New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4255 - Life Sciences Initiative Program › Section 4255.2 - Capital assistance program

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Definitions.
For the purposes of this section, the terms below shall have
				  the following meaning:
(1)
Life sciences
shall mean advanced and applied sciences that
				expand the understanding of human physiology and have the potential to lead to
				medical advances or therapeutic applications including, but not limited to,
				academic medical centers, agricultural biotechnology, biogenerics,
				bioinformatics, biomedical engineering, biopharmaceuticals, biotechnology,
				chemical synthesis, chemistry technology, diagnostics, genomics, image
				analysis, marine biology, marine technology, medical devices, nanotechnology,
				natural product pharmaceuticals, proteomics, regenerative medicine, RNA
				interference, stem cell research, clinical trials, including, but not limited
				to, neurological clinical trials and veterinary science.
(2)
Life sciences entity
shall mean a business corporation, partnership, firm, unincorporated
				association, or any other entity engaged in life sciences research,
				development, manufacturing or commercialization, or collaborating with entities
				engaged in life sciences research, development, manufacturing or
				commercialization.
(3)
Corporation
shall mean the New York State Urban Development
				Corporation doing business as Empire State Development.
(4)
Life sciences economic
				development benefits
means the creation, expansion, enhancement or
				acceleration of life sciences programs throughout the State that leads to:
(i) the commercialization of life sciences in
				New York State;
(ii) the creation
				or retention of jobs in the life sciences industry employing full time
				permanent employees;
(iii) the
				promotion of the life science ecosystem within a region of the State;
(iv) new patents in life science;
(v) additional commercial laboratory space;
				or
(vi) additional venture capital
				money for Life Sciences Entities in New York State.
(5)
Evaluation criteria
shall mean the criteria set forth in subdivision (d) of this section to be
				applied by the corporation in evaluating applications for Capital Assistance
				Program funding.
(6)
Full
				time permanent employee
shall mean:
(i) a full-time, permanent, employee on a
				life sciences entity's payroll, who has worked at the project location for a
				minimum of 35 hours per week for not less than 4 consecutive weeks and who is
				entitled to receive the usual and customary fringe benefits extended by the
				entity to other employees with comparable rank and duties; or
(ii) two part-time, permanent, private-sector
				employees on the life sciences entity's payroll, who have worked at the project
				location for a combined minimum of 35 hours per week for not less than 4
				consecutive weeks and who are entitled to receive the usual and customary
				fringe benefits extended by the entity to other employees with comparable rank
				and duties.