The City Council Monday night authorized the city to issue $65 million in bonds for VGTI-Florida’s new 98,000-square-foot research laboratory.

Interim City Manager Jerry Bentrott said the move would save the Florida office of Oregon Health & Science University’s Vaccine and Gene Therapy Institute about $1.5 million in interest per year for the 30-year life of the bonds. This is money that would stay in the community for research, jobs and operational expenses instead of being paid to investors in other parts of the country, Bentrott said.

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