2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

SCHEV Research Corp

Item 145.10 #1h

Item 145.10 #1h

First Year - FY2007 Second Year - FY2008
Education: Higher Education
State Council of Higher Education for Virginia FY2007 $350,000 FY2008 $350,000 GF

Page 150, after line 51, insert:

(This amendment provides general funds in support of the objectives of House Bill 935, 2006 Session of the General Assembly, which creates the Virginia Academic Research Corporation (i) supporting academic research in Virginia; (ii) encouraging research initiatives, with an emphasis on biological systems and nanotechnology to support Virginia industry; and (iii) conducting or undertaking other activities to evaluate the Commonwealth's research investment. In addition, this amendment will allow the Virginia Academic Research Corporation to forge partnerships with federal financing entities such as the U.S. Department of Commerce Economic Development Administration to promote innovation in economically distressed regions. Finally, the Virginia Academic Research Corporation will serve as the assessment arm for the Commonwealth in evaluating the research investments being made or to be made.)