LOUISVILLE, Ky. (WDRB) -- Calling it "a launchpad for new business products, research, and development," Kentucky Governor Steve Beshear is helping U of L unveil a new research park.

"This project that we're talking about is one of the most exciting things that's going to happen in Louisville for a long, long time," Beshear said.

The park is funded through the University of Louisville Foundation and will include research facilities for the engineering school and offices for applied sciences researchers. There will also be space for private companies that want to form partnerships with the university. 

"Together, the businesses and the U of L production realization team will hone an idea, run tests and maybe even produce a version of the new or enhanced product," Beshear said.

"This park is about education," said U of L President James Ramsey. "It's about research. It's about economic development and jobs." 

Construction of two fly-over ramps that will lead to the park is nearly complete. The state provided $20 million of the $31 million needed for the road and ramp. 

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