Aug. 20--KANNAPOLIS Billionaire Dole Food Co. owner David Murdock said his plans to take the produce giant public have nothing to do with the North Carolina Research Campus he founded in Kannapolis, despite a slowdown in the biotech project.

In an interview Wednesday, Murdock also said that he and his development company, Castle and Cooke, already have spent about $500 million at the campus, and they continue to fund it.

Only one building is under construction at the campus now. "The economy has slowed down and caused me to slow down," Murdock said. "But I'm still doing many things there ... and still spending millions on the (campus centerpiece) Core Lab."

Murdock's comments were his first on the matter since California-based Dole announced last week it intended to raise $500 million by selling stock to the public again. The company, the world's largest seller of fresh fruits and vegetables, would use the money in part to pay down debt, which stood at about $2 billion in June. Murdock took Dole private in a 2003 offer that valued the company at about $2.5 billion.

Murdock said federal rules prohibit him from discussing the IPO now. But he did say there was no connection between what was happening at the campus and Dole's decision to launch an IPO. When asked if he would use proceeds from the IPO at the Kannapolis biotech complex, Murdock said he could not comment on that.

As part of the initial public offering, Dole will sell shares of stock and Murdock will sell some of his own shares, although the company has yet to provide details on the number or price. Murdock said he has no interest in taking Castle and Cooke public.

Given the volatility that agriculture businesses experience from weather, fuel costs and other issues, Dole must feel the company will do well in the next six months or it would not have proceeded with the IPO, said Scott Mushkin, managing director at investment bank Jefferies and Co. in New York.

Kannapolis is optimistic that some money Murdock gains from the Dole offering will make its way to the city.

"We can only assume it will be beneficial to the research campus," Deputy City Manager Eddie Smith said. "This is one of his crown jewels. There's no reason to think it won't remain a high priority."

The $1.5 billion biotech complex is a collaboration among Murdock, eight N.C. colleges and universities, the community college system and private companies, including Dole. The campus opened last fall.

But in recent months, the campus has faced some setbacks.