The Third Board Meeting of 2007
Monday, May 21, 2007
On May 18th, the Authority Board of Directors met in the Authority conference room for the third of five scheduled meetings in 2007.
The business meeting began with an update of Accelerate Arkansas from guest Jerry Adams of Acxiom Corporation. Following was a review of the minutes from the March 16th Board meeting, as well as the President's Operating Report. Both were approved by the Board.
The Industry Committee then presented minutes from its May 1st meeting and requested approval for two appointments to the AMS Advisory Committee as well as a Draft Resolution. Draft Resolution 07-13 called for funding of seven partnership agreements . These partnerships were approved, as was the appointment of Dr. Derek Crews of Northwest Arkansas Community College and Scott Kingsborough, President of Mountain Valley Spring Company's Manufacturing Division, to the AMS Advisory Committee.
The Investment Committee covered the minutes from its April 26th meeting, as well as the Seed Capital Investment quarterly financials and the TTAG report; both of which were approved. Following this action, the Committee requested endorsement for fifteen draft resolutions.
The various resolutions called for disbursement of Research and Development tax credits to Biobased Insulation, BioBased Systems, BioBased Technologies, BioDetection Instruments, LLC, BlueInGreen, LLC, SFC Fluidics, LLC, Space Photonics Inc, Insight Ecosystems, InvoTech, Inc, NanoMech, LLC, Nanofabrication Laboratories, and Vegrandis, LLC. In addition, Resolution 07-26 called for authorization of funding for projects under the Technology Transfer Assistance Grant Program. By unanimous vote, the Board approved funding of these resolutions.
Amendments for three previously approved resolutions were also offered. Draft Resolution 06-12 and 07-07 regarded grant funding approval for the Technology Transfer Assistance Grant Program and the Technology Development Program. Draft Resolution 07-05 was a resolution authorizing the Authority to enter into a royalty agreement with UAMS BioVentures. The amendment called for an extension of a 90 day time limit on the creation and signing of the agreement to help finance the 2007 UAMS Roundtable. The Board voted to approve the extension.
F ollowing this, the Research Committee presented a review of its April 26th meeting minutes, and requested approval of EPSCoR Committee Nominations, and two draft resolutions. Draft Resolution 07-27 called for the funding of professional development fellowships and research workshop proposals from Harding University and Mansfield High School . The second of the two resolutions was Draft Resolution 07-29, which called for the funding of an Applied Research Grant proposal at the University of Arkansas at Little Rock . The Board voted to approve these requests.
Before adjuring the Board covered five pieces of new business including appointments to the Authority's Nominating Committee and four Draft Resolutions.
Resolutions 07-30 through 07-32 requested funding utilizing the Arkansas Research Matching Fund. Proposals to be funded included those from Arkansas State University , the University of Arkansas at Fayetteville , and the University of Arkansas at Little Rock . The final resolution was Resolution 07-33, a request for Technology Development Program funding of Minotaur Technologies in Fayetteville . The Board voted to approve these resolutions, as well as the appointments of Dr. John White and Authority Chair Sue McGowan to the Nominating Committee.
The next Board meeting is scheduled for September 21, 2007.
