The state bond commission approved the public funds today.
A year after the state approved $291 million in funding for Jackson Laboratory, a groundbreaking ceremony will be held.
The Maine-based company is planning to construct a massive bio-science facility on the UConn Health Center campus in Farmington and there will be a ground breaking on the campus on Jan. 17.
The project is supposed to bring in 300 jobs.
While the funding was approved, Republican lawmakers on the panel voted against the proposal.
"Our economic development investments ought to create a lot more jobs for a lot less money," Sen. Andrew Roraback said. "Whether he likes it or not, it's $986,000 per job created.
Gov. Dannel Malloy has said the state needs to invest to be able to compete with neighboring states.
"If we do not invest," Malloy said. "Then we're going to lose the opportunities that we have."