reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4230 - Minority And Women-owned Business Development And Lending Program › Section 4230.16 - Miscellaneous

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Confidentiality. To the extent permitted by law, all information regarding the
				financial condition, marketing plans, manufacturing processes production costs,
				customer lists, or other trade secrets and proprietary information of a person
				or entity requesting program assistance, which is submitted by such person or
				entity to the corporation in connection with an application for such
				assistance, shall be confidential and exempt from public disclosures.
(b) Affirmative action. The affirmative
				action department of the corporation shall develop an affirmative action
				program in connection with each provision of program assistance in consultation
				with the recipient of such assistance and any other involved party and in
				compliance with all applicable laws. Compliance with provisions of law
				prohibiting discrimination in employment or hiring on the basis of age, race,
				creed, color, national origin, sex, disability or marital status, shall be
				required.
(c) Employment
				opportunities. Except as provided in section
				4230.6(g)(4) of
				this Part, each recipient of program assistance for a project that is intended
				to create at least 50 jobs and that involves financing by the corporation in
				the amount of $100,000 or more must agree to consider, for new employment
				opportunities generated by the project, individuals on public assistance and
				those eligible to participate in Federal Job Training Partnership Act
				programs.
(d) Use of consultants.
				Applicants must indicate whether a consultant has been utilized in the
				formulation and/or preparation of their project proposals and/or application
				for program assistance. No consultant so employed may charge a fee, nor shall
				any applicant pay a fee or agree to pay a fee, contingent upon the applicant
				obtaining program assistance.
(e)
				Plant closing notification policy. The corporation's policy is to encourage
				employers that receive significant assistance from the State to agree to
				provide notification of any plant closing or major layoff. The recipients of
				$100,000 or more of financial assistance from the corporation which are
				expected to have an employment level of 50 or more persons at the project site
				within one year of the disbursement of the program assistance will be
				encouraged to give a minimum of 90 days' notice to its employees and UDC prior
				to the reduction of its permanent workforce over a one-year period by the
				greater of:
(1) 50 employees; or
(2) 50 percent of its workforce.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to set forth the
				  application process, determine eligibility and codify administration by the New
				  York State Urban Development Corporation of the Job Retention Working Capital
				  Loan Fund authorized by chapter 53, section 8-b, chapter 54, section 1, and
				  chapter 57, section 368 of the Laws of 1993. The purpose of the program is to
				  provide financial assistance in the form of working capital loans or loan
				  guarantees to companies at imminent risk of reducing employment and grants for
				  the benefit of communities whose employment is impacted by a planned military
				  base closing and/or downsizing and downsizing by a county's major
				  employer.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Appropriating
				legislation shall mean the Job Retention Working Capital Loan Fund, chapter 57,
				section 368 of the Laws of 1993.
(b) Corporation shall mean the New York State
				Urban Development Corporation, a public benefit corporation created by chapter
				174 of the Laws of 1968, as amended.
(c) Eligible lending organization shall mean
				any banking or insurance organization regulated by New York State or any
				nationally recognized financial or lending institution not affiliated with an
				eligible business.
(d) Eligible
				business shall mean a business that is resident in New York State, with the
				exception of those listed in section
				4235.5(b) and (c)
				of this Part.
