Section 4G. (a) In order to assist in fostering additional scientific and technology research and development in the state, there is hereby established a fund to be known as the Scientific and Technology Research and Development Matching Grant Fund, hereinafter referred to as the matching grant fund, to which shall be credited the proceeds of bonds or notes of the commonwealth issued for the purpose, and any appropriations designated by the general court to be credited thereto. The matching grant fund shall be administered by the corporation. The corporation shall hold the matching grant fund in an account or accounts separate from other funds of the corporation. The purpose of the matching grant fundshall be to provide matching funds for capital expenditures to be made in connection with projects which are sponsored by the University of Massachusetts, research universities, non-profit entities, or non-profit research institutions in the commonwealth for scientific or technology research and development and funded in part by the federal government or other public or private funds including, but not limited to, venture capital; provided, however, that any grant awarded in accordance with this section shall leverage at least $3, in the aggregate, during activities funded by such grant, from sources other than an agency as defined in section 39 of chapter 6 for each dollar granted; provided further, funds expended specifically for this matching fund from the higher education bond bill, established by chapter 258 of the acts of 2008, shall not count towards the $3 of financing that is required for the matching fund; provided further, that as a condition of such grants being awarded, the Massachusetts Technology Park Corporation shall reach agreement with the grant recipient on performance measures and indicators that will be used to evaluate the performance of the grant recipient in carrying out the activities described in the recipient's application; provided further, that prior to awarding any grant under this section the corporation shall determine that the grant will advance the purposes of this section; provided further, that priority shall be given to large-scale, long-term research and development activities that have the greatest potential to support scientific and technological innovation and stimulate economic and employment opportunities in the commonwealth through industry partnerships; and provided, further that at least 50 per cent of the grant funds under this section shall be reserved for award, over the term of each authorization or appropriation, subject to qualification, to the University of Massachusetts. The University of Massachusetts may, if it deems necessary to help ensure efficient and effective research and development efforts, enter into collaborative agreements with other higher education institutions in the commonwealth to undertake parts of any research and development project for which grant funding under this section is sought.
(b) To support effective planning and implementation of the matching grant fund, the corporation shall develop program guidelines or regulations in consultation with the University of Massachusetts and such other institutions or persons as deemed appropriate by the corporation. The corporation shall annually file a report with the joint committee on higher education and the house and senate committees on ways and means detailing the grants awarded under this section.