NY A05255

Creates the bioscience facilities development program administered by the New York state urban development corporation to support biotechnology, biomedicine, nanomedicine, specialty pharmaceuticals, and medical devices industries.

Provides grants to local economic development corporations in designated economic regions to establish revolving loan funds for bioscience facility construction and expansion.

Eligible borrowers include early and middle-stage bioscience companies with fewer than 200 employees that received institutional venture capital funding in the prior 24 months, plus property owners developing laboratory space for such companies.

Loans capped at 50 percent of laboratory construction costs at 7-8 percent interest for 7-10 years, with interest rising to 18 percent retroactively if companies relocate operations outside New York; 25 percent of principal forgiven after 5 years in-state and 50 percent after 10 years in-state.

Requires annual reporting by local development corporations on projects assisted, jobs created or retained, and loan status; mandates annual audits by the corporation to ensure program compliance.