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Full Text of this Amendment
On page 12, between lines 11 and 12, insert the following:
SEC. 10. BUSINESS INCUBATORS.
(a) In General.--Title II of the Public Works and Economic Development Act of 1965 is amended by inserting after section 207 (42 U.S.C. 3147) the following:
"SEC. 208. BUSINESS INCUBATORS.
"(a) Definition of Business Incubator.--
"(1) IN GENERAL.--In this section, the term `business incubator' means an organization or entity established to foster the start-up of businesses or accelerate the growth of fledgling companies by providing entrepreneurs with resources and services to produce viable businesses that can help create jobs and restore vitality to distressed areas.
"(2) EXCLUSION.--The term `business incubator' does not include an organization or entity that is organized primarily as a for-profit venture.
"(b) Development of Plans for Creation or Expansion of Business Incubators.--On receipt of an application from an eligible recipient (as determined by the Secretary in accordance with subsection (d)), the Secretary may provide grants to an eligible recipient for--
"(1) the development of feasibility studies and plans for the creation of new, or expansion of existing, business incubators;
"(2) the implementation of those studies and plans by supporting the creation of new, or expansion of existing, business incubators and related programmatic and technical assistance, which may include--
"(A) making investments in an early-stage business;
"(B) providing training, counseling, and other assistance to an early-stage business to support the development of the business;
"(C) carrying out due diligence activities to analyze and assess the desirability, value, and potential of an opportunity to provide assistance; or
"(D) meeting operational expenses of the business incubator; and
"(3) the temporary support of operations of business incubators, to the extent that the Secretary determines that the support is essential to assist a business incubator in becoming self-sustainable.
"(c) Limitation on Amount of Grants.--The amount of a grant provided to an eligible recipient under this section may not exceed--
"(1) $750,000, if the grant is to be used for feasibility studies and plans; or
"(2) $3,000,000, if the grant is to be used for implementation of those studies and plans.
"(d) Procedure for Providing Grants.--
"(1) COMPETITIVE PROCESS REQUIRED.--The Secretary shall provide each grant under this section to an eligible recipient selected pursuant to a competitive process.
"(2) SELECTION CRITERIA.--The Secretary shall publish the criteria to be used in any competition under this paragraph for the selection of eligible recipients of grants under this section, including requirements relating to--
"(A) the projected number of jobs required to be created at a new or expanded business incubator for each of the first 6 years after the date of receipt of the grant;
"(B) the funding to be required to create or expand a business incubator during the first 5 years after the date of receipt of the grant;
"(C) the types of businesses and research entities expected in the business incubator and surrounding community;
"(D) letters of intent or support by businesses and research entities to establish a location in the business incubator;
"(E) the capability to attract a well-trained workforce to the business incubator;
"(F) the management of the business incubator; and
"(G) such other factors as the Secretary determines to be appropriate.
"(e) Authorization of Appropriations.--
"(1) IN GENERAL.--There are authorized to be appropriated to carry out this section such sums as are necessary for fiscal year 2012 and each fiscal year thereafter.
"(2) AVAILABILITY.--Amounts made available pursuant to paragraph (1) shall remain available until expended.".
(b) Technical Amendment.--The table of contents of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq.) is amended by adding after section 207 the following:
(As printed in the Congressional Record for the Senate on Jun 14, 2011.)