(e) Eligible
				recipients shall mean:
(1) any municipality
				of the State;
(2) a local
				development corporation;
(3) an
				industrial development agency; and
(4) any corporation organized under the
				Not-for-Profit Corporation Law of the State of New York.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.3 - Assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Pursuant to
				chapter 53, section 8-b, chapter 54, section 1, and chapter 57, section 368 of
				the Laws of 1993, the corporation shall provide, within available
				appropriations, the following types of financial assistance:
(1) loan guarantees;
(2) working capital loans; and
(3) grants.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.4 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall evaluate applications for working capital loans or loan
				guarantees in accordance with the following criteria:
(1) the total number of jobs expected to be
				retained;
(2) the impact of the
				project on the community;
(3) the
				ratio of the number of jobs retained to the amount of assistance provided by
				the loan fund. In general, financing will not be approved for projects that
				anticipate a return of less than one job for every $20,000 of State financial
				assistance;
(4) the demonstrated
				need for such assistance, established by a showing of a short-term lack of
				liquidity of an existing solvent business;
(5) the existence of a company commitment to
				a business plan to turn around the financial condition of the
				business;
(6) the existence of an
				independent evaluation of the company, prepared by a certified public
				accountant or the equivalent retained by the corporation or undertaken by the
				corporation;
(7) evidence of
				participation in and support of the project by owners, managers, employees,
				suppliers, financial institutions and the community to the maximum extent
				possible;
(8) the existence of a
				completed company evaluation by the IEP or its equivalent, approved by the
				corporation, which outlines a plan to improve the competitive position of the
				company on an ongoing basis, or a commitment that such will be
				undertaken;
(9) the ability of the
				applicant to repay the State financial assistance;
(10) the credit-worthiness of the
				applicant;
(11) the existence of
				any actions or investigations of civil or criminal misconduct pending against
				an eligible business or business owner; and
(12) preference will be given to those
				applicants working in strategic industries.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.5 - Eligible and ineligible applicants

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An eligible applicant for financial
				assistance pursuant to section
				4235.3(a)(1)-(2)
				of this Part shall mean an eligible business at imminent risk of reducing
				employment.
(b) The following
				enterprises are ineligible for financial assistance pursuant to section
				4235.3(a)(1)-(2)
				of this Part:
(1) businesses in existence for
				less than three years;
(2) retail
				operations;
(3) professional
				corporations;
(4) overnight lodging
				facilities;
(5) personal service,
				medical, housing and real estate organizations; and
(6) businesses which are parties to
				litigation pending against the State.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.6 - Eligible and ineligible uses of funds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Assistance from the loan fund for loan
				guarantees and working capital loans may be sought and used for working capital
				purposes.
(b) Assistance from the
				loan fund for loan guarantees and working capital loans shall not be used for
				any of the following purposes:
(1)
				disbursements to eligible business owners, including any repayment or servicing
				of loans or transfers from the owning entity of eligible businesses, stock
				distributions or reductions of owner's equity in any manner or payment of
				excessive salaries, as determined by the corporation in its sole
				discretion;
(2) payment of any tax
				arrearages;
(3) refinancing which
				shall reduce the commitment of outside financial institutions to the eligible
				business;
(4) the purchase of real
				estate or machinery and equipment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.7 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Working
				capital loans and loan guarantees shall be for a minimum amount of $500,000 and
				shall cover a period of up to three years, to be reviewed and approved annually
				by the chairman of the corporation. The implementation of the company's plan to
				improve its competitive position on an ongoing basis shall be one of the
				criteria to be considered by the corporation as a condition of renewal. A
				personal or corporate guarantee of the principal owner of the business shall be
				required for all working capital loans and loan guarantees.
(b) Interest rates for working capital loans
				will be set at the time the directors of the corporation approve an
				application. Interest rates may be increased during the term of the loan if the
				applicant fails to comply with specific covenants or maintain employment levels
				approved by the corporation. Rates and terms will be fixed based upon what is
				necessary to make the project feasible, and will reflect market conditions and
				project requirements.
(c) Loans
				shall be adequately secured. The adequacy of security shall be determined at
				the sole discretion of the corporation.
(d) Working capital loans and loan guarantees
				made by the corporation typically shall not exceed 80 percent of the total
				credit facility. The corporation shall not assume 100 percent of the risk of
				any working capital loan or loan guarantee; a participating eligible lending
				organization shall be required to share the risk with the
				corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.8 - Application and project process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				applicant for program assistance for a loan guarantee or a working capital loan
				shall file an application with the corporation on forms provided by the
				corporation.
(b) Program
				applications shall require that some or all of the following information be
				submitted:
(1) A business plan, which should
				include:
(i) history of the company or
				companies involved, as well as information about the applicant's previous
				business activities;
(ii) ownership
				structure, including a listing of owners, shareholders or partners;
(iii) product and market information,
				including analysis and strategy, the company's customers and suppliers, and a
				physical description of the company's facilities;
(iv) three years of CPA prepared historical
				financial statements;
(v) a
				detailed sources and uses of funds statement; and
(vi) three years of pro forma financial
				statements, including assumptions that clearly show the need and impact of the
				requested loan on the operations and financial condition of the
				company.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.9 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
To the extent permitted by law, all information regarding the
				  financial condition, marketing plans, manufacturing processes, production
				  costs, customer lists or other trade secrets and proprietary information of a
				  person or entity requesting assistance from the corporation, which is submitted
				  by such person or entity to the corporation in connection with an application
				  for assistance, shall be confidential and exempt from public
				  disclosures.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4235 - Job Retention And Defense Industry Working Capital Loan Program › Section 4235.10 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An application
				fee of $250 must be paid to the corporation before final review of an
				application can be completed. In the event the application is withdrawn or
				rejected, the corporation shall promptly refund the application fee to the
				applicant.
