Section 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.N.Y. Urban Development Corporation Act Law § 16-aa
Added by New York Laws 2017, ch. 58,Sec. TT-1, eff. 4/20/2017.