A BILL TO BE ENTITLED
AN ACT to appropriate funds for the renovation of the first flight venture center.
Whereas, the citizens of North Carolina deserve high‑paying jobs; and
Whereas, two ways to create jobs include recruiting them and growing them through entrepreneurship; and
Whereas, entrepreneurial growth is more sustainable and accounts for the vast majority of new jobs; and
Whereas, the Research Triangle Regional Partnership, working with Professor Michael Porter of Harvard Business School, identified target industry clusters for entrepreneurial growth in the Triangle region; and
Whereas, technology, information technology, and biotechnology are target clusters; and
Whereas, there is a need for incubators to grow emergent technology companies; and
Whereas, there is a shortage of incubators in the Triangle region; and
Whereas, First Flight Venture Center has provided a supportive start‑up environment for more than 150 technology‑based companies and 500 workers since 1992; and
Whereas, the Center is now home to 23 small companies with a total of 100 employees; and
Whereas, First Flight Venture Center has a new executive director and reformulated board; and
Whereas, First Flight Venture Center is located in the former Science and Technology Research Center building in the Research Triangle Park; and
Whereas, the basic structure of the First Flight Venture Center is sound, the facility is in need of renovations and updating; and
Whereas, the governor has set the goal of making government more efficient and, more specifically, reducing energy operating costs in State buildings by 20%; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to First Flight Venture Center, Inc., a nonprofit organization, the sum of one million three hundred fifty thousand dollars ($1,350,000) for the 2005‑2006 fiscal year to renovate the Center's facility and for other capital improvements, including updating the electrical system, modernizing office lighting, replacing the glass curtain wall and windows, adding new lab space, installing new lab casework, and installing new outside lighting for safety and energy savings.
SECTION 2.  This act becomes effective July 1, 2005.