AMENDMENT(S) PROPOSED BY THE SENATE

GENERAL LAWS AND TECHNOLOGY

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The Authority shall have grant requests reviewed by the Virginia Research and Technology Advisory Commission for its recommendation prior to making any commitment of grant funds. In making its recommendation, the Commission shall consider (i) the scientific promise and potential innovation presented by the industry or entity requesting the grant; (ii) the economic development potential of the grant request, including job creation, capital investment, commercialization, and intellectual property; and (iii) how the research focus of the industry or entity making the request fits with the overall research and development strategy of the Commonwealth and the research at state-supported institutions of higher education. A copy of the recommendation of the Commission shall be provided to the Governor, the Chairman of the House Appropriations Committee and the Chairman of the Senate Finance Committee before any grant is issued.

GENERAL LAWS AND TECHNOLOGY

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2. That the provisions of the first enactment of this act providing for the review of grant requests by the Virginia Research and Technology Advisory Commission shall apply only to grant requests for projects based on Memoranda of Agreement signed after July 1, 2007.