The Region - News from Oct. 23, 1985

The University of California, Irvine, has agreed to have the Irvine Co. develop and market 292 acres of campus land, along with 123 acres of adjoining company land, for a bioscience research and development park they hope will be a magnet for high technology firms. UC Chancellor Jack Peltason and Irvine Co. President Thomas H. Nielson signed a memorandum of understanding. Peltason said the university would benefit from the arrangement, approved by regents on Oct. 18, because “we’ve got lots of land and relatively few dollars” in outside endowments. Financial details of the arrangement will be worked out in future negotiations, Peltason said. The proposed bioscience park will be “comparable in quality and purpose to Stanford’s Research Park, the Princeton Forrestal Center and the North Carolina Research Triangle,” Nielson said.