AB 879: Bioscience Economic Opportunity Program: grants.

Existing law creates the Infrastructure and Economic Development Bank within the Governors Office of Business and Economic Development and commits to it the administration of various programs. Existing law requires the bank, not later than January 1 of each year, to submit a report to the Strategic Growth Council, the Governor, the Speaker of the Assembly, the President pro Tempore of the Senate, and the Legislative Analysts Office for the preceding fiscal year, as specified, containing information on the banks activities relating to the infrastructure bank fund and programs.

This bill would require the report to also include information on the banks impact on high technology industry clusters, including, but not limited to, healthcare technology, multimedia, environmental technology, and information technology.

Existing law establishes within state government the office of the Treasurer and establishes various programs under the jurisdiction of the Treasurer designed to facilitate the collaborative work between public and private partners and to provide innovative and effective solutions for Californias industries.

This bill would establish the Bioscience Economic Opportunity Program within state government under the jurisdiction of the Treasurer. The bill would establish the Bioscience Economic Opportunity Program Board and would set forth its membership. The bill would establish the purposes of the program including providing and administering state grants, coordinating federal funding, and engaging in other activities to promote innovation, research, and education of the bioscience industry. The bill would set forth the criteria for awarding grants under the program.