NEW JERSEY: Sen. Doria Introduces Bill Relating to Innovation Zone Program

TRENTON, N.J., March 19 -- New Jersey State Sen. Joseph V. Doria Jr., D-Jersey City, has introduced a bill (S.B. 2608) that relates to the establishment of innovation zone program.

According to the statement included in the bill as filed: "This bill implements, in part, Governor McGreevey's Executive Order No. 128 of 2004. The bill requires the New Jersey Economic Development Authority (the 'authority') to establish an '"innovation zone' program within the authority to consist of four innovation zones, with each zone surrounding a New Jersey research university, college or research hospital, or any combination thereof, and located in the Camden/Gloucester area, the Hudson area, Newark City, and the New Brunswick/Princeton area."

"An innovation zone is a geographic area that surrounds a New Jersey research university, college or research hospital, or any combination thereof, that has the potential to attract a collaborative research effort between the academic communities, research hospitals and New Jersey's technology industry, resulting in business and job growth. The executive director of the authority is to recommend the precise geographic boundaries of the innovation zones and subzones to the members of the authority, who are to give their final approval to the geographic boundaries of the innovation zones. An innovation zone may consist of a zone and subzone or subzones in order to accommodate the targeting of financial resources to those geographic areas surrounding New Jersey research universities."

"The bill requires the authority, with the approval of the State Treasurer, to modify its existing programs where permissible by law to give bonuses or other enhanced incentives to businesses that locate in an innovation zone within the surroundings of a research university. Programs to be utilized in this regard shall include the Business Employment Incentive Program, the Seed Capital program, the Springboard Fund, the Technology Tax Certificate Transfer program, the Garden State Life Sciences Venture Fund, and other technology funding programs."

"The bill requires the Commission on Science and Technology (the 'commission') to modify its programs where permissible by law to promote and support networks and collaboration between the local technology industry and university or hospital researchers in the innovation zones, to increase federal funding to universities in areas of strategic importance to New Jersey's technology industry, to promote the transfer of technology and commercialization of new ideas in the innovation zones, and to further develop support for technology companies in the innovation zones. With the assistance of these State entities, the authority and the commission may recommend potential future innovation zones to enhance cluster-based economic development strategies anchored by research universities, colleges or research hospitals."

"The bill authorizes the authority and the commission to call upon any department, authority, commission, board, office, division, or agency of the State to provide such information or other assistance deemed necessary to discharge its responsibilities under the bill and to direct resources to those areas that surround a research university. Such responsibilities may include, but not be limited to, calling upon the Department of Treasury for assistance with the Business Employment Incentive Program, the Technology Tax Certificate Transfer program, and other technology funding programs; the Department of Labor and Workforce Development for assistance in developing workforce development strategies; the Department of Transportation and the New Jersey Transit Corporation for assistance in enhancing public transportation networks and infrastructure; the New Jersey Commerce, Economic Growth and Tourism Commission to assist in business attraction efforts and the coordination with the Urban Enterprise Zone program; the Department of Community Affairs for assistance in expanding housing opportunities and advising on smart growth development strategies; and the Commission on Higher Education to facilitate and promote partnerships and programs to address workforce needs and enhance research and development."

"The bill requires the authority to establish an advisory committee for each innovation zone whose membership shall consist of local technology business leaders and representatives from the research community. Each advisory committee shall meet quarterly to advise the authority and the commission with respect to the functioning of the innovation zones and the needs of the local technology industry."

The measure was referred to the New Jersey State Senate Economic Growth Committee.

The bill was introduced on March 15.

The full text of the legislation can be accessed at this URL: http://www.njleg.state.nj.us/2006/Bills/S3000/2608_I1.HTM

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