HF 1256

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to bioscience and technology; providing grants for bioscience business
development and commercialization; requiring a report; appropriating money.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin BIOSCIENCE COMMERCIALIZATION INCENTIVES.
new text end

new text begin $5,000,000 for fiscal year 2008 and $5,000,000 for fiscal year 2009 are appropriated
from the general fund to the commissioner of employment and economic development
for bioscience business development and commercialization grants. The commissioner
shall designate an evaluation team to accept grant applications, review and evaluate
grant proposals, and select up to five grant proposals to receive funding each year.
The evaluation team shall be comprised of not more than 12 members including: the
commissioner or the commissioner's designee; representatives of bioscience businesses;
public and private institutions of higher education; private investment companies; a
nonprofit entity that qualifies as a 501(c)6 under the Internal Revenue Code and is a trade
association representing the life sciences industry; and a bio business alliance that qualifies
as a 501(c)3 under the Internal Revenue Code. The criteria used by the evaluation team
in evaluating grant proposals must include, but is not limited to: the potential to create
and sustain jobs within the state of Minnesota; the potential for long-term business
activity, growth, and expansion in Minnesota; the level of technological maturity; the
potential to attract private investment; and the availability and readiness of markets. The
commissioner must report to the standing committees of the house of representatives and
the senate having jurisdiction over bioscience and technology issues by February 1 each
year on the number, type, and amounts of grants awarded and the activities of the grant
recipients. This is a onetime appropriation and is available until expended.
new text end