The intention behind the centre was to bring together those working on research and development ideas within the forestry and wood sector, to "enhance and create scioncollaboration," he said.
Mr Trass said there had already been interest from innovation organisations around New Zealand and overseas, as well as those in the Bay.
"It has the potential over the next five to 10 years to transform Rotorua."
He said the new building would consist of flexible office space, with construction expected to start next year. The scheduled completion date for the initiative is January 2015.
Mr Trass said the project was important to Scion and had the potential to have a big impact.
"We're really excited. There's a hell of a lot of work to get on with," he said.
Meanwhile, the Opotiki Harbour Transformation Project has been allocated $18 million to enable all-weather, all-tide access into Opotiki Harbour, seen as critical to the success of the Eastern Bay's growing aquaculture industry.
Opotiki District Council chief executive, Aileen Lawrie, said the harbour development had been in the works for more than 10 years so it was exciting to finally reach this point.
"Along with funding already set aside by Opotiki District Council, this support means that half of the funding required for the harbour is now secured.
"Our next step is to ask for the remainder of the funding from central government and we are busy working on the required papers now. We expect to be talking to government over the next few months," Ms Lawrie said.
The Bay of Plenty Tertiary Education Partnership (Bay of Plenty Polytechnic, Whakatane's Te Whare Wananga o Awanuiarangi and the University of Waikato) received $15 million towards construction of a new, purpose-built shared tertiary campus in the Tauranga CBD. Waiariki Institute of Technology has signalled its intention to join the partnership.
The project is expected to attract students from outside the region, provide a research and development hub and help address regional skills needs.
Finally, Tauranga's Marine Precinct project was allocated $5 million for the construction of a purpose-built marine servicing facility and related infrastructure at Sulphur Point.
Regional council chief executive, Mary-Anne Macleod, said the Regional Infrastructure Fund was created several years ago through the sale of shares in Quayside Holdings, the council's investment vehicle for its majority ownership of the Port of Tauranga.
"We've retained our 54.9 per cent ownership of the Port, but also released value for infrastructure funding. The Council is committed to supporting economic growth in this region."
