2007 Session

Budget Amendments - SB750 (Member Request)

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Chief Patron: Bell
VA Biotech Wet-Lab Program

Item 119 #2s

Item 119 #2s

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Virginia Economic Development Partnership FY2007 $0 FY2008 $5,000,000 GF

Page 111, line 18, strike "$17,162,701" and insert "$22,162,701".
Page 114, after line 32, insert:
"T. 1.  Of the amounts provided in this Item, $5,000,000 the second year from the general fund is appropriated to a Virginia Biotechnology Wet-Laboratory Program for the purposes of expanding the biosciences industry in the Commonwealth and making Virginia a more competitive location for growing and attracting life sciences companies that require highly-specialized, wet laboratory capable facilities.  The Partnership shall utilize moneys from the program to provide grants to construct, improve, furnish, equip, maintain, acquire and renovate biotechnology "shell buildings" designed to accommodate and provide wet-lab space or other needed laboratory, research, office or production space to attract biosciences and other related technology companies to the state, as well as accommodating the growth of companies already located in Virginia.
2.  Funds under this program may be used for loan guarantees, credit enhancement, or grants, in cooperation with, or on behalf of, applying local government, private development entities, or other qualified applicants under the program guidelines, acting singularly or together as a consortium of development interests.
3.  Decisions regarding the size and scope of the biotechnology "shell buildings", the selection of sites, and the selection of users, tenants or purchasers of 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 Economic Development Partnership, the Executive Director of the Virginia Biotechnology Association, and the President of a research university selected by the Council of University and College Presidents.  First priority shall be given to any proposal for a biotechnology wet lab received from the Roanoke Valley Region."

(This amendment provides $5.0 million from the general fund in the first year for the creation of a biotechnology wet-laboratory facilities program to expand the biosciences industry in Virginia. Moneys would be used to construct or renovate biotechnology "shell buildings" designed to attract biosciences and other related technology companies to the state.)