59.1-284.24 - Specialized Biotechnology Research Performance Grant Program.
§ 59.1-284.24. Specialized Biotechnology Research Performance Grant Program.
A. As used in this section:
"Authority" means the Virginia Economic Development Partnership Authority.
"Capital investment" means an investment in real property, tangiblepersonal property, or both, made or caused to be made by a qualified entityin a facility.
"Eligible county" means Fairfax County.
"Grant" means an installment of the specialized biotechnology researchperformance grant paid in a particular fiscal year as described in thissection.
"Facility" means any facility that, pursuant to a memorandum ofunderstanding, is to be owned or leased by the qualified entity and operatedby the qualified entity for research, development and production related tomolecular diagnostics and drug development. The facility includes temporarywet lab and office space at the Center for Innovative Technology building andpermanent space to be developed for and used by the qualified entity in aneligible county.
"Memorandum of understanding" means a performance agreement to be enteredinto by June 30, 2010, by a qualified entity and the Commonwealth settingforth the requirements for capital investment, the creation of new full-timejobs, fundraising commitments, collaboration with Virginia universities,research contracts, and other criteria that will make the qualified entityeligible for grants under this section.
"New full-time job" means employment of an indefinite duration in afacility, for which the average annual wage is at least equal to theprevailing average annual wage in an eligible county and for which thestandard fringe benefits are paid by the qualified entity, requiring aminimum of either (i) 35 hours of an employee's time per week for the entirenormal year of such qualified entity's operations, which "normal year" mustconsist of at least 48 weeks, or (ii) 1,680 hours per year. Seasonal ortemporary positions and positions created when a job function is shifted froman existing location in the Commonwealth shall not qualify as new full-timejobs under this section. Other positions, which may or may not be ofindefinite duration, including supplemental employees of affiliates,subsidiaries, joint ventures, contractors, or subcontractors of the qualifiedentity, may be considered new full-time jobs if so designated as such in thememorandum of understanding.
"Qualified entity" means a 501(c)(3) nonprofit entity that is or will beengaged in research, development and production related to moleculardiagnostics and drug development and that will commit itself in thememorandum of understanding to (i) make or cause to be made a new capitalinvestment of at least $200 million after January 1, 2010, at a facility;(ii) create or cause to be created, after January 1, 2010, at least 415 newfull-time jobs related to the qualified entity's operations; and (iii) meetthe other criteria set forth in the memorandum of understanding.
"Secretary" means the Secretary of Commerce and Trade or his designee.
B. Any qualified entity shall be eligible to receive a grant each fiscal yearbeginning with the Commonwealth's fiscal year starting on July 1, 2011, andending with the Commonwealth's fiscal year starting on July 1, 2014, unlesssuch time frame is extended in accordance with this section. The grants underthis section (i) shall be paid, subject to appropriation by the GeneralAssembly, from a nonreverting fund entitled the Specialized BiotechnologyResearch Performance Grant Program Fund, which Fund is hereby established onthe books of the Comptroller; (ii) shall not exceed $22 million in theaggregate; (iii) shall be paid to a qualified entity during each fiscal yearcontingent upon the qualified entity meeting the requirements for thecreation of new full-time jobs, new capital investment, and other criteriaset forth in the memorandum of understanding; and (iv) shall be expended byor for the benefit of the qualified entity on the costs of developing afacility or establishing or maintaining the qualified entity's operations.
1. The amount of the grant to be paid in each fiscal year shall beconditioned upon the qualified entity meeting the requirements for (i) theaggregate number of new full-time jobs created throughout the calendar yearthat immediately precedes the beginning of such fiscal year; (ii) theaggregate amount of the capital investment made throughout the calendar yearthat immediately precedes the beginning of such fiscal year; and (iii) othercriteria described in the memorandum of understanding. If the qualifiedentity has not met the grant requirements set forth in the memorandum ofunderstanding by December 31, 2015, the period of eligibility may be extendedfor up to two years, provided that the grants paid in any given fiscal yearshall not exceed $5.5 million, plus any amounts deferred in accordance withsubsection C or D. Grants shall be paid based upon such requirements asagreed to on or before June 30, 2010, regardless if such memorandum ofunderstanding is later modified, amended, superseded, or otherwise changed.
2. The aggregate amount of grants that may be awarded in a particular fiscalyear shall not exceed the following:
a. $5.5 million for the Commonwealth's fiscal year beginning July 1, 2011;
b. $11 million, less the total amount of grants previously awarded pursuantto this subsection, for the Commonwealth's fiscal year beginning July 1, 2012;
c. $16.5 million, less the total amount of grants previously awarded pursuantto this subsection, for the Commonwealth's fiscal year beginning July 1,2013; and
d. $22 million, less the total amount of grants previously awarded pursuantto this subsection, for the Commonwealth's fiscal year beginning July 1, 2014.
C. Any qualified entity applying for a grant under this section shall provideevidence, satisfactory to the Secretary, of (i) the aggregate number of newfull-time jobs created and the substantial retention of the same throughoutthe calendar year that immediately precedes the fiscal year in which thegrant is to be paid; (ii) the aggregate amount of the capital investment madeand substantially retained as of the last day of the calendar year thatimmediately precedes the fiscal year in which the grant is to be paid; and(iii) progress toward meeting all other requirements described in thememorandum of understanding. The application and evidence shall be filed withthe Secretary in person or by mail no later than April 1 each year followingthe calendar year in which the qualified entity meets such aggregate newfull-time job requirements, aggregate capital investments, and otherrequirements described in the memorandum of understanding. Failure to meetthe filing deadline shall result in a deferral of a scheduled grant paymentset forth in subsection B. For filings by mail, the postmark cancellationshall govern the date of the filing determination.
D. The memorandum of understanding may provide that if a grant payment hasbeen deferred for any reason, including the initial failure to meet theaggregate capital investment or the aggregate new full-time job requirementsor any other requirement set forth in the memorandum of understanding,payment in a subsequent fiscal year for which such requirements have been metfor the immediately preceding calendar year shall include both the deferredpayment and the scheduled grant payment as provided in subsection B or that aproportional payment be made, based on the proportional share of the requiredcapital investment, new additional full-time jobs, or other applicablecriteria.
E. As a condition of receipt of a grant, a qualified entity shall makeavailable to the Secretary or his designee for inspection upon his requestrelevant and applicable documents to determine whether the qualified entityhas met the requirements for the receipt of grants as set forth in thissection and the memorandum of understanding. The Comptroller shall not drawany warrants to issue checks for the grant program under this section withouta specific appropriation for the same. All such documents appropriatelyidentified by the qualified entity shall be considered confidential andproprietary.
(2010, cc. 482, 562.)