New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4255 - Life Sciences Initiative Program › Section 4255.1 - Purpose and general description

Current through Register Vol. 46, No. 28, July 10, 2024
The Life Sciences Initiative Program (the program) is
				  established for the purpose of nurturing, growing and retaining new life
				  sciences companies in New York State, attracting existing companies from
				  outside New York State, promoting critical public and private sector investment
				  in emerging life sciences fields in the State, and creating and expanding life
				  sciences related businesses and employment. It is intended to operate in areas
				  identified by the New York State Urban Development Corporation (the
				  corporation) as having significant potential for economic growth in New York,
				  or in which the application of new life sciences technologies could
				  significantly enhance the productivity and stability of New York businesses.
				  The corporation will endeavor, through its life sciences programs, to provide
				  benefits, to the extent practicable, taking into consideration regional
				  balance, anticipated job creation and retention and economic development
				  benefits. The first component of this program, capital assistance, is a
				  critical component to this initiative as it endeavors to attract new life
				  sciences technologies to the State, promote critical public and private sector
				  investment in emerging life sciences fields in the State and create and expand
				  life sciences related businesses and employment throughout the State. This
				  program includes securing established accelerator firms to facilitate the
				  creation and implementation of a bio-accelerator initiative. The
				  bio-accelerator will provide scientists with entrepreneurial training, access
				  to venture capital and a network of mentors to help expedite the translation of
				  their scientific insights into commercially viable products. It also includes
				  the establishment of a collaboration among three upstate research institutions
				  to accelerate the pathway from discovery research to commercialization. The
				  second component of this program, the New York Fund for Innovation in Research
				  and Scientific Talent (NYFIRST), is intended to encourage the recruitment and
				  retention of exceptional life science researchers and world-class talent at the
				  state's medical schools to accelerate translational research. The corporation
				  anticipates other elements of the program to include support for venture
				  investments. In addition, the corporation may allocate funds from the program
				  to cover the corporation's administrative costs associated with the program. If
				  the proposal satisfies the applicable requirements and program funding is
				  available, the proposal may be presented to the corporation's directors or
				  president/chief executive officer for consideration and approval in accordance
				  with applicable law and regulations. The directors normally meet once a month.
				  If the project is approved for funding and if it involves the acquisition,
				  construction, reconstruction, rehabilitation, alteration or improvement of any
				  property, the corporation will schedule a public hearing in accordance with the
				  act and will take such further action as may be required by the act and
				  applicable law and regulations. After approval by the corporation and a public
				  hearing, if required, the project may then be reviewed by the State Public
				  Authorities Control Board (PACB), which also generally meets once a month, in
				  accordance with PACB requirements and policies. Following directors' approval,
				  and PACB approval, if required, documentation will be prepared by the
				  corporation. Notwithstanding the foregoing, no program project shall be funded
				  if sufficient program monies are not received by the corporation for such
				  project.