HERI - Process and Funding

Item 255 #1s

Language
Page 202, line 13, strike "$20,000,000" and insert "$12,000,000".
Page 202, line 13, strike "$20,000,000" and insert "$18,500,000".

Page 202, strike lines 17-54 and insert:

"A.1. The appropriations in this Item are provided to fund one-time incentive packages to attract high performing researchers with demonstrated success in commercializing their research, especially in the fields of cybersecurity, personalized medicine, or bioscience, and to create centers of excellence, where researchers can collaborate and receive support in the commercialization of their research. It is the intent of the General Assembly that this funding focus on areas of research that foster additional commerce and economic development in Virginia. The goal is to develop spin-off companies from research being conducted in Virginia that will accelerate the growth and strength of Virginia's cybersecurity, bioscience, and other industries. Any institution of higher education or related research entity pursuing this funding must provide a match of an amount at least equal to the awarded funds.

2. In addition to the funding in this Item, $25,000,000 the first year and $40,000,000 the second year in state supported debt, authorized in Item C-47, shall be made available to support the purchase of research equipment or laboratory renovations associated with the researcher incentive packages and the translation of research into commercial use. Any institution of higher education or related research entity pursuing this funding must provide a match of an amount at least equal to the awarded funds.

3.  The State Council of Higher Education for Virginia shall develop guidelines for the awarding of cash grants or bond proceeds in the furtherance of the goals outlined in this Item and from funds for grants or loans provided through the Virginia Research Alliance Fund.  The Council will also receive the proposals for funding for the cash grants, bond proceeds, or loans.

4.  Additional funding for this Item will be provided from the Virginia Research Alliance Fund.

B.1. Any bioscience or personalized medicine-related proposal received by the Commonwealth for the purposes stated above shall be evaluated by the Virginia Biosciences Health Research Corporation (VBHRC) for merit and feasibility, while any cybersecurity-related proposal shall be evaluated by the Innovation and Entrepreneurship Investment Authority (IEIA). The VBHRC and IEIA shall identify those research proposals that support the Commonwealth's core bioscience, personalized medicine, and cybersecurity efforts through the following: 1) encouraging cooperation and collaboration among the Virginia public higher education research institutions and the private sector, 2) demonstrating commercial potential in the human health, personalized medicine, and cybersecurity fields, and (3) providing opportunities for new bioscience, personalized medicine, and cybersecurity industries and careers within Virginia.

2. Any proposals not related to bioscience or cybersecurity endeavors shall be evaluated by a panel of not more than five scientists appointed by the Virginia Academy of Science, Engineering and Medicine, who have expertise in the area covered by the proposal but who are not employed by or affiliated with any of the institutions requesting funding.

3. Any proposals receiving favorable evaluation from the VBHRC, IEIA, or the Virginia Academy of Science, Engineering and Medicine panel shall be forwarded to the Virginia Research Advisory Committee (V-RAC) for review. Upon favorable review by the V-RAC, the Governor shall authorize final approval of the project and allocate required funding, accordingly. The Director, Department of Planning and Budget, is authorized to provide for payment of these funds to any appropriately designated fiscal agent consistent with the details of the proposal upon approval of the Governor.

4. The Director, Department of Planning and Budget, is also authorized to approve treasury loans to state colleges and universities, if needed, for cash flow purposes, associated with any award involving state supported debt such that approved research proposals can proceed in a timely manner.

C. Consistent with the goals of this initiative, the Commonwealth Health Research Board shall coordinate and collaborate with the V-RAC on the research proposals it considers, ensuring it awards funding to proposals that support Virginia's core science strengths and efforts to improve human health.

D. 1. Out of this appropriation, up to $6,000,000 the first year and  $6,000,000 the second year from the general fund may be used for executed and approved partnership agreements between up to four Virginia public research higher education institutions and the Global Genomics and Bioinformation Research Institute for the purposes of offering one-time incentive packages to attract high performing researchers with a history of commercialization in the fields specified in paragraph A.1.  At a minimum, a private match in an amount of at least two times the investment from the state and any additional funds provided from the individual institution must be made in order to  receive this funding.

2. An additional amount of $4,000,000 in the second year may be allocated from the Virginia Research Alliance.

3.This project will also be eligible to receive funding for laboratory renovations or research equipment through the process provided in this Item once an approved partnership agreement or agreements have been executed.".

Page 203, strike lines 1-12.