2015 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Albo
Redirect GOF Funding to Translational Medicine (language only)

Item 101 #4h

Item 101 #4h

Commerce and Trade
Economic Development Incentive Payments

Page 85, after line 22, insert:
"7.  Up to $5,000,000 of the amounts appropriated in this item in the second year for the Governor's Development Opportunity Fund shall be used to capitalize the Translational Medicine Investment Fund created pursuant to the provisions of House Bill 1539, 2015 Session of the General Assembly."

(This amendment directs the use of up to $5,000,000 from the increased appropriation for the Governor's Opportunity Fund to establish the Virginia Translational Medicine Investment Fund from which the Virginia Economic Development Partnership Authority would make loans to and cash investments in private businesses conducting research in the Commonwealth in translational medicine. The Authority is to administer the Fund as a revolving loan and investment fund. Cash investments and loans are restricted to products and services that are in the advanced research stage of translational medicine. The Authority is required to enter into a memorandum of understanding with each business it intends to invest in, which sets out the repayment terms of any loan, the ownership share or interest required for any equity investment, and requirements for retention of research and development in the Commonwealth. The Authority may not acquire more than a 25 percent ownership interest in any private business. This fund is established pursuant to House Bill 1539, 2015 Session of the General Assembly.)