2019 Session

Budget Amendments - HB1700 (Conference Report)

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Commonwealth Center for Advanced Manufacturing

Item 122 #2c

Item 122 #2c

First Year - FY2019 Second Year - FY2020
Commerce and Trade
Virginia Economic Development Partnership FY2019 $0 FY2020 $1,000,000 GF

Page 115, line 15, strike "$35,107,392" and insert "$36,107,392".

Page 116, line 46, strike lines 46 through 48, and insert:

"P.1. Out of the amounts in this item, the Virginia Economic Development Partnership (VEDP) shall provide $925,000 in the first year and $1,925,000 in the second year from the general fund to the Commonwealth Center for Advanced Manufacturing for rent, operating support and maintenance. The Board of Directors of VEDP shall approve any and all disbursements of these funds to the Center for Advanced Manufacturing before distribution. These funds shall not revert back to the general fund at the end of the fiscal year.

2. The Center for Advanced Manufacturing (CCAM) must submit a detailed operating plan to the Board of Directors of VEDP by August 1, 2019 that shall include, but not be limited to, the following: (i) a schedule for annual and quarterly reporting of financial performance, research activity, and industry membership, and is based upon the Commonwealth's fiscal year; (ii) updated management and organization structure that specifies and defines all full-time positions; (iii) specific commitments from each university partner to hire, fund and place faculty and graduate students at the CCAM facility, as well as any collaborative efforts between CCAM industry members and university partners taking place outside the CCAM facility; (iv) a financial plan that includes specific budget estimates for operations at CCAM for fiscal year 2021 to fiscal year 2025, as well as estimates for a potential lease agreement between the Commonwealth of Virginia and CCAM; (v) specific details in regards to any outstanding loans or other outstanding debt, cash or in-kind, to public and private institutions and organizations and a financial plan for their satisfactory settlement; (vi) expansion of the membership of the Board of Directors for CCAM to include a university chief financial officer and a schedule for rotation of this Board seat among its university partner institutions; (vii) specific guidelines to implement the grant programs listed in Item 103.J. of this act; and, (viii) any other additional information that may be requested by the Board of Directors of VEDP.


(This amendment provides increased funding of $1.0 million from the general fund in the second year for the Commonwealth Center for Advanced Manufacturing for rent, operations and maintenance.)