(b) The corporation
				shall assess a fee of up to three percent of each working capital loan payable
				by the borrower at closing. The corporation shall assess a fee of up to one
				percent per annum of each loan guarantee. The corporation may allocate the
				administrative fee to cover project-related expenses it deems appropriate. In
				addition, the borrower will be obligated to pay for all out-of- pocket expenses
				incurred by the corporation related to working capital loans and loan
				guarantees.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to set forth and codify
				  the application process, eligibility criteria and procedure for the
				  corporation, through a cooperative agreement with the New York State Department
				  of Transportation, to administer the Small, Minority and Women-owned Business
				  Enterprises Transportation Capital Assistance and Guaranteed Loan Program,
				  authorized and to be funded from the appropriation made by the appropriating
				  legislation. The purpose of the program is to provide financial assistance to
				  small, minority and women-owned business enterprises engaged in government
				  sponsored, transportation related construction projects. The corporation will
				  also seek to establish affirmative action goals for participation in program
				  projects by minorities and women pursuant to the Urban Development Corporation
				  Act.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Affirmative
				action program shall mean a program developed by the affirmative action
				department of the corporation establishing goals for the participation of
				minority persons and women in business and employment opportunities for any
				project receiving financial assistance from the program.
(b) Appropriating legislation shall mean
				chapter 54, section 1 of the Laws of 1993, together with all subsequent
				legislation appropriating or reappropriating funds for the program.
(c) Beneficiary means a recipient of program
				assistance as set forth in section
				4240.3 of this Part.
(d) Business development loan shall mean a
				loan for the purposes described in, and meeting the criteria enumerated in
				section 4240.7 of this Part.
(e) Business development loan guaranty shall
				have the meaning assigned to such term in section
				4240.9 of this Part.
(f) Educational institution shall mean:
(1) any school, college, university,
				vocational educational institution or other entity subject to the supervision
				of the State Education Department pursuant to the State Education Law;
				and
(2) any for-profit enterprise
				that derives 30 percent or more of its gross income training or instructional
				activities.
The term educational institution shall not include any
				  not-for-profit corporation organized for other than educational purposes and
				  affiliated with an entity described in paragraph (1) or (2) of this
				  subdivision.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.3 - Eligible and ineligible program assistance recipients

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The corporation shall provide program
				assistance to beneficiaries directly or through intermediaries, as follows:
(1) Recipient of funds pursuant to a linked
				deposit shall be an intermediary that is an eligible banking organization
				proposing to make program loans, in accordance with section
				4240.5 of this Part, to
				beneficiaries that are small businesses or certified minority and/or
				women-owned business enterprises.
(2) A recipient of program assistance in the
				form of a government contractor loan shall be a beneficiary that is a small
				business or a certified minority and/or women-owned business enterprise
				proposing to undertake a project that meets the criteria set forth in section
				4240.6 of this Part.
(3) A recipient of program assistance in the
				form of a business development loan shall be a beneficiary that is small
				business or a certified minority and/or women-owned business enterprise
				proposing to undertake a project that meets the criteria set forth in section
				4240.7 of this Part.
(4) A recipient of program assistance in the
				form of a franchise loan shall be a beneficiary that is a small business or a
				certified minority and/or women-owned business enterprise proposing to
				undertake a project that meets the criteria set forth in section
				4240.8 of this Part.
(5) A recipient of program assistance in the
				form of a loan guaranty shall be an intermediary that is an eligible banking
				organization proposing to make program loans, in accordance with section
				4240.9 of this Part, to
				beneficiaries that are small businesses or certified minority and/or
				women-owned business enterprises.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.4 - Eligible and ineligible uses of program assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program assistance may be sought and used
				for the purposes set forth in the descriptions herein of each form of program
				assistance.
