USC board of trustees chairman Miles Loadholt told The State on Monday that Innovista can succeed and create jobs despite the failure of two developers to build the private portion of the research campus.

Created in 2005 at a cost of more than $100 million in taxpayer dollars, the research campus hasn't fulfilled its promise of creating private sector jobs.

Loadholt blamed the stalled campus in large part on the downturn in the economy.

“We didn't see the recession coming on as badly as it did,” he said.

State House Ways and Means subcommittee chairman Chip Limehouse, who is conducting a probe of Innovista, said the General Assembly's patience is wearing thin. Limehouse's subcommittee oversees university budgets.

“Woulda, shoulda, coulda is not getting us there,” the Charleston Republican said. “We have to know that the buildings will be coming out of the ground and will be leased up. ... The university doesn't need to make excuses.”

The downtown Columbia research campus was created to attract private entrepreneurs who would start companies based on USC research. In turn, those companies would spawn private, high-tech, high-paying jobs.

So far, USC has spent more than $100 million to build two public buildings for its researchers. But the private buildings to house the entrepreneurs have not been built.

Since then, two developers who were supposed to build the private facilities — North Carolina's Craig Davis and Michigan's Kale Roscoe — have been dismissed. Most recently, Roscoe was fired after his deadline was extended by nine months because of the economy.

University officials now say they might employ the heft of the USC Foundations to assist a private developer to secure loans to build the private buildings. Loadholt said he supports that idea.

However, Jerry Odom, the foundations' executive director, said he couldn't consider a partnership until the deal with Roscoe was “wound down,” meaning he has been repaid for the work he has done on the project.

That negotiation has not been resolved, both the university and Roscoe have said.

Meanwhile, the university is conducting an internal investigation into whether Innovista's executive director, John Parks, properly vetted Roscoe before he was hired.

In 2000, Roscoe pleaded guilty to felony tax evasion.

Loadholt on Monday said he did not know of Roscoe's felony.

Parks said in published reports that he had informed USC president Harris Pastides and the board, but later revised his comments to state he informed unnamed university officials.

Pastides and Parks have declined comment to The State while the internal review is conducted.

Roscoe has said he disclosed his felony, but would not say to whom.

Loadholt said he hopes to hear a report soon from Pastides on the vetting process.

On Monday, Pastides' office said it had no schedule for completion of the internal review.

Subcommittee chairman Limehouse said he was beginning to collect documents and make phone calls as part of an inquiry before budget hearings next year.

Limehouse's criticism of Innovista is noteworthy because he is a member of House speaker Bobby Harrell's leadership team. Harrell, a Republican from Charleston, has been a major supporter of the research campus and its potential to create jobs.

Limehouse said he hasn't scheduled face-to-face meetings with university officials.

“I've had so much coming at me on this that I need time to process all this before I go to the university.”

Reach Wilkinson at (803) 771-8495.