- Associated Press - Tuesday, August 21, 2018

ORLANDO, Fla. (AP) - The University of Central Florida is taking over the Orlando facility of a medical research organization that had received more than $350 million in public and private incentives.

UCF said in a statement Tuesday that it will take over the Sanford Burnham Prebys building and have a $50 million mortgage on the property payable to Orange County, Florida, over 30 years. The county will share the payments with the city of Orlando and the Tavistock Group, a private investment firm. The three entities had funded incentives to lure Sanford Burnham to Orlando in 2007.

UCF will use the facility for cancer research.

Sanford Burnham had been a cornerstone of Orlando’s developing Medical City, but two years ago, officials said they would cease operations because they were running out of money.

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