(a) The Life Sciences Initiative Program (the program) is established for the purpose of nurturing, growing and retaining new life sciences companies in New York State, attracting existing companies from outside New York State, promoting critical public and private sector investment in emerging life sciences fields in the State, and creating and expanding life sciences related businesses and employment. It is intended to operate in areas identified by the New York State Urban Development Corporation (the corporation) as having significant potential for economic growth in New York, or in which the application of new life sciences technologies could significantly enhance the productivity and stability of New York businesses. The corporation will endeavor, through its life sciences programs, to provide benefits, to the extent practicable, taking into consideration regional balance, anticipated job creation and retention and economic development benefits. The first component of this program, capital assistance, is a critical component to this initiative as it endeavors to attract new life sciences technologies to the State, promote critical public and private sector investment in emerging life sciences fields in the State and create and expand life sciences related businesses and employment throughout the State. This program includes securing established accelerator firms to facilitate the creation and implementation of a bio-accelerator initiative. The bio-accelerator will provide scientists with entrepreneurial training, access to venture capital and a network of mentors to help expedite the translation of their scientific insights into commercially viable products. It also includes the establishment of a collaboration among three upstate research institutions to accelerate the pathway from discovery research to commercialization. The second component of this program, the New York Fund for Innovation in Research and Scientific Talent (NYFIRST), is intended to encourage the recruitment and retention of exceptional life science researchers and world-class talent at the state’s medical schools to accelerate translational research. The corporation anticipates other elements of the program to include support for venture investments. In addition, the corporation may allocate funds from the program to cover the corporation’s administrative costs associated with the program. If the proposal satisfies the applicable requirements and program funding is available, the proposal may be presented to the corporation’s directors or president/chief executive officer for consideration and approval in accordance with applicable law and regulations. The directors normally meet once a month. If the project is approved for funding and if it involves the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of any property, the corporation will schedule a public hearing in accordance with the act and will take such further action as may be required by the act and applicable law and regulations. After approval by the corporation and a public hearing, if required, the project may then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month, in accordance with PACB requirements and policies. Following directors’ approval, and PACB approval, if required, documentation will be prepared by the corporation. Notwithstanding the foregoing, no program project shall be funded if sufficient program monies are not received by the corporation for such project.