Queen's has an agreement with Novelis Inc. to acquire a property next to the company's research and development centre in Kingston. The agreement is part of the plan to establish Innovation Park at Queen's University, an innovative technology park at the corner of Princess and Concession Streets. The property was acquired for $5.3 million, a portion of the $21 million grant Queen's received from the Ontario government last spring to pioneer this innovative new regional R&D "co-location" model. Queen's leases approximately of the Novelis R&D facilities to accommodate faculty-led research projects that have industrial partners and small and medium-size companies with a research focus and a desire to interact with Queen's researchers. The remainder of the government funds support further development of the technology park to transform the property into a welcoming and dynamic site for business expansion and relocation.