1998 Session

Budget Amendments - HB30 (Conference Report)

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Technology Commercialization (language only)

Item 547 #12c

Item 547 #12c

Central Appropriations
Central Appropriations

Page 323, after line 40, insert:  
I.1.  The President of the Center for Innovative Technology (CIT) shall assist the Virginia Economic Development Partnership in issuing a loan from the Governor's Development Opportunity Fund, not to exceed $2,800,000 in FY 1999 for the design, development, operation, and testing of a pressure-based, ballast water microorganism control system in Hampton Roads.  Appropriate performance measures shall be developed by the Center for Innovative Technology with the assistance of Old Dominion University, through the Center for Advanced Ship Repair and Maintenance (CASRM).
2.  These conditions shall be met before a loan can be made:  (1) a local government, local industrial development authority, or political subdivision shall sponsor the project; (2) the applicant shall follow the protocols used in CIT's Technology Awards Program, specifically the provisions concerning technical feasibility and business plans; (3)  the terms, repayment schedule, amount of interest, and use of the loan shall be articulated in a memorandum of agreement to be approved by the Governor between the loan applicant, the sponsoring political subdivision, and the Virginia Economic Development Partnership; and (4) preference shall be given to applicants with cash or "in-kind" match.

(This amendment authorizes a loan not to exceed $2.8 million from the Governor's Development Opportunity Fund to design, produce, operate, and test innovative technology treating ballast water of ocean-going vessels. CIT and ODU will assist the Virginia Economic Development Partnership in establishing the loan program, evaluating loan applications, and managing the loan program. Current practice often results in the pumping of ballast water into the Chesapeake Bay, exposing Virginia's coastal waters to potential environmental and human health problems.)