N.Y. Urban Development Corporation Act 174/68 § 16-aa: Life sciences initiatives program

§ 16-aa. Life sciences initiatives program. The life sciences

initiatives program is hereby established for the purpose of attracting

new life sciences technologies, to promote critical public and private

sector investment in emerging life sciences fields in New York state,

and to create and expand life sciences related businesses and

employment.

1. Such life sciences initiatives program is designated to operate in

areas identified by 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.

2. Life sciences are defined as 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.

3. A life sciences entity is defined as a business corporation,

partnership, firm, unincorporated association, or any other entity

engaged in life sciences research, development, manufacturing or

commercialization.

4. (a) The corporation is authorized, within available appropriations

and consistent with such appropriations in the Life Sciences Initiatives

Program to provide financial support, through an application and

approval process and such funds may be used for the advancement and

economic growth of life sciences programs, employment of staff,

development and facilities or other working capital that are aligned

with the life sciences program strategy and approved by the corporation.

(b) A life sciences entity must submit a completed application as

prescribed by the chief executive officer of the corporation. Life

sciences initiatives entity applications will be accepted, reviewed and

approved on a rolling basis. Life sciences initiatives entity applicants

may include a program or multiple programs in their application. Each

life sciences program applicant shall include information in such

application relating to how its life sciences program initiative will

enhance and accelerate life science programs, research and job creation

and retention within New York.

5. The chief executive officer of the corporation shall, on or before

October first, two thousand eighteen and every year thereafter, submit

to the governor, the temporary president of the senate and the speaker

of the assembly an annual report on the operations and accomplishments

of the life sciences initiatives programs which shall include, but not

be limited to, the economic impact of the activities undertaken with

state funds, the number and amount of federal funds procured after

program approval, including such factors as jobs created and maintained,

the average salary of the jobs created and average salary of jobs

retained.

6. (a) The corporation shall by rule establish criteria for such

program, such criteria shall include detailed provisions for

eligibility.

(b) The corporation shall issue guidelines to effectuate the purpose

of this section.