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The Oregon Legislature on Friday approved $198 million in bonding authority for Oregon Health & Science University to pursue creation of a cancer research center. The planned project is expected to create thousands of construction jobs starting in 2016, and dramatically impact the South Waterfront District.

The House approved Senate Bill 5703 late Friday afternoon, after the Senate approved it, 28-2, on the condition that OHSU match Phil Knight‘s $500 million pledge by Feb. 4, 2016. The bill now is awaiting Gov. John Kitzhaber‘s signature.

Even with the state bond sales, the university would still raise $500 million for development of the $1.2 billion Knight Cancer Institute, OHSU spokesman Tim Kringen said.

“We wanted the commitment that we are going ahead with planning for the structures that this will fund,” he said. “It will take two years of planning to break ground, and a year and eleven months to raise the money. That’s why we wanted the commitment.”

As OHSU raises the money, it also is performing due diligence. Officials plan to break ground on two Knight Cancer Institute buildings by February or March 2016. One would be a basic science research building that would connect to the Collaborative Life Sciences Building. Another would be more clinically focused, and be located at the base of the aerial tram south of the OHSU Center for Health & Healing.

The two-year construction phase of the cancer research center would create 3,605 construction jobs and $393 million in personal income, according to a recent estimate by Portland-based consultant ECONorthwest. It found in a study that the project in total would have $892 million in economic output and create 6,835 direct and indirect jobs in the region.

OHSU also has pledged to spend close to $1 million per year to work with communities statewide on ways to treat cancer, Kringen said.