The Kansas Bioscience Authority, Kansas State University and the city of Olathe have finalized an agreement to establish the Kansas Bioscience Park in Olathe.

The park, to be on 92 acres near College Boulevard and Lone Elm, will provide expansion space for existing bioscience companies, incubation space for early-stage firms, and expansion of K-State’s academic and research capabilities for bioscience firms.

A proposed 25,000-square-foot wet-lab incubator also will provide specialized facilities that might otherwise be out of reach for many early-stage firms, officials said.

The Olathe Chamber of Commerce estimates that the project’s financial impacts will include:

¢ $150 million in public and private investment.

¢ $2.4 million in annual property taxes after abatements expire.

¢ 3,000 new jobs, averaging $57,000 per year.

Officials had announced the project in June, but executed the necessary documents last week.