The City of Rockingham will underwrite the operating losses for Rockingham Renaissance Technopole to a maximum value of $250,000 per year the first two years of operation.
The Rockingham Renaissance Technopole is a research and development industry innovation hub to be established at the Rockingham Murdoch campus.
According to a council report, the project has the potential to make Rockingham an international destination for research and development in varied technologies.
The report said the concept is “cutting edge” and if successful will provide education and employment opportunities.
The project it will be independent of the City and upon its establishment, the focus will be on revenue generation.
Councillors also voted for chief executive Michael Parker to implement systems to ensure the City is kept fully informed of the financial position of Rockingham Renaissance Technopole.