Source: https://budget.lis.virginia.gov/amendment/2016/1/HB30/Introduced/FA/106/4h/
Timestamp: 2019-08-17 17:00:02
Document Index: 219656214

Matched Legal Cases: ['§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 59', '§ 2', '§ 2', '§ 59', '§ 59', '§ 2', '§ 2', '§ 30']

106#4h (EDIP) Level Fund VBHRC. HB30 - Floor Approved
Level Fund VBHRC
Economic Development Incentive Payments FY2017 ($5,000,000) FY2018 ($7,500,000) GF
Page 80, line 23, strike "$99,284,360" and insert "$94,284,360".
Page 80, line 23, strike "$93,109,529" and insert "$85,609,529".
Page 82, line 39, strike "$7,500,000 the first year and $10,000,000" and insert:
"$2,500,000 the first year and $2,500,000".
(This amendment eliminates new funding, of $5.0 million from the general fund in fiscal year 2017 and $7.5 million from the general fund in fiscal year 2018, for the Virginia Biosciences Health Research Corporation and instead level funds the corporation at $2.5 million a year. A separate amendment in higher education provides $20.0 million from the general fund each year to capitalize the Virginia Research, Development, and Commercialization Fund. The VBHRC will vet proposals related to bioscience prior to grants being proivded from the new fund.)
Economic Development Services (53400) $99,284,360 $93,109,529
Financial Assistance for Economic Development (53410) FY2017 $99,284,360 FY2018 $93,109,529
General FY2017 $99,134,360 FY2018 $92,159,529
Dedicated Special Revenue FY2017 $150,000 FY2018 $950,000
A.1. Out of the amounts in this Item, $20,750,000 the first year and $20,750,000 the second year from the general fund shall be deposited to the Commonwealth's Development Opportunity Fund, as established in § 2.2-115, Code of Virginia. Such funds shall be used at the discretion of the Governor, subject to prior consultation with the Chairmen of the House Appropriations and Senate Finance Committees, to attract economic development prospects to locate or expand in Virginia. If the Governor, pursuant to the provisions of § 2.2-115, E.1., Code of Virginia, determines that a project is of regional or statewide interest and elects to waive the requirement for a local matching contribution, such action shall be included in the report on expenditures from the Commonwealth's Development Opportunity Fund required by § 2.2-115, F., Code of Virginia. Such report shall include an explanation on the jobs anticipated to be created, the capital investment made for the project, and why the waiver was provided.
B.1. Out of the appropriation for this Item, $3,665,060 the first year and $5,295,060 the second year from the general fund shall be deposited to the Investment Performance Grant subfund of the Virginia Investment Partnership Grant Fund to be used to pay investment performance grants in accordance with § 2.2-5101, Code of Virginia.
C.1. Out of the appropriation for this Item, $1,800,000 the first year and $1,800,000 the second year from the general fund shall be deposited to the Major Eligible Employer Grant subfund of the Virginia Investment Partnership Grant Fund to be used to pay investment performance grants in accordance with § 2.2-5102, Code of Virginia.
E. Out of the appropriation for this Item, $8,878,000 the first year and $3,729,000 the second year from the general fund shall be used in support of the location of an aerospace engine facility in Prince George County. The funds may be used for grants in accordance with §§ 59.1-284.20, 59.1-284.21, and 59.1-284.22, Code of Virginia. The Director, Department of Planning and Budget shall transfer these funds to the impacted state agencies upon request to the Director, Department of Planning and Budget by the respective state agency.
F.1. Out of the appropriation for this Item, $4,200,000 the first year and $4,400,000 the second year from the general fund shall be deposited to the Virginia Economic Development Incentive Grant subfund of the Virginia Investment Partnership Grant Fund to be used to pay investment performance grants in accordance with § 2.2-5102.1, Code of Virginia. In the second year, $800,000 from the Virginia Economic Development Incentive Grant subfund of the Virginia Investment Partnership Grant Fund is hereby appropriated and shall be used to pay investment performance grants in accordance with § 2.2-5102.1, Code of Virginia.
G. Out of the appropriation for this Item, $7,155,840 the first year from the general fund shall be deposited to the Advanced Shipbuilding Training Facility Fund to be used to pay grants in accordance with § 59.1-284.23, F., Code of Virginia.
