Jackson Labs withdraws bid

SARASOTA — Jackson Labs withdrew its bid to build an expansion facility in Sarasota County, which had been contingent on the approval of $100 million in start-up funding from the state government.

In an official statement, the Bar Harbor, Maine-based firm said the decision was based on “the lack of funds in Florida's severely constrained state budget, which provides only limited funding for economic development activities.”

“We were invited to submit a much-reduced proposal to the Florida Innovation Fund,” said Jackson executive vice president Charles Hewett in a statement. “But the amount available in that fund now, and the uncertainty of future funding, made such a venture too speculative to undertake responsibly."

“We understand Florida's budget situation, and we will turn our attention to other priorities,” he added.