|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Jan 13, 2011||referred to corporations, authorities and commissions|
senate Bill S1877
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1877 - Details
- Current Committee:
- Law Section:
- New York State Urban Development Corporation Act
- Laws Affected:
- Add §16-u, UDC Act
- Versions Introduced in 2009-2010 Legislative Session:
S1877 - Summary
Creates the bioscience facilities development program; provides grants to local economic development corporations for the purpose of creating a revolving fund for loans to bioscience facilities to assist commercial bioscience companies to remain in New York state.
S1877 - Sponsor Memo
BILL NUMBER:S1877 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.
S1877 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1877 2011-2012 Regular Sessions I N S E N A T E January 13, 2011 ___________ Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act, in relation to creating the bioscience facilities development program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings and declarations. The legislature finds that New York state has many assets that are critical to the growth of the biotechnology industry. The legislature also finds that New York state has an extensive academic research base, a highly skilled labor pool and access to finan- cial institutions oriented toward biotech development. The legislature further finds that even with many of the critical elements for growing a biotechnology cluster, New York for all intents and purposes has been eclipsed by a number of other regions in the coun- try. Further, the legislature finds that while start-up companies are established in New York, companies that are poised for rapid expansion have left New York for regions that have developed vigorous biotech and policies that deliberately invite, nurture and facilitate the expansion of the industry and proactively address the biotech companies' need for affordable laboratory space. The legislature declares that biotechnology is an important economic development industry for the state and that the critical impediment to the successful growth of a biotech cluster in New York state is access to affordable laboratory space. Therefore, the legislature hereby declares the creation of the "bioscience facilities development program". EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06296-01-1 S. 1877 2
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