Chief Patron: Lambert
Co-Patron(s): Bell, Colgan, Devolites-Davis, Edwards, Hawkins, Howell, Marsh, Norment, OBrien, Quayle, Reynolds, Stolle, Ticer, Watkins, Williams
Biotechnology Facility (language only)

Item C-196 #1s

Language
Page 540, strike lines 4 through 7 and insert:
"A.  The Virginia Public Building Authority is authorized to construct, improve, furnish, equip, maintain, acquire, and renovate biotechnology "shell" buildings that will provide infrastructure for wet lab space or other needed lab, research, office or production space to attract biotechnology and other related technology companies to the Commonwealth.  The Authority is further authorized to finance all or any portion of the cost thereof by the issuance of revenue bonds in a principal amount not to exceed $10,000,000 plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to and during acquisition, construction or renovation and for one year after completion thereof, and other financing costs.
B.  As a precondition for issuing any bonds, the Virginia Biotechnology Research Park Authority  shall implement a statewide program for the development, marketing, management, operation, leasing, transfer, and sale of such "shell" buildings to attract biotechnology and other related technology companies to the Commonwealth.  This program shall be submitted for review to the Governor and to the chairmen of the Senate Finance and House Appropriation Committees prior to Virginia Biotechnology Research Park Authority completing the program's design.
C.  Decisions regarding the size and scope of the biotechnology "shell" buildings, the selection of sites, and the selection of users, tenants or purchasers of any such buildings shall be made by a panel consisting of the Secretary of Commerce and Trade, the President of the Center for Innovative Technology, the Executive Director of the Virginia Biotechnology Research Park Authority, the Executive Director of the Virginia Biotechnology Association, and the President of a research university selected by the Council of University and College Presidents.  This panel shall receive requests and recommendations in accordance with guidelines that they shall promulgate to ensure that the Commonwealth receives maximum benefit in furthering the growth of the biotechnology industry in Virginia.  These guidelines shall be submitted for review to the Governor and to the chairmen of the Senate Finance and House Appropriations Committees before taking effect."

Explanation
(This amendment authorizes a VPBA issuance of $10.0 million to construct biotechnology "shell" buildings under the guidance of the Virginia Biotechnology Research Park Authority. Decisions regarding the size and scope of the buildings as well as potential tenants or users rest with a special panel.)