N.Y. UDA Law § 16-I — New York Code / Act UDA / Section 16-I
The empire state economic development fund
Status: in_force

* § 16-i. The empire state economic development fund. 1. The empire\nstate economic development fund is hereby created. The corporation is\nauthorized, within available appropriations, to provide financial,\ntechnical or other assistance from such fund for the following: (a)\nLoans, loan guarantees and grants including interest subsidy grants to\nmanufacturing and non-retail service firms, for headquarters facilities\nof firms engaged generally in retail industries, retail firms located in\ndistressed areas and to other businesses, for the purpose of developing\nrecreational, cultural, or historical facilities that are likely to\nattract significant numbers of visitors. Loans, loan guarantees and\ninterest subsidy grants may be used to finance new construction,\nrenovation or leasehold improvements and the acquisition of land,\nbuildings, machinery and equipment. The proceeds of such loans, loan\nguarantees and interest subsidy grants may also be used to finance\nworking capital;\n  (b) Loans, loan guarantees, and grants including interest subsidy\ngrants may be provided to municipalities, industrial development\nagencies, not-for-profit corporations or local development corporations\nfor the purpose of developing federal facility sites, urban industrial\nsites, industrial parks and incubator buildings; or to undertake\npreliminary planning relating thereto;\n  (c) Grants for the purpose of creating or retaining jobs or\npreventing, reducing or eliminating unemployment or underemployment\nincluding, but not limited to, productivity assessments, export market\ndevelopment plans and other projects to promote international trade;\nskills training assistance including classroom instruction or on the job\ntraining; and programs to assist economically distressed regions and\ncommunities to identify new business opportunities, plan for new\nenterprise development and manage economic development projects;\n  (d) Loans, loan guarantees, interest subsidies and grants to\nbusinesses, municipalities, industrial development agencies and local\nand regional economic development corporations for projects for the\npurpose of attracting, retaining or permitting the expansion of\nindustrial, manufacturing, commercial, research and development, high\ntechnology, tourism, agricultural or non-retail service businesses and\nnot-for-profit organizations which shall include, but not be limited to\nbasic systems and facilities on public and privately owned property\nincluding drainage systems, sewer systems, access roads, sidewalks,\ndocks, wharves, water supply systems, and site clearance, preparation,\nimprovements and demolition. In addition, grants for preliminary\nplanning of projects eligible to apply for financing pursuant to this\nparagraph may be provided;\n  (e) Grants to municipalities, not-for-profit corporations and local\nand regional economic development organizations seeking to attract,\nstabilize, retain or revitalize existing businesses, and to assist small\nand new businesses for activities including, but not limited to, the\npreparation of strategic plans for local or regional economic\ndevelopment, the analysis of business sectors, marketing and promoting\nregional business clusters, and feasibility studies;\n  (f) Loans, loan guarantees, interest subsidy grants and direct grants\nfor feasibility studies, surveys and reports, architectural design,\nstudies, and other redevelopment work for non-residential improvements\nto commercial buildings, commercial strips, downtown areas or business\ndistricts;\n  (g) Assistance to local or regional organizations to facilitate\nfinancing for small- and medium-sized business, including minority- and\nwomen-owned business enterprises through flexible financing programs,\nincluding, but not limited to, loan loss reserve and revolving loan\nprograms, working capital loans, working capital loan guarantees, or\nother flexible financing programs that leverage traditional financing;\n  (h) Assistance to eligible entities and organizations as set forth in\nsection 16-l of this act to support community economic development\nprograms and activities, including value-added small business growth,\nagricultural, agribusiness and forest products and those projects that\npromote the family farm, increase or retain employment opportunities and\notherwise contribute to the revitalization of local rural areas which\nare economically distressed.\n  2. Applications for assistance pursuant to this section shall be\nreviewed and evaluated in cooperation with regional economic development\noffices pursuant to eligibility requirements and criteria set forth in\nrules and regulations promulgated by the corporation. Approval of\nproject applications shall be made only upon a determination by the\ncorporation:\n  (a) that the proposed project would promote the economic health of New\nYork state by facilitating the creation or retention of jobs or would\nincrease business activity within a municipality or region of the state\nor would enhance or help to maintain the economic viability of family\nfarms;\n  (b) that the project would be unlikely to take place in New York state\nwithout the requested assistance.\n  (c) that the project is reasonably likely to accomplish its stated\nobjectives and that the likely benefits of the project exceed costs; and\n  (d) the project is undertaken in accordance with the memorandum of\nunderstanding executed in accordance with this section.\n  3. The provisions of this section shall expire, notwithstanding any\ninconsistent provision of subdivision 4 of section 469 of chapter 309 of\nthe laws of 1996 or of any other law, upon the effective date of a\nchapter of the laws of 2000 which appropriates funds for the principal\nsupport of the urban development corporation for the 2000-01 state\nfiscal year.\n  * NB Expired upon appropriation of funds to UDC for 2000--01 fiscal\nyear notwithstanding being repealed March 31, 1997 by chap. 309/1996 §\n469 sub. 4.\n  See ch. 413/99 Pt. M\n