Resolve, Directing the Department of Economic and Community Development To Facilitate the Creation of a Strategic Economic Plan

Emergency preamble. Whereas,  acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas,  this legislation must take effect before the end of the 90-day period so that the Department of Economic and Community Development may timely make its report to the Legislature; and

Whereas,  in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it

Sec. 1. Strategic economic plan. Resolved: That the Department of Economic and Community Development, in collaboration with public and private constituents, shall facilitate the creation of a 10-year strategic economic plan, referred to in this section as "the strategic plan," that recommends breakthrough strategies for increased economic prosperity for all citizens of the State in all regions, ultimately measured by increased household income, a growing workforce and sustainable business development.

The strategic plan must extend broadly from the Maine Innovation Economy Advisory Board's 2017 Maine innovation economy action plan created pursuant to the Maine Revised Statutes, Title 10, section 949 and seek to leverage private and federal investment, particularly in areas of scientific research and commercialization, with the intent of increasing the total value of private and federal investment to 3% of the State's gross domestic product and returning quantifiable public benefits from the investment.

The strategic plan must include sufficient assignments of accountably to ensure execution of the plan with sufficient metrics for effective management.

The strategic plan must include an analysis of gaps in funding and policy and recommendations that ensure dependable continuity of access to capital across business start-up stages from equity investments; seed capital tax credits; start-up grants; and direct, revolving and commercial loans with clear benchmarks, rigorous accountability, public transparency and risk mitigation that protect public benefits.

Following a comprehensive assessment and trend analysis of the State's research and development and business and commercial assets, the Department of Economic and Community Development shall ensure that the strategic plan includes consideration of but is not limited to directing policy supports that suit economic development in the emerging sectors of: life sciences and biomedical technology; environmental and renewable energy technology; information technology; advanced technologies for forestry and agriculture; aquaculture and marine technology; composites and advanced materials; and precision manufacturing.

The Department of Economic and Community Development shall establish a steering committee composed of representatives from the Department of Economic and Community Development, the Finance Authority of Maine, the Maine Development Foundation, the Department of Labor and the State Economist, which shall guide the development of the strategic plan.

The Department of Economic and Community Development shall establish a work team, which shall develop the content of the strategic plan. The work team must include, but is not limited to, the members of the steering committee and representatives from a state business organization, the Maine Technology Institute, a venture capital fund operating in the State, the office of the President of the University of Maine and a state building and trades organization.

The content of the strategic plan must be informed by the work team and developed in consultation with individuals and agencies, including, but not limited to, those with qualifications and experience related to: scientific research leading to creation of intellectual property, entrepreneurship and successful development of start-up and spin-off businesses; evaluating and underwriting successful business start-ups; technology transfer and capitalization of intellectual property; evaluating or completing successful projects funded in partnership with institutions such as the National Science Foundation, the United States Department of Health and Human Services, National Institutes of Health and National Institute of General Medical Sciences and the Maine Experimental Program to Stimulate Competitive Research, established in the Maine Revised Statutes, Title 5, section 13110, federal small business innovation research and small business technology transfer programs, national research laboratories and the Maine Technology Institute's technology asset fund.

The strategic plan must also be informed by input from, without limitation, the Finance Authority of Maine, the Maine Technology Institute, the Governor's office of innovation and the future, the Department of Economic and Community Development, the Maine Innovation Economy Advisory Board, the office of the President of the University of Maine, the office of the Chancellor of the University of Maine System, a venture capital fund operating in the State, organizations in the State dedicated to entrepreneurship, an organization in the State dedicated to biomedical research excellence and the State's congressional delegation.

By December 31, 2019, the Department of Economic and Community Development shall provide a report on the strategic plan to the Joint Standing Committee on Appropriations and Financial Affairs and the Joint Standing Committee on Innovation, Development, Economic Advancement and Business. The joint standing committees may report out legislation based on the report to the Second Regular Session of the 129th Legislature.

Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.

summary

This resolve directs the Department of Economic and Community Development to facilitate the creation of a 10-year strategic economic plan that recommends breakthrough strategies for increased economic prosperity for all citizens of the State in all regions, ultimately measured by increased household income, a growing workforce and sustainable business development.

The resolve directs the department to provide a report on the strategic plan to the Joint Standing Committee on Appropriations and Financial Affairs and the Joint Standing Committee on Innovation, Development, Economic Advancement and Business by December 31, 2019. The joint standing committees are authorized to report out legislation based on the report to the Second Regular Session of the 129th Legislature.