LD 226
pg. 4
Page 3 of 5 An Act To Amend the Applied Technology Development Centers Statutes Page 5 of 5
Download Bill Text
LR 426
Item 1

 
(2) A for-profit center in a targeted technology may
apply for available funding. A for-profit center
selected for funding shall accept the funding as a loan
that may be paid back in the form of cash, equity or
royalties as agreed upon by the for-profit center and
the Department of Economic and Community Development.

 
B. The Department of Economic and Community Development and
the director shall assist in the recruitment of tenants for
the applied technology development centers that are
representative of the targeted technologies. Sources of
tenant recruitment may include nonprofit and academic
institutions, entrepreneurial start-up companies referred to
the system by a technology-based trade organization or
economic development organization and system-recruited and
self-referred start-up companies.

 
C. Each applied technology development center shall provide
shared, low-cost space to selected tenants and be designed
to be self-sufficient with regard to operational costs and
structural maintenance. Existing real estate must be
considered where suitable. Specific business support
tailored to each tenant must be provided by existing
organizations such as the small business development centers
and regional economic development districts. Each applied
technology development center must have simultaneous-
broadcast or interactive-television capability or access to
these capabilities nearby to facilitate common training for
the system.

 
D. The records and proceedings of the applied technology
development centers are not considered public for the
purposes of Title 1, chapter 13.

 
4. Funding. The following provisions govern funding for
applied technology development centers.

 
A. An applicant may not receive more than $750,000 from the
system in an initial funding for an applied a technology
development center.

 
B. An entity that requests initial funding for an applied
technology development center shall obtain or must have obtained
at least 25% of the funding from nonstate sources. These sources
may include in-kind donations, federal grants, federal funding,
local funding initiatives and private foundation grants. The
Applied Technology Development Center System Coordinating Board
shall determine whether the matching funds meet this requirement.
The Center for Environmental Enterprise in South Portland, the
Target


Page 3 of 5 Top of Page Page 5 of 5