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NY S&T Office to Become Public Foundation
New York's lead agency for promoting tech-based economic development (TBED) in the state soon will have a new name, if not a complete makeover. Under enacted budget legislation, the New York Office of Science, Technology and Academic Research (NYSTAR) will become the New York State Foundation for Science, Technology and Innovation by Jan. 1, 2006.
Assembly Bill 6843, the state's 2006 budget, provides $250 million for the new public authority "to fulfill the public purposes of furthering job creation and economic growth and advances in the fields of science, technology and innovation and to facilitate the commercialization of scientific and other innovations in New York State." A 13-member board comprised of public and private representatives will oversee the foundation, directing all existing NYSTAR programs, a new regional partnership program, and two new funds.
An additional $90 million in capital appropriations is included in the budget for the regional partnership program. The foundation will be responsible for selecting 10 partnerships - one for each of New York's 10 regions - through an application process. Participants will be required to submit a strategic plan within 90 days of certification, which will run for five years, beginning March 31, 2006.
Both of the new funds to be managed by the foundation will provide grants, loans and equity investments through the partnership program. Eligible fund uses for the Capital Investments Innovation Fund include infrastructure, site acquisition, building demolition, construction and equipment purchases. The Foundation Fund includes a portfolio of programs to provide financial assistance to technology companies for commercialization activities, advanced telecommunications services, energy efficiency or pollution prevention projects, and other purposes.
The legislation also creates a program to support development of specialized curricula for New York's SUNY and CUNY community colleges. The program is meant to help the two colleges keep pace with high tech industry clusters in the region and other academic research institutions.
The foundation's first annual report is due Feb. 1, 2006. To view the full text of A. 6843 and other budget backgrounders, visit: http://www.budget.state.ny.us/pubs/enacted/enacted.html