Topeka ? Kansas state officials are gearing up to sell off assets of the Kansas Bioscience Authority, an agency established in 2004 to help spur the growth of new startup bioscience companies in Kansas.

Gov. Sam Brownback and legislative leaders will meet Wednesday to consider a proposal that would be the first step toward preparing for the sale, merging KBA with the Kansas Department of Commerce.

“Merging with the Department of Commerce will allow Commerce to begin moving through the process of selling the portfolio,” Budget Director Shawn Sullivan said in an email Monday.

For the past 12 years, KBA has operated like a venture capital firm, making direct investments in bioscience companies, although it never held a majority position with any of those companies.

But in recent years, it has been a source of controversy in the Legislature, with some lawmakers objecting to the way KBA has been managed, and others objecting philosophically to the idea of a state agency making direct investments in private firms.

During the 2016 session, lawmakers authorized selling off KBA’s portfolio as part of an effort to balance the budget this fiscal year. That sale is expected to generate at least $25 million, which is assumed as part of this year’s revenue stream.

Any proceeds from the sale in excess of $25 million is earmarked for the school finance plan that lawmakers passed during the special session in June.

The governor and legislative leaders will consider the merger proposal at 10 a.m. Wednesday when they meet as the State Finance Council. Some of the council members, including Brownback, are expected to participate by telephone because they are attending the Republican National Convention in Cleveland.