To provide grants and loan guarantees for the development and construction of science parks to promote the clustering of innovation through high technology activities.

Summary: Science Parks Research and Innovative New Technologies Act - Amends the Stevenson-Wydler Technology Innovation Act of 1980 to direct the Secretary of Commerce to award grants for the development of feasibility studies and plans for the construction of new or the expansion, including renovation and modernization, of existing science parks.

Allows the Secretary to guarantee up to 80% of the loan amount for projects for the construction or the expansion, including renovation and modernization, of such infrastructure.

 Directs the Secretary to enter into an agreement with the Board on Science, Technology, and Economic Policy of the National Academy of Sciences (NAS) under which the Board shall: (1) conduct an evaluation of such development under this Act; and (2) review and recommend best practices for the development of U.S. science parks, including metrics for their success.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Science Parks Research and 
Innovative New Technologies Act''.

SEC. 2. DEVELOPMENT OF SCIENCE PARKS.

    (a) Finding.--Section 2 of the Stevenson-Wydler Technology 
Innovation Act of 1980 (15 U.S.C. 3701) is amended by adding at the end 
the following:
            ``(12) It is in the best interests of the Nation to 
        encourage the formation of science parks to promote the 
        clustering of innovation through high technology activities.''.
    (b) Definition.--Section 4 of such Act (15 U.S.C. 3703) is amended 
by adding at the end the following:
            ``(12) `Brownfield' means abandoned, idled, or underused 
        industrial or commercial real property on which expansion or 
        redevelopment is complicated by real or perceived environmental 
        contamination.
            ``(13) `Business or industrial park' means a primarily for-
        profit real estate venture of businesses or industries which do 
        not necessarily reinforce each other through supply chain or 
        technology transfer mechanisms.
            ``(14) `Cluster' means a group of competing, collaborating, 
        and interdependent businesses that--
                    ``(A) work in a common industry;
                    ``(B) are concentrated in a geographic region;
                    ``(C) draw on shared infrastructure and a pool of 
                skilled workers; and
                    ``(D) represent the specialization and comparative 
                advantage of the region.
            ``(15) `Science park'--
                    ``(A) means a centralized or regionally distributed 
                group of interrelated companies and institutions, 
                including suppliers, service providers, institutions of 
                higher education, Federal or State laboratories, start-
                up incubators, clusters, and trade associations that--
                            ``(i) foster knowledge flow and contribute 
                        to regional economic growth and development;
                            ``(ii) cooperate and compete with each 
                        other through physical connectivity or 
                        networked virtual parks where technologies 
                        cluster, including companies, researchers, and 
                        community college workforce training 
                        activities; and
                            ``(iii) are located in a specific area or 
                        region that promotes real estate development or 
                        knowledge-based enterprises, technology 
                        transfer, and partnerships between such 
                        companies and institutions;
                    ``(B) includes a science park, research park, 
                technology park, research and development park, 
                research and technology park, and science and 
                technology park; and
                    ``(C) does not include a business or industrial 
                park.
            ``(16) `Science park infrastructure' means facilities that 
        support the daily economic activity of a science park.''.
    (c) Science Parks.--The Stevenson-Wydler Technology Innovation Act 
of 1980 (15 U.S.C. 3701 et seq.) is amended by adding at the end the 
following:

``SEC. 24. SCIENCE PARKS.