(b) Program assistance
				shall not be used for any of the following purposes:
(1) refinancing, retiring or liquidating
				existing debt or equity;
(2)
				residential construction projects;
(3) payment of any tax arrearages;
				and
(4) payment of employee benefit
				arrearages.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.5 - Linked deposits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation may make linked deposits of funds into eligible banking
				organizations in order to encourage such organizations to make program loans to
				small businesses and minority and women-owned business enterprises.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.6 - Government contractor loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation may provide government contractor loans to small government
				contractors and certified government contracts for funds necessary to perform a
				government contract(s), subject to section
				4240.4 of this Part and the
				following:
(1) in the event the corporation
				deems it necessary, such loans may be secured by assignment to the corporation
				of the amounts payable to the small government contractor or certified
				government contractor under the government contract(s) to be
				financed;
(2) the government
				contract(s) must have been awarded by the governmental entity or agency prior
				to disbursement of government contractor loan funds;
(3) the government contract(s) must be of
				sufficient magnitude to enable the small government contractor or certified
				government contractor to repay the government contractor loan;
(4) the amount of the government contractor
				loan generally shall not exceed 50 percent of the annual value of the
				government contract(s) based on the value of contract receivables acceptable to
				the corporation, which receivables shall include, but not be limited to:
(i) receivables based on invoices verified as
				due and payable by the government agency, in the case of a prime contractor
				applicant, or by the prime agency, in the case of a subcontractor
				applicant;
(ii) receivables related
				to the specific government contract(s) to be financed by the
				corporation;
(iii) receivables that
				are, generally, not more than 90-120 days old; and
(iv) in the case of government contracts that
				are "not to exceed" contracts, receivables estimated on the basis of prior,
				similar contracts executed by the government agency;
(5) no more than one government contractor
				loan shall be outstanding to any one applicant at any given time;
(6) repayment terms will be made consistent
				with working capital requirements under the government contract(s) to be
				financed; and
(7) the amount of the
				government contractor loan shall not be less than $20,000 and generally shall
				not exceed $500,000.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.7 - Business development loans

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide business development loans to
				  small businesses and certified minority and/or women-owned business enterprises
				  for the acquisition or improvement of real property, machinery, equipment or
				  for working capital, subject to sections 4240.4 and
				  4240.10 of this Part and the
				  following:
(a) an applicant for a
				business development loan must have been in the business for which financing is
				sought or in a related field at least three years prior to the date of its
				application;
(b) preference will be
				given to enterprises involved in manufacturing, distribution or wholesaling;
				and
(c) each business development
				loan provided by the corporation shall not be less than $50,000 and generally
				shall not exceed $500,000.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.8 - Franchise loans

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide franchise loans to small
				  businesses and certified minority and/or women-owned business enterprises that
				  seek to acquire franchises of nationally-recognized corporations, subject to
				  sections 4240.4 and
				  4240.10 of this Part and the
				  following:
(a) disbursements by the
				corporation of such loans shall be conditioned on obtaining such franchise(s);
				and
(b) the amount of any such loan
				shall not be less than $50,000 and generally shall not exceed $300,000 or an
				amount equal to twice the amount of cash equity in the project, whichever is
				less.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.9 - Loan guarantees

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide government contractor loan
				  guarantees, business development loan guarantees and franchise loan guarantees
				  (individually and collectively, the "loan guaranty") to eligible banking
				  organizations proposing to make loans for projects as described in sections
				  4240.6 through
				  4240.8 of this Part to enterprises
				  that qualify for such loans under said sections (except that the $50,000
				  minimum set forth in section
				  4240.8[b] of this
				  Part shall not apply to any loan secured by a business development loan
				  guaranty), subject to sections 4240.4 and
				  4240.10 of this Part and the
				  following:
(a) the loan guaranty shall
				be fully funded by the corporation;
(b) the loans to be guaranteed must be
				secured by an interest in collateral acceptable to the corporation;
(c) the amount of the loan guaranty shall not
				exceed 80 percent of eligible project costs as determined by the corporation in
				consultation with the eligible banking organization proposing to make the loan
				that shall be guaranteed; and
(d)
				loan guarantees shall not be available to enterprises receiving program
				assistance in the form of a direct loan from the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.10 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation and Department of Transportation shall
				  evaluate each application for program assistance in the form of a government
