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History
- Substituted by A5255A
- Ordered to third reading cal.1337
- Committee discharged and committed to rules
- Print number 7228a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Creates the bioscience facilities development program
Vetoed · Sponsor Adriano Espaillat
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7228A
Title of bill
An act to amend the New York state urban development corporation act, in relation to creating the bioscience facilities development program
Purpose of bill
To maximize the economic development potential of academic and commercial bioscience activity throughout the State.
Summary of specific provisions
This bill establishes a new section 16-n in the urban development corporation act creating a biofacilities development program administered by local economic development corporations to establish a revolving loan funds to provide loans to bioscience facilities to assist commercial bioscience companies to remain in New York State.
Local economic development corporations must have firm commitments from private and municipal sources of funding to provide funds to the local economic development corporation in an amount at least equal to the amount of the grants. It must also serve an economic development region of the state as designated pursuant to section two hundred thirty of the economic development law, which shall have colleges, universities, hospitals, laboratories, and other research institutions located within it.
Eligible borrowers include early and middle stage bioscience companies with fewer than 200 employees and which have received funding from an institutional venture capital firm. Use of funds is restricted to the construction of laboratory and related space. The maximum size the loan shall be no more than fifty percent of the cost of the laboratory or related space.
Justification
Biotechnology is an important economic development industry for the state. The "Biotechnology Facilities Development Program" is designed to overcome the critical impediment to the successful growth of a biotech cluster in the New York State - access to affordable laboratory space.
New York State has many assets that are critical to the growth of the biotechnology industry including an extensive academic research base, a highly skilled labor pool, access to financial institutions oriented toward biotech development. However, even with many of the critical elements for growing a biotechnology cluster New York can do more to foster development of its own regional biotechnology clusters through addressing the critical need, identified and addressed successfully in other states and other regions, for affordable laboratory space
Prior legislative history
2003-04: A.10479 2005-06: A.4105 2007-08: A.4580A Referred to Rules
Fiscal implications
Undetermined.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.