The legislation, which provides $65 million plus $110 million in bonds, is designed to lure research teams with a track record of creating technology that translates into new businesses. Huntsman said USTAR could one day create more than 120,000 high-paying jobs.

Part of the money will go to the University of Utah and Utah State University to recruit researchers whose aim will be to create marketable technology. The rest of the funding plus the bond will go toward new buildings at the U. and USU to house the research teams.

The bill signing took place at Myriad Genetics, a company spun off from U. research.

"This is the kind of company we hope will come out of the USTAR initiative," Huntsman said.

Myriad has produced several diagnostic tests, such as one to help determine a woman's breast cancer risk. It also is testing drugs to help slow the progress of Alzheimer's disease and to treat brain cancer, Myriad spokesman William Hockett said.

"It's not something new for us," U. President Michael Young said of converting research into new businesses, pointing to Myriad and other ventures spawned at Research Park.

USTAR, generated from legislation sponsored by Sen. Al Mansell, R-Sandy, is designed to help the U. and USU accelerate the process. A governing authority would decide how best to distribute the money, but none of the state-provided funding would go toward starting businesses.

Instead, the money would be used to recruit and retain research teams to produce new technology or techniques that could be marketable. Once inventors hit on ideas to commercialize, they would find their own funding to start the actual company.

Ray Gesteland, the U.'s vice president for research, said the school is negotiating to bring a team of Harvard University researchers to Utah, though the size of the team remains unknown. The U. hopes to begin constructing a building on campus this year so recruited teams have a place to work.

The U.'s building will cost about $130 million, with the school matching with $30 million. USU's building will run about $70 million, with a match from the school of $10 million. For the $200 million to construct the two buildings, the state will kick in $50 million plus $110 million in bonds.

The bill provides for $15 million in ongoing funding for recruiting new teams. Another $4 million in continuing funding will go toward helping with commercialization efforts.

Any profits from successful companies would be split among the governing authority, the inventor and the U. and USU.

glavine@sltrib.com