				  contractor loan, a government contractor guaranty, a business development loan,
				  a business development guaranty, a franchise loan or a franchise loan guaranty
				  in accordance with the following criteria:
(a) the location of the project. Priority
				consideration shall be given to the comparative degree of economic distress
				within the areas in which the project is located;
(b) the total number of jobs expected to be
				created or retained in the State as a result of the requested assistance and
				the ratio of the number of jobs to be created or retained to the amount of
				assistance provided under the program and to the total project cost. In
				general, financial assistance will not be approved for projects that anticipate
				a return of less than one job for every $20,000 of program financial
				assistance;
(c) the availability of
				other funding sources and evidence, if any, provided by the applicant of its
				previous attempts to obtain financing through other sources and of the results
				of the attempts. To the maximum extent possible, program assistance shall be
				provided in conjunction with private or other public funding sources;
(d) the financial feasibility of the project
				and the credit-worthiness of the applicant;
(e) the percentage of the total project cost
				that the program is being asked to finance. Business development loans and
				franchise loans will generally not exceed 60 percent of the total funding for a
				project;
(f) the size of the
				applicant's equity contribution. In general, except in the case of government
				contractor loans and government contractor loan guarantees, the corporation and
				Department of Transportation expect an applicant's equity contribution to a
				project to be equal to at least 10 percent of the total project cost;
(g) the ability of the applicant to carry out
				the project in a manner consistent with the program;
(h) the financial condition of the applicant,
				particularly its anticipated ability to meet the repayment schedule of any loan
				it receives under the program and its potential for growth;
(i) the anticipated impact of the project on
				the general employment and economic conditions of the community in which it
				will be located;
(j) the level of
				local public support for the project;
(k) the likelihood of accomplishing the
				project in a timely fashion; and
(l) the availability of program funds.
				Approval of applications shall be subject to the availability of funds
				allocated to the program and made according to the comparative quality of the
				applications received.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.11 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
The following terms and conditions shall apply to government
				  contractor loans, business development loans and franchise loans whether made:
				  directly by the corporation; by an eligible banking organization pursuant to a
				  linked deposit; or made by an eligible banking organization and supported by a
				  government contractor loan guaranty, business development loan guarantee or
				  franchise loan guaranty:
(a) Interest
				rates on program loans will be structured to reflect market conditions, project
				feasibility and the applicant's ability to repay. Interest rates may be
				increased during the term of the loan if the applicant fails to create and/or
				retain specified employment levels approved by the corporation.
(b) The standard term of program loans will
				be as follows:
(1) loans, the proceeds of
				which are used to acquire machinery and equipment, generally will be made for a
				term of three to seven years, depending upon the useful life of the collateral
				as determined by the corporation;
(2) the term of construction loans generally
				will not exceed 24 months; and
(3)
				loans, the proceeds of which are used to acquire or improve real property,
				generally will not be made for a term exceeding 20 years. In a co-equal or
				coordinate mortgage situation, a UDC mortgage generally will match the term of
				the other mortgage.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.13 - Miscellaneous

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Confidentiality. To the extent permitted by law, all information regarding the
				financial condition, marketing plans, manufacturing processes, production
				costs, customer lists, or other trade secrets and proprietary information of a
				person or entity requesting program assistance, which is submitted by such
				person or entity to the corporation in connection with an application for such
				assistance, shall be confidential and exempt from public disclosures.
(b) Affirmative action. The affirmative
				action department of the corporation shall develop an affirmative action
				program in connection with each provision of program assistance in consultation
				with the recipient of such assistance and any other involved party and in
				compliance with all applicable laws. Compliance with provisions of law
				prohibiting discrimination in employment or hiring on the basis of age, race,
				creed, color, national origin, sex, disability or marital status, shall be
				required.
(c) Employment
				opportunities. Each recipient of program assistance for a project that is
				intended to create at least 50 jobs and that involves financing by the
				corporation in the amount of $100,000 or more must agree to consider, for new
				employment opportunities generated by the project, individuals on public
				assistance and those eligible to participate in Federal Job Training
				Partnership Act programs.
(d) Use
				of consultants. Applicants must indicate whether a consultant has been utilized
				in the formulation and/or preparation of their project proposals and/or
				application for program assistance. No consultant so employed may charge a fee,
				nor shall any applicant pay a fee or agree to pay a fee, contingent upon the
				applicant obtaining program assistance.