H. Out of the appropriation for this Item, $2,000,000 the first year and $3,000,000 the second year from the general fund shall be deposited to the Pulp, Paper, and Fertilizer Advanced Manufacturing Performance Grant Program Fund to be used for performance grants in accordance with § 59.1-284.28, Code of Virginia.
I. Out of the appropriation for this Item, $2,800,000 the first year and $2,800,000 the second year from the general fund shall be deposited into the Commonwealth Research Commercialization Fund created pursuant to § 2.2-2233.1, Code of Virginia. Of the amounts provided for the Commonwealth Research Commercialization Fund, up to $1,500,000 the first year and $1,500,000 the second year shall be used for a Small Business Innovation Research Matching Fund Program for Virginia-based technology businesses and, for matching funds for recipients of federal Small Business Technology Transfer (STTR) awards for Virginia-based small businesses. Any monies from these amounts that have not been allocated at the end of each fiscal year shall not revert to the general fund but shall be distributed for other purposes designated by the Research and Technology Investment Advisory Committee and aligned with the Research and Technology Roadmap.
Applicants shall be eligible for matching grants of up to $100,000 for Phase I awards and up to $500,000 for Phase II awards. All applicants shall be required to submit a commercialization plan with their application. Any unused funds shall not revert to the general fund but shall remain in the Commonwealth Research and Commercialization Fund. Notwithstanding the provisions of § 2.2-2233.1 D.6, Code of Virginia, unused funding from the Fund shall be awarded as originally intended by the Research and Technology Investment Advisory Committee and only reallocated if sufficient demand does not exist for the original allocation.
J.1. Out of the appropriation for this Item, $7,500,000 the first year and $10,000,000 the second year from the general fund shall be provided for the Virginia Biosciences Health Research Corporation (VBHRC), a non-stock corporation research consortium initially comprised of the University of Virginia, Virginia Commonwealth University, Virginia Polytechnic Institute and State University, George Mason University and the Eastern Virginia Medical School. The consortium will contract with private entities, foundations and other governmental sources to capture and perform research in the biosciences, as well as promote the development of bioscience infrastructure tools which can be used to facilitate additional research activities. The Director, Department of Planning and Budget, is authorized to provide these funds to the non-stock corporation research consortium referenced in this paragraph upon request filed with the Director, Department of Planning and Budget by VBHRC.
2. Of the amounts provided in J.1. for the research consortium, up to $2,500,000 the first year and $5,000,000 the second year may be used to develop or maintain investments in research infrastructure tools to facilitate bioscience research.
K.1. Out of this appropriation, $209,859 the first year and $209,868 the second year from the general fund shall be provided to the Virginia-Israel Advisory Board.
M. Out of this appropriation $500,000 the first year and $500,000 the second year from the general fund is provided for the purpose of attracting new tourism and hospitality projects and expanding existing tourism and hospitality projects in the Commonwealth. Funds shall be disbursed through the Virginia Tourism Authority as grants or loans to political subdivisions or business entities authorized to transact business in the Commonwealth based on criteria as approved by the Governor. The Governor shall transmit his specific criteria for awarding and distributing these funds to the Chairmen of the House Committee on Appropriations and the Senate Finance Committee prior to any expenditure of this appropriation.
N. Out of this appropriation, $1,000,000 the first year and $1,000,000 the second year from the general fund may be provided to the Virginia Economic Development Partnership to facilitate additional domestic and international marketing and trade missions approved by the Governor. The Director, Department of Planning and Budget, is authorized to provide these funds to the Virginia Economic Development Partnership upon written approval of the Governor.
O. Out of this appropriation, $30,000,000 the first year and $30,000,000 the second year from the general fund shall be made available to fund a collaborative effort to develop biotechnology spinoff companies that will accelerate the growth and strength of Virginia's biotechnology industry. Any proposal received by the Commonwealth shall be evaluated by the Virginia Biosciences Health Research Corporation (VBHRC) for merit and feasibility. Priority shall be given to those proposals which include the possible development of a Virginia headquarters co-located with one of the spinoff companies. Any proposals receiving favorable evaluation from the VBHRC shall be forwarded to the Major Employment and Investment (MEI) Project Approval Commission, established by § 30-309, Code of Virginia, for final approval. The Director, Department of Planning and Budget, is authorized to provide for payment of these funds to an appropriately designated fiscal agent consistent with the details of the proposal upon approval of the MEI Project Approval Commission.