SENATE BILL REPORT
SB 5404
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
As Reported by Senate Committee On:
Economic Development, Trade & Innovation, January 26, 2012
Title: An act relating to authorizing community economic revitalization board funding to benefit innovation partnership zones.
Brief Description: Authorizing community economic revitalization board funding to benefit innovation partnership zones.
Sponsors: Senators Chase, Kastama, Hatfield, Shin, Prentice, McAuliffe, Kohl-Welles, Conway and Keiser.
Brief History:
Committee Activity: Economic Development, Trade & Innovation: 2/03/11, 2/07/11 [DP]; 1/18/12, 1/26/12 [DP, w/oRec].
SENATE COMMITTEE ON ECONOMIC DEVELOPMENT, TRADE & INNOVATION |
Majority Report: Do pass.
Signed by Senators Kastama, Chair; Chase, Vice Chair; Baumgartner, Ranking Minority Member; Hatfield, Holmquist Newbry, Kilmer and Shin.
Minority Report: That it be referred without recommendation.
Signed by Senator Zarelli.
Staff: Jack Brummel (786-7428)
Background: The Legislature established Innovative Partnership Zones (IPZs) in 2007. IPZs are designated local areas that have research capacity, globally competitive firms in research-based industries, and training capacity. IPZs must have identifiable boundaries within which concentrated efforts will be made to connect innovative researchers, entrepreneurs, investors, industry associations or clusters, and training providers. IPZs are eligible for funds as provided by the Legislature or Governor. IPZs are designated by the Department of Commerce with the advice of the Economic Development Commission. IPZ designation is for a period of four years, which may be renewed through a reapplication process.
The Community Economic Revitalization Board (CERB) was created in 1982 to provide funding for publicly-owned economic development infrastructure. Through CERB, direct loans and grants are available to counties, cities, Indian tribes, and special purpose districts. CERB financing of public facilities may be for public improvements such as the acquisition, construction, or repair of water and sewer systems, bridges, railroad spurs, telecommunication systems, roads, structures, and port facilities.
Summary of Bill: The general objectives of CERB include enhancing job and business growth through facility development and other improvements in IPZs.
For purposes of CERB financing, the term "public facilities" includes research, testing, training, and incubation facilities in IPZs.
Appropriation: None.
Fiscal Note: Available.
Committee/Commission/Task Force Created: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Staff Summary of Public Testimony : PRO: IPZs are a wonderful innovation that have not yet reached their full potential. Our intention is to have economic development projects spread across the state.
Persons Testifying : PRO: Senator Chase, prime sponsor.