158

Abby Ottenhoff
312.814.3158

Gerardo Cardenas
312.814.3158

Rebecca Rausch
217.782.7355

Diane Hamburger (IFA)
312.651.1364

Jeff Bergau (IMDC)
312.217.0419

Associated File: None