§ 16-AA — Life sciences initiatives program

§ 16-aa. Life sciences initiatives program. The life sciences\ninitiatives program is hereby established for the purpose of attracting\nnew life sciences technologies, to promote critical public and private\nsector investment in emerging life sciences fields in New York state,\nand to create and expand life sciences related businesses and\nemployment.\n 1. Such life sciences initiatives program is designated to operate in\nareas identified by the corporation as having significant potential for\neconomic growth in New York, or in which the application of new life\nsciences technologies could significantly enhance the productivity and\nstability of New York businesses.\n 2. Life sciences are defined as advanced and applied sciences that\nexpand the understanding of human physiology and have the potential to\nlead to medical advances or therapeutic applications including, but not\nlimited to, academic medical centers, agricultural biotechnology,\nbiogenerics, bioinformatics, biomedical engineering, biopharmaceuticals,\nbiotechnology, chemical synthesis, chemistry technology, diagnostics,\ngenomics, image analysis, marine biology, marine technology, medical\ndevices, nanotechnology, natural product pharmaceuticals, proteomics,\nregenerative medicine, RNA interference, stem cell research, clinical\ntrials, including but not limited to neurological clinical trials and\nveterinary science.\n 3. A life sciences entity is defined as a business corporation,\npartnership, firm, unincorporated association, or any other entity\nengaged in life sciences research, development, manufacturing or\ncommercialization.\n 4. (a) The corporation is authorized, within available appropriations\nand consistent with such appropriations in the Life Sciences Initiatives\nProgram to provide financial support, through an application and\napproval process and such funds may be used for the advancement and\neconomic growth of life sciences programs, employment of staff,\ndevelopment and facilities or other working capital that are aligned\nwith the life sciences program strategy and approved by the corporation.\n (b) A life sciences entity must submit a completed application as\nprescribed by the chief executive officer of the corporation. Life\nsciences initiatives entity applications will be accepted, reviewed and\napproved on a rolling basis. Life sciences initiatives entity applicants\nmay include a program or multiple programs in their application. Each\nlife sciences program applicant shall include information in such\napplication relating to how its life sciences program initiative will\nenhance and accelerate life science programs, research and job creation\nand retention within New York.\n 5. The chief executive officer of the corporation shall, on or before\nOctober first, two thousand eighteen and every year thereafter, submit\nto the governor, the temporary president of the senate and the speaker\nof the assembly an annual report on the operations and accomplishments\nof the life sciences initiatives programs which shall include, but not\nbe limited to, the economic impact of the activities undertaken with\nstate funds, the number and amount of federal funds procured after\nprogram approval, including such factors as jobs created and maintained,\nthe average salary of the jobs created and average salary of jobs\nretained.\n 6. (a) The corporation shall by rule establish criteria for such\nprogram, such criteria shall include detailed provisions for\neligibility.\n (b) The corporation shall issue guidelines to effectuate the purpose\nof this section.\n