2.2-2219 - Declaration of public purpose; Authority created.
§ 2.2-2219. Declaration of public purpose; Authority created.
A. It is found and determined by the General Assembly that there exists inthe Commonwealth of Virginia a need to (i) promote the economic developmentof the Commonwealth by attracting and retaining high technology jobs andbusinesses in Virginia; (ii) increase industry competitiveness by supportingthe application of innovative technologies that improve productivity andefficiency; (iii) mobilize support for high technology industries tocommercialize new products and processes, including organizing assistance forsmall business and supporting select industry sectors and regional hightechnology efforts; (iv) enhance and expand the scientific and technologicalresearch and development capabilities of the institutions of higher educationin the Commonwealth and coordinate such capabilities with the scientific andtechnological research and development activities and requirements of thepublic and private sectors, including transferring technological advances tothe private sector; (v) expand knowledge pertaining to scientific andtechnological research and development among public and private entities;(vi) attract research and development (R&D) facilities and contracts from thefederal government and private sector, including coordinating efforts toidentify and compete for large federal and private sector R&D facilities,tracking federal technology initiatives and recommending state actions, anddeveloping a statewide strategy to compete for large R&D contracts; and (vii)facilitate and coordinate the marketing, organization, utilization anddevelopment of scientific and technological research and development in theCommonwealth.
B. To achieve the objectives of subsection A, there is created andconstituted a political subdivision of the Commonwealth to be known as "TheInnovation and Entrepreneurship Investment Authority." The Authority'sexercise of powers conferred by this article shall be deemed to be theperformance of an essential governmental function and matters of publicnecessity for which public moneys may be spent and private property acquired.
(1984, c. 782, § 9-252; 1993, c. 967; 2001, c. 844; 2009, cc. 325, 810.)