NY Pub Auth L § 3153 (2021)
2021 New York Laws PBA - Public Authorities Article 10-A - New York State Science and Technology Title 2 - New York State Foundation for Science, Technology and Innovation 3153 - Capital Investments Innovation Fund.

§ 3153. Capital investments innovation fund. 1. Creation and purposes. The  capital  investments  innovation  fund  is  hereby  created for the purpose of providing loans, grants or a combination thereof through  the regional  partnerships authorized pursuant to section thirty-one hundred fifty-four  of  this  title  for  economic  development  projects   that facilitate job growth and business expansion in New York state. However, nothing shall preclude the foundation, one or multiple partnerships from joining  together  to  advance and receive grants, loans or combinations thereof for projects authorized under  this  section.  Such  fund  shall provide  financing  for  programs  that improve the business climate and enhance economic competitiveness across New York state's regions.   2. Eligible projects. (a) Projects  eligible  for  capital  investment fund  financing  may  include, but not be limited to, those that enhance innovation or increase competitiveness in  emerging  or  high-technology industries, and other industries.  (b)  Capital  investment innovation funds may be utilized for projects which include, but may not be limited to, the following: the development of industrial facilities and parks, manufacturing  facilities,  business parks  and  incubators,  office  facilities  and  parks,  warehouse  and distribution  facilities,   and,   high-technology   and   biotechnology research, development and related commercialization facilities.  (c)  Projects  intended  primarily  for  the  development of retail or personal service facilities shall not be eligible.   3. Eligible costs. Capital investment innovation funds may be utilized for purposes including but not limited to the following:  infrastructure development,  including  water,  sewer,  highway,  rail access, electric power, gas and telecommunications; energy efficiency improvements;  site acquisition, site investigation, site clearance, building demolition and site  preparation;  construction,  reconstruction,  and renovation, and, machinery and equipment.   4. Project cost. Total project cost shall be a minimum of two  hundred fifty  thousand  dollars, unless the board determines that circumstances merit a waiver of such minimum threshold. At  least  two-thirds  of  the project cost shall consist of private sector, local, or federal funding. However,  those  projects  which  offer  exceptional  opportunities  for long-term private sector job creation and retention may be eligible  for a waiver of this requirement.   5.  Applications.  Applications  may be submitted to the foundation by the  regional  partnerships  on  behalf  of  municipalities,   nonprofit organizations,  businesses,  special  districts,  institutions of higher education, or other organizations. The foundation  may  provide  grants, loans  or  combinations  thereof, provided that projects be evaluated on the basis of the amount of  economic  impact  on  New  York  state,  the feasibility   of   business   plans  and  long-term  sustainability,  as determined by the foundation, in consultation with the urban development corporation.   6.  Program  rules  and  regulations.  Following   consultation   with appropriate  state  and  local  agencies  and  other  organizations, the foundation shall promulgate rules and regulations for the award  of  the capital  investments  innovation  fund  financing  through  the regional partnerships, provided however, that the foundation board shall  oversee the  distribution  of  all funds appropriated to the capital investments innovation fund program.