(e) Plant closing notification policy. The
				corporation's policy is to encourage employers that receive significant
				assistance from the State to agree to provide notification of plant closings or
				major layoffs. The recipients of $100,000 or more of financial assistance from
				the corporation which are expected to have an employment level of 50 or more
				persons at the project site within one year of the disbursement of the program
				assistance will be encouraged to give a minimum of 90 days' notice to its
				employees and UDC prior to the reduction of its permanent workforce over a
				one-year period by the greater of:
(1) 50
				employees; or
(2) 50 percent of its
				workforce.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
These regulations set forth the framework for the
				  administration by the New York State Urban Development Corporation d/b/a Empire
				  State Development Corporation (ESD or the Corporation) of the JOBS Now Program
				  (JOBS Now or the Program). JOBS Now is authorized under section 16-h of the New
				  York State Urban Development Corporation Act (the UDC Act). The program is
				  intended to promote the economic health of New York State (the State) and
				  increase economic activity within the State by encouraging the expansion of
				  business within the State and the attraction of businesses to the
				  State.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following terms shall have the meanings set forth below
				  for purposes of this Part:
(a)
				Eligible business shall mean any of those businesses set forth in section
				4242.3 of this Part as eligible
				for program assistance.
(b)
				Eligible project or eligible expansion or attraction project shall mean a
				project that meets the requirements of section
				4242.3(a) and is
				not ineligible under section
				4242.3(b) of this
				Part.
(c) New, permanent,
				full-time, private sector job shall mean a job meeting the requirements of
				section 4242.3 of this Part.
(d) Retail shall have the meaning set forth
				in section
				4242.3(b)(1) of
				this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.3 - Eligible and ineligible projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Eligible projects. ESD may provide assistance as set forth below to projects
				that involve the expansion of an eligible business within the State or the
				attraction of an eligible business to the State, and will create at least 300
				new, permanent, full-time, private sector jobs; provided, however, that if and
				to the extent provided from time to time by section 16-h of the UDC Act or
				other applicable legislation, ESD may provide assistance to expansion and
				attraction projects that create fewer than 300 but at least 100, new,
				permanent, full-time, private sector jobs within the State. Private-sector
				businesses eligible for program assistance shall include industrial,
				manufacturing, warehousing and distribution, research and development, high
				technology, service and other non-retail commercial enterprises.
(1) New jobs shall include both:
(i) new hires within the State, whether at
				one or more locations within the State, that increase the total number of
				employees employed in the State by the business seeking program assistance;
				and
(ii) the relocation by a
				business seeking program assistance of jobs from outside the State to one or
				more locations within the State.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.4 - Assistance available

Current through Register Vol. 46, No. 28, July 10, 2024
Within available appropriations, ESD may provide one or more
				  of the following types of assistance to eligible projects; provided, however
				  that, except as may be further limited below, the maximum amount of assistance
				  of any one of the following types for any one project generally shall not
				  exceed $10,000 per job created as a result of the project.
(a) Job creation grants.
(1) Purpose. ESD may make grants to eligible
				businesses under taking eligible projects, which grant may be used by the
				recipient to defray its State or local tax liability for any taxable period
				beginning on or after the date such grant is approved by ESD.
(2) Amount. The grant shall equal a portion,
				not more than 50 percent, of the State income tax withheld from the salaries
				paid to employees hired as a result of the eligible project, as shall be
				determined by ESD after taking into consideration the anticipated economic
				development benefits of the project, including the total number and nature of
				jobs created, and the demand for program funds. The maximum amount of any job
				creation grant is $1.5 million.
