|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to corporations, authorities and commissions|
|Jan 09, 2013||referred to corporations, authorities and commissions|
senate Bill S1750
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1750 - Details
S1750 - Summary
Creates the seed-NY investment fund; authorizes the transfer of all assets and liabilities of the small business technology investment fund for the Seed-NY investment fund.
S1750 - Sponsor Memo
BILL NUMBER:S1750 TITLE OF BILL: An act to amend the New York state urban development corporation act and the public authorities law, in relation to creating the seed-NY investment fund PURPOSE OR GENERAL IDEA OF BILL: Authorizes the urban development corporation/empire state development (ESD) to invest in regional equity funds to help finance the commercialization of new technologies. SUMMARY OF SPECIFIC PROVISIONS: A new investment fund is created within the urban development corporation/empire state that win make awards in regional equity funds providing seed capital for early stage commercialization of technologies. criteria and procedures for the awards are established Funds will be competitively awarded to entities with a demonstrated record for making syndicated equity-based seed-stage investments. Individual investments would not exceed five hundred thousand dollars, or seven hundred fifty thousand dollars in the case of a biotechnology company, at anyone time and be matched by at least a one-to-one basis with funds other than state monies. Allocations to these companies would be in return for equity or debt securities or royalties. Due to the high risk involved and the economic development
S1750 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1750 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ 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 and the public authorities law, in relation to creating the seed-NY investment fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new section 46 to read as follows: S 46. THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT MEANING OR INTENT: (A) "REGIONAL INVESTMENT FUND" SHALL MEAN A LIMITED PARTNERSHIP, LIMITED LIABILITY PARTNERSHIP, A LIMITED LIABILITY COMPANY OR A NOT-FOR-PROFIT FUND UNDER EXPERIENCED PROFESSIONAL MANAGEMENT THAT IS FAMILIAR WITH SEED CAPITAL INVESTMENT, APPROPRIATE BUSINESS PRACTICES AND TECHNOLOGY-ORIENTED PRODUCTS AND SERVICES, AND FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO TECHNOLOGY-BASED COMPANIES IN THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE. (B) "QUALIFIED ENTERPRISE" SHALL MEAN: (I) A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRIN- CIPAL PLACE OF BUSINESS IN NEW YORK STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY MANUFACTURING, AND THAT DEMONSTRATES THE POTENTIAL FOR SUBSTANTIAL GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02618-01-3
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