Legislators reached a compromise on a bill aimed at economic development and colleges. Here are some key elements of the bill.

- Up to $250 million in borrowing for colleges and universities - the bulk of it going to the state's three research universities.

- Expansion of the state's economic development laws to let pharmaceutical companies take advantage of incentives such as borrowing up $250 million for land, site preparation and worker training.

- Tourism projects would qualify for more economic development money.

- A venture capital fund would be created to spur growth in new companies.

- Colleges get more flexibility to condemn and buy land, give bonuses and do other things to reduce reliance on state funding.

- No college could be shut down without the Legislature's approval.

- Expansion of the University of South Carolina's Sumter campus to a four-year program.

- A four-year culinary arts program at Charleston's Trident Technical College to replace Johnson and Wales, which is moving to Charlotte, N.C.

- Students at South University, a private, for-profit college, would be eligible for LIFE Scholarships.

- A study would be conducted on a potential law school at South Carolina State University.