    ``(a) Development of Plans for Construction of Science Parks.--
            ``(1) In general.--The Secretary shall award grants for the 
        development of feasibility studies and plans for the 
        construction of new science parks or the expansion, including 
        renovation and modernization, of existing science parks.
            ``(2) Limitation on amount of grants.--The amount of a 
        grant awarded under this subsection may not exceed $750,000.
            ``(3) Award.--
                    ``(A) Competition required.--The Secretary shall 
                award grants under this subsection pursuant to a full 
                and open competition.
                    ``(B) Geographic dispersion.--The Secretary is 
                encouraged to divide the grants awarded under this 
                subsection among low-, medium-, and high-population 
                density States.
                    ``(C) Advertising.--The Secretary shall advertise 
                any competition under this paragraph in the Commerce 
                Business Daily.
                    ``(D) Selection criteria.--The Secretary shall 
                publish the criteria to be utilized in any competition 
                under this paragraph for the selection of recipients of 
                grants under this subsection, which shall include 
                requirements relating to--
                            ``(i) the effect the science park will have 
                        on regional economic growth and development;
                            ``(ii) the number of jobs to be created at 
                        the science park and in the surrounding 
                        regional community each year during its first 5 
                        years;
                            ``(iii) the funding to be required to 
                        construct or expand, including renovating or 
                        modernizing, the science park during its first 
                        5 years;
                            ``(iv) the amount and type of financing and 
                        access to capital available to the applicant;
                            ``(v) the types of businesses and research 
                        entities expected in the science park and in 
                        the surrounding regional community;
                            ``(vi) letters of intent by businesses and 
                        research entities to locate in the science 
                        park;
                            ``(vii) the quality of life for employees 
                        at the science park;
                            ``(viii) the capability to attract a well 
                        trained workforce to the science park;
                            ``(ix) the management of the science park;
                            ``(x) expected financial risks in the 
                        construction and operation of the science park 
                        and the risk mitigation strategy;
                            ``(xi) physical infrastructure available to 
                        the science park, including roads, utilities, 
                        and telecommunications;
                            ``(xii) the utilization of energy efficient 
                        building technology, including nationally 
                        recognized green building design practices, 
                        renewable energy, cogeneration, and other 
                        methods that increase energy efficiency and 
                        conservation;
                            ``(xiii) consideration of the 
                        transformation of military bases affected by 
                        the base realignment and closure process (BRAC) 
                        or the redevelopment of existing buildings, 
                        structures, or brownfield sites that are 
                        abandoned, idled, or underused into single or 
                        multiple building facilities for science and 
                        technology companies and institutions;
                            ``(xiv) the ability to collaborate with 
                        other science parks throughout the world; and
                            ``(xv) other criteria prescribed by the 
                        Secretary.
            ``(4) Authorization of appropriations.--There are 
        authorized to be appropriated $7,500,000 for each of the fiscal 
        years 2011 through 2015 to carry out this subsection.
    ``(b) Loan Guarantees for Science Park Infrastructure.--
            ``(1) In general.--Subject to paragraph (2), the Secretary 
        may guarantee up to 80 percent of the loan amount for projects 
        for the construction or expansion, including renovation and 
        modernization, of science park infrastructure.
            ``(2) Limitations on guarantee amounts.--The maximum amount 
        of loan principal guaranteed under this subsection may not 
        exceed--
                    ``(A) $50,000,000 with respect to any single 
                project; and
                    ``(B) $500,000,000 with respect to all projects.
            ``(3) Selection of guarantee recipients.--The Secretary 
        shall select recipients of loan guarantees under this 
        subsection based upon the ability of the recipient to 
        collateralize the loan amount through bonds, equity, property, 
        and other such criteria as the Secretary shall prescribe. 
        Entities receiving a grant under subsection (a) are not 
        eligible for a loan guarantee during the period of such grant.
            ``(4) Terms and conditions for loan guarantees.--The loans 
        guaranteed under this subsection shall be subject to such terms 
        and conditions as the Secretary may prescribe, except that--
                    ``(A) the final maturity of such loans made or 
                guaranteed may not exceed the lesser of--
                            ``(i) 30 years and 32 days; or
                            ``(ii) 90 percent of the useful life of any 
                        physical asset to be financed by such loan;
                    ``(B) a loan made or guaranteed under this 
                subsection may not be subordinated to another debt 
                contracted by the borrower or to any other claims 
                against the borrowers in the case of default;
                    ``(C) a loan may not be guaranteed under this 
                subsection unless the Secretary determines that the 
                lender is responsible and that adequate provision is 
                made for servicing the loan on reasonable terms and 
                protecting the financial interest of the United States;
                    ``(D) a loan may not be guaranteed under this 
                subsection if--
                            ``(i) the income from such loan is excluded 
