Should Oregon taxpayers borrow $200 million to advance cancer research at Oregon Health & Science University?

If it does, say advocates, the state will gain $1 billion in philanthropic donations, half from Phil and Penny Knight and the rest from other donors around the country who will respond to the Knights’ challenge gift.

The result, they say, will be groundbreaking cancer research that will change the face of the disease and the lives of those who suffer from it.

Heady stuff.

But it’s not a simple question.

There are hundreds, probably thousands, of projects that could benefit from an infusion of cash via the state’s borrowing power. This one rises to the head of the line because of the Knights’ offer, the promise that the benefit is not just $200 million but really $1.2 billion. Is that an unfair advantage, as some critics have said, or an opportunity to be embraced?

Clearly the latter, and not just because of the significant dollars involved. Those dollars will be matched with the vision of Brian Druker, the head of the Knight Cancer Institute at OHSU. His work led to development of the drug Gleevec, which has dramatically improved cancer treatment.

OHSU President Joe Robertson says the project will be transformational for cancer and for Oregon. He describes bringing 20-30 world-class scientists into a Bell Labs, Apollo space mission-type effort to improve early cancer detection and treatment.

Collateral benefits include hundreds of jobs, both in construction and research, constituting a significant economic stimulus.

The state’s money would be used to construct buildings, and a prompt decision from the Legislature would allow the university to start the planning process even before it receives the funds. There’s plenty of precedent for the state to provide bonding capacity for OHSU infrastructure.

The Legislature must balance the many demands for taxpayer resources, large and small. It’s likely this project would go forward without a state investment, although at a smaller level and a slower pace.

OHSU is seeking to capitalize on the confluence of Druker’s vision and the Knights’ money. The potential payoff is huge — in jobs, in science, in health and in prestige — and the state should help assure its success.