2010 Session

Budget Amendments - SB30 (Conference Report)

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CIT Gap Funds

Item 428 #1c

Item 428 #1c

First Year - FY2011 Second Year - FY2012
Innovation and Entrepreneurship Investment Authority FY2011 $500,000 FY2012 $1,000,000 GF

Page 293, line 12, strike "$4,023,750" and insert "$4,523,750".
Page 293, line 12, strike "$4,023,750" and insert "$5,023,750".
Page 294, after line 4, insert:
"I. From the amounts appropriated in this item $500,000 in the first year and $1,000,000 in the second year from the general fund shall be allocated to the Commonwealth GAP Fund program to foster the development of Virginia-based technology, biosciences, and energy companies. It is the intent of the General Assembly that this funding shall be used to underwrite immediate first financing for not fewer than 20 new early-stage companies and achieve a rate of return of not less than 11:1. As part of the reporting requirements identified within paragraph D of this item, the Director of the Center for Innovative Technology shall provide a detailed report on the number of companies and jobs created pursuant to this additional funding."

(This amendment provides $500,000 in the first year and $1.0 million in the second year to fund the GAP program for technology and life-science program administered by the Center for Innovative Technology.)