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Senator Bruno explains that the lack of a state budget threatens such Senate initiatives like �Gen*NY*sis� that would strengthen NY�s economy. |
"Gen*NY*sis" Aims to Make State a Biotech Leader
Wednesday, June 13, 2001
Senate Majority Leader Joseph L. Bruno today announced that the Senate will pass its ambitious "Gen*NY*sis" initiative, committing $500 million in state funds -- and up to $3 billion in private funds -- to help make New York a leader in research and development of new technologies linked to life sciences.
Senator Bruno�s announcement, which came as Republicans attempted for the seventh week in a row to convene a joint Senate-Assembly Budget Conference Committee, was designed to draw attention to the urgent need for action on the economic development initiative, which has been stalled by the lack of a state budget.
"Life sciences, like biotechnology, hold the promise of curing diseases, providing better diagnostic techniques and treatments to prolong life and ease suffering, and help improve our lives in so many different and previously unimaginable ways," said Senator Bruno (R-C, Brunswick). "It is critical that we take steps now to preserve New York�s place in this fast-growing industry by enacting the visionary �Gen*NY*sis� program, to stake our preeminent position among states as a leader in science and technology development."
"Unfortunately the lack of a state budget threatens initiatives like �Gen*NY*sis� and many others that can only help our communities and families weather uncertain economic times, and strengthen our state�s economy to provide even more opportunity for our citizens in the future," Senator Bruno said.
Senator Bruno urged the Assembly Democrats to end their boycott of budget meetings and immediately engage in discussions on "Gen*NY*sis," the urgent need for tax cuts, and the future plans for state financial support for programs and initiatives, including increased support for public schools and health care initiatives.
"Since the budget was due on April 1, governments and school districts have run by virtue of emergency spending bills that by their very nature do not include tax cuts, or higher funding for education or economic development," Senator Bruno said. "With nearly one-fourth of our fiscal year behind us, and the Assembly Democrats refusing to negotiate on these and other critical issues, there still is no budget in sight.
"In the Senate we are ready to negotiate, we are ready to pass a budget, and we are ready to fight for programs like �Gen*NY*sis� that will help protect and strengthen our economy and provide new opportunity for our families."
"Gen*NY*sis" -- which stands for "Generating Employment through New York Science" -- focuses on providing financial support to help researchers study, develop and market their discoveries for commercial use, such as to create new medicines, diagnostic techniques and research tied to potential new cures for diseases.
Already, life science companies in New York State have unveiled new discoveries related to the treatment of cancer, Alzheimer�s disease and prevention of childhood ear infections.
The federal government recently announced plans to double funding for life sciences research, even as New York�s share of such funding through the National Institutes of Health has fallen steadily through the 1990s, dropping the state to 43rd for growth in federal research grants.
"Gen*NY*sis" funding is designed to reverse that slide and position New York companies to take advantage of increased federal support. The initiative allocates funds to include every stage of research and development, from initial discoveries to helping arrange marketing pacts between researchers and commercial vendors.
The initiative includes $320 million in state support for eight regional Centers of Excellence, clusters of academic, research and business institutions located throughout the state on Long Island, Manhattan/Queens, Westchester/Bronx, the Capital Region, Central New York, Monroe County, Erie County and Tompkins/Ontario/Allegany Counties. Funding is to be used for construction of research and incubator space along with bioscience business parks.
Additionally, $90 million is provided for a Research Program to provide salary bonuses aimed at luring and retaining top scientists, matching research grants and capital costs connected to the construction of new research facilities.
Another $90 million is available for Biotechnology Business Development, an expansion of existing economic development programs to include life science projects, like biotechnology parks and incubators.
Eight newly created "Gen*NY*sis Zones," modeled on the state�s successful Empire Zones program, would qualify for $45 million in job-creating, targeted tax breaks, while an additional $20 million in tax cuts is aimed at life science companies located outside those areas.
" �Gen*NY*sis� is a carefully balanced program of economic assistance, research support and tax breaks designed to make New York an attractive location for companies seeking to excel in this growing field," Senator Bruno said. "It is critical that we act now to signal clearly our support for life sciences research and development and enact this plan, as well as a state budget, that propels us to our brighter future."
To view the Senate Majority�s Gen*NY*sis Biotech Job Development Plan, click here.
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