The Austen BioInnovation Institute in Akron (ABIA) was developed as a conduit for life-enhancing and life-saving biomedical innovation for the 21st century. Positioned to become a leader in biomaterials and medical research, education, clinical services and commercialization, the Institute draws on Akron’s rich legacy in materials science to develop a world-renowned biomaterials and medicine program with special focus on orthopedic and wound care. The institute serves as a research, learning and training center for current/future healthcare professionals in new and advanced technology tools.
ABIA’s Operating collaborators include Akron Children’s Hospital, Akron General Health System, Northeastern Ohio Universities College of Medicine (NEOMED), The University of Akron, the John S. and James L. Knight Foundation, FirstEnergy Foundation and Summit County.
The Value Provided
Focused on improving economic development and attracting business in downtown Akron, Ohio, the 45,000 sq ft ABIA Silver LEED Certified renovated portion of the the 76,000 sq ft facility at 47 N. Main St. will support Akron’s transition from a manufacturing center to a healthcare, biomedical, educational and service industry center. The Institute will also have a significant financial impact on the Akron area, with $150 million in annual academic and clinical research, $50 million in annual commercialization investments and new jobs for the Akron area.
Benefits of Working with us
Development Finance Authority (DFA) assisted as developer and property manager for the project. In addition to serving as the new headquarters of Austen BioInnovation Institute in Akron, DFA will maintain its offices on site. The DFA issued tax-exempt lease revenue bonds, and holds a mortgage on the property.
$7.0M DFA Development Revenue Bonds
$2.0M First Energy grant
$1.0M Austin BioInnovation Institute in Akron
$2.5M State of Ohio R&D Loan
20 year lease between ABIA and Development Finance Authority’s pledge to the repayment of the Bonds.
Summit County pledge of non-tax revenue to guarantee debt.