                        from gross income for purposes of chapter 1 of 
                        the Internal Revenue Code of 1986; or
                            ``(ii) the guarantee provides significant 
                        collateral or security, as determined by the 
                        Secretary, for other obligations the income 
                        from which is so excluded;
                    ``(E) any guarantee provided under this subsection 
                shall be conclusive evidence that--
                            ``(i) the guarantee has been properly 
                        obtained;
                            ``(ii) the underlying loan qualified for 
                        such guarantee; and
                            ``(iii) absent fraud or material 
                        misrepresentation by the holder, the guarantee 
                        is presumed to be valid, legal, and 
                        enforceable;
                    ``(F) the Secretary shall prescribe explicit 
                standards for use in periodically assessing the credit 
                risk of new and existing direct loans or guaranteed 
                loans;
                    ``(G) the Secretary may not extend credit 
                assistance unless the Secretary has determined that 
                there is a reasonable assurance of repayment; and
                    ``(H) new loan guarantees may not be committed 
                except to the extent that appropriations of budget 
                authority to cover their costs are made in advance, as 
                required under section 504 of the Federal Credit Reform 
                Act of 1990 (2 U.S.C. 661c).
            ``(5) Payment of losses.--
                    ``(A) In general.--If, as a result of a default by 
                a borrower under a loan guaranteed under this 
                subsection, after the holder has made such further 
                collection efforts and instituted such enforcement 
                proceedings as the Secretary may require, the Secretary 
                determines that the holder has suffered a loss, the 
                Secretary shall pay to such holder the percentage of 
                such loss specified in the guarantee contract. Upon 
                making any such payment, the Secretary shall be 
                subrogated to all the rights of the recipient of the 
                payment. The Secretary shall be entitled to recover 
                from the borrower the amount of any payments made 
                pursuant to any guarantee entered into under this 
                section.
                    ``(B) Enforcement of rights.--The Attorney General 
                shall take such action as may be appropriate to enforce 
                any right accruing to the United States as a result of 
                the issuance of any guarantee under this section.
                    ``(C) Forbearance.--Nothing in this section may be 
                construed to preclude any forbearance for the benefit 
                of the borrower which may be agreed upon by the parties 
                to the guaranteed loan and approved by the Secretary, 
                if budget authority for any resulting subsidy costs (as 
                defined in section 502(5) of the Federal Credit Reform 
                Act of 1990) is available.
                    ``(D) Management of property.--Notwithstanding any 
                other provision of law relating to the acquisition, 
                handling, or disposal of property by the United States, 
                the Secretary may complete, recondition, reconstruct, 
                renovate, repair, maintain, operate, or sell any 
                property acquired by the Secretary pursuant to this 
                section.
            ``(6) Review.--Not later than 2 years after the date of the 
        enactment of this section, the Comptroller General of the 
        United States shall--
                    ``(A) conduct a review of the subsidy estimates for 
                the loan guarantees under this subsection; and
                    ``(B) submit to Congress a report on the review 
                conducted under this paragraph.
            ``(7) Termination.--A loan may not be guaranteed under this 
        subsection after September 30, 2015.
            ``(8) Authorization of appropriations.--There are 
        authorized to be appropriated--
                    ``(A) $35,000,000 for the cost (as defined in 
                section 502(5) of the Federal Credit Reform Act of 
                1990) of guaranteeing $500,000,000 in loans under this 
                subsection; and
                    ``(B) such sums as may be necessary for 
                administrative expenses in fiscal year 2011 and 
                thereafter.
    ``(c) National Academy of Sciences Evaluation.--
            ``(1) In general.--Not later than 18 months after the date 
        of the enactment of this Act, the Secretary shall enter into an 
        agreement with the Board on Science, Technology, and Economic 
        Policy of the National Academy of Sciences under which the 
        Board shall--
                    ``(A) conduct an evaluation of the activities under 
                this section; and
                    ``(B) review and recommend best practices for the 
                development of United States science parks, including 
                metrics for their success.
            ``(2) Report.--Under the agreement described in paragraph 
        (1), the Board shall submit a report to the Secretary that--
                    ``(A) includes the Board's evaluation of science 
                park development under this section; and
                    ``(B) may include such recommendations as the Board 
                considers appropriate for additional activities to 
                promote and facilitate the development of science parks 
                in the United States.
    ``(d) Tri-Annual Report.--Not later than March 31, 2014, and every 
third year thereafter, the Secretary shall submit a report to Congress 
that--
            ``(1) describes the activities under this section during 
        the preceding 3 years;
            ``(2) includes any recommendations made by the Board on 
        Science, Technology, and Economic Policy under subsection 
        (c)(2)(B) during such period; and
            ``(3) may include such recommendations for legislative or 
        administrative action as the Secretary considers appropriate to 
        further promote and facilitate the development of science parks 
        in the United States.
    ``(e) Rulemaking.--Not later than 1 year after the date of the 
enactment of this section, the Secretary shall promulgate regulations 
to carry out this section in accordance with Office of Management and 
Budget Circular A-129, entitled `Policies for Federal Credit Programs 
and Non-Tax Receivables'.''.