(3)
				Disbursement. Job creation grant proceeds generally will be disbursed by ESD
				proportionately with the establishment, by presentation of documentation
				reasonably satisfactory to ESD, of the following:
(i) the number of new, permanent, full-time,
				private-sector jobs that have been created out of the total projected to be
				created;
(ii) the amount of State
				income tax that has been withheld with respect to these jobs out of the total
				projected to be withheld; and
(iii)
				the amount and nature of the State or local tax liability that is due from and
				payable by the business receiving the job creation grant, to which the job
				creation grant will be applied, out of the total projected to be due and
				payable.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.5 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall evaluate applications for program assistance in consultation
				with local government officials and regional economic development offices for
				conformance to the requirements set forth in this Part and the following
				criteria, among others, as may be appropriate to the type of assistance being
				requested:
(1) the financial condition of the
				company undertaking the project, including its profitability or potential to
				generate profits; liquidity; ability to service debt and its leverage
				ratio;
(2) management experience,
				ability and knowledge of industry and the company's general ability to carry
				out the project;
(3) satisfactory
				credit references;
(4) availability
				of adequate collateral for program assistance, as may be appropriate;
(5) availability and adequacy of personal and
				corporate guarantees;
(6) absence
				of tax judgments;
(7) size of the
				applicant's equity contribution to the project. In general, an equity
				contribution of at least 10 percent of the total project cost will be required,
				except as may otherwise be provided herein;
(8) the level of economic distress
				demonstrated in the community in which the project is located and the project's
				overall impact on that community;
(9) the number and nature of the jobs created
				and the total payroll impact of the project;
(10) the availability of other sources of
				funding including offers of assistance from locations outside of New York
				State, and the amount of private financing being leveraged by program
				funds;
(11) the economic
				development benefits that are likely to result from the project and the amount
				of State assistance being requested.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.6 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Loans.
(1) Within the limitations established
				hereunder, terms and security arrangements will be flexible, depending on the
				type of loan and the particular characteristics of the project under
				consideration.
(2) Interest rates
				on loans will be set at the time the directors approve an application. Rates
				and terms will be fixed based upon what is necessary to make the project
				feasible, and will reflect market conditions, the applicant's ability to repay
				and project requirements. The interest rate established for any loan generally
				will not be lower than three percent.
(3) Loans generally will be made for the
				following terms:
(i) Loans made for the
				purpose of financing the acquisition of real property or the acquisition,
				renovation or construction of facilities may be made for a term not to exceed
				20 years. In a co-equal and coordinate mortgage situation, a mortgage granted
				to the corporation will match the term of the other mortgagee. ESD will not
				make construction loans except in its sole discretion in extremely limited
				circumstances.
(ii) Loans made for
				the purpose of financing the acquisition of machinery and equipment may be made
				for a term of up to seven years, or the useful life of the collateral,
				whichever is less.
(iii) Working
				capital loans will be made for a term of from up to four years.
(4) Standard repayment terms
				generally will include level debt service payments over the term of the loan.
				In certain circumstances, deferred or graduated payments may be permitted,
				provided that the loan is fully amortized over the remainder of the loan
				term.
(5) Guarantees generally will
				be required of any holder of 20 percent or more of the shares of the borrower
				in those instances in which the corporation determines that the financial
				circumstances of the borrower alone are insufficient reasonably to assure
				repayment of the program loan and such guarantee is necessary or advisable to
				secure repayment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.7 - Application and project process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				applicant for program assistance shall file an application with the corporation
				on a form provided by the corporation, which will elicit information about the
				project and the applicant.
(1) With respect
				to all requests for program funding, the application will request:
(i) information about the applicant,
				including its history, ownership, size, primary products or services rendered,
				major customers, its market and marketing strategy;
(ii) information about the proposed project
				including total project cost, total assistance requested, proposed uses of the
				program funds, other proposed sources for funding, the number of jobs to be
				created and other anticipated project results, how the project will be
				implemented and the current status of the project;
(iii) information with respect to the site of
				the project and the impact, if any, on the environment and any landmark or
				historic properties;
(iv) a
				description of the need for the requested funds and a specific justification
				for the request for assistance;
(v)
				a budget breakdown of the sources and uses of funds associated with the
				proposed project;
(vi) letters of
				commitment or rejection from other financing sources;
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.8 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				permitted by law, all information regarding the financial condition, marketing
				plans, manufacturing processes, production costs, customer lists, or other
				trade secrets and proprietary information of a person or entity requesting
				assistance form the corporation, which is submitted by such person or entity to
				the corporation in connection with an application for assistance, shall be
				confidential and exempt from public disclosures.
(b) To the extent permitted by law, no
				full-time employee of the State of New York or any agency, department,
				authority or public benefit corporation thereof shall be eligible to receive
				assistance under this program, nor shall any business, the majority ownership
				interest of which is beneficially controlled by any such State employee, be
				eligible for assistance under this program.