ORLANDO, Fla. (AP) — The University of Central Florida is taking over the Orlando facility of a medical research organization that had received more than $350 million in public and private incentives.
UCF said in a statement Tuesday that it will take over the Sanford Burnham Prebys building and have a $50 million mortgage on the property payable to Orange County, Florida, over 30 years. The county will share the payments with the city of Orlando and the Tavistock Group, a private investment firm. The three entities had funded incentives to lure Sanford Burnham to Orlando in 2007.
UCF will use the facility for cancer research.
Sanford Burnham had been a cornerstone of Orlando’s developing Medical City, but two years ago, officials said they would cease operations because they were running out of money.