SOUTH BEND -- Innovation Park, the planned technology park near the University of Notre Dame, has received $776,376 in startup funds from the federal government.

U.S. Rep. Joe Donnelly, D-Granger, announced the federal allocation Monday during a news conference at the Boy Scouts LaSalle Council building on South Bend Avenue, which is near the site of the planned technology park.

The federal money will go to purchase initial equipment to serve in life sciences research.

Donnelly joined South Bend Mayor Stephen Luecke, Project Future Director Patrick McMahon and Notre Dame representatives in lauding the expected economic boost the technology park will provide for the community.

"What it's about is creating hope for the future," said Donnelly, estimating that more than 300 jobs could result from the park.The park will have the capacity to transform the community, creating careers to encourage young people to stay here and also attracting new residents, Luecke said.

The technology park will include at least two areas -- the facility near Notre Dame and the Studebaker Corridor in downtown South Bend, which will serve as a "landing area" for businesses that expand and move out of the park.

"This facility really is an accelerator that will create jobs to move into the 'landing area,'" said David Brenner, the park's director.

Preliminary floor plans for the first building show a three-story structure with dry laboratories, a machine shop, administrative offices and business incubator space on the first floor; 11,370 square feet of tenant space on the second floor; and a wet lab, meeting room and 8,530 square feet of tenant space on the third floor.Construction on the first building is expected to begin this summer.

Phase 1 is expected to cost $14 million to $15 million.

The project's application to be designated an Indiana-certified technology park is pending. When it is approved, state money is expected to be allocated for development. Notre Dame also is expected to contribute a significant amount for phase 1.

The first building will be between Edison Road and South Bend Avenue, west of Twyckenham Drive. A large mountain of dirt now marks the site. That soil will be spread out to raise the level of the land for construction.

South Bend Avenue at Twyckenham is closed to traffic this week for water main installation. The water main will serve the future tech park and also nearby Eddy Street Commons, the retail-office-hotel-housing complex that will be built west of the tech park.State-certified technology parks have the ability to capture up to $5 million in local taxes and are eligible to receive an additional $4 million in development funding from the state, for the life of the park. Indiana currently has 18 certified technology parks, including parks in Merrillville, Hammond and Fort Wayne.