2001 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Hawkins
High Technology Incubator Program

Item 504 #1s

Item 504 #1s

First Year - FY2001 Second Year - FY2002
Innovative Technology Authority FY2001 $0 FY2002 $1,400,000 GF

Page 440, line 34, strike "$13,520,112" and insert "$14,920,112".
Page 441, after line 49, insert:
"J.1.  Out of the amounts for Industrial Development Services shall be provided $1,400,000 the second year from the general fund for the Innovative Technology Authority to develop a technology incubator at Virginia Tech.  The technology incubator shall focus on start-up companies working in the areas of wireless communications, fiber optics, broadband, telecommunications, infrastructure and software/e-commerce technologies.  The technology incubator shall be managed by a private entity to be selected by the Authority.  Such entity shall have a demonstrated record in the management of business incubators and shall have access through partnerships and other mechanisms to venture capital.
2.  The Authority shall report to the Chairmen of the Senate Finance and House Appropriations Committees on the progress of this effort by December 3, 2001.".

(This amendment provides $1.4 million to fund a technology incubator at Virginia Tech. The incubator's location at Virginia Tech is designed to take advantage of the school's research capabilities. The incubator is to be managed by a private firm to be selected by CIT.)