Plans for a biosciences park in Minnesota are under way along with the creation of a venture-capital fund worth up to US$1 billion to support the state's biotech sector. The 940-hectare Elk Run site in Pine Island includes the BioBusiness Park that aims to create and attract bioscience and biomedical firms to this south-eastern part of the state. It is supported by property developer Tower Investments, based in Woodland, California, and venture capitalist Steven Burrill. Tower and Burrill are also creating the fund to support development of new technologies created by the University of Minnestota, the Mayo Clinic, a medical research institute in nearby Rochester, and private research organizations.