New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4202 - Industrial Effectiveness Program-the Qualification Process › Section 4202.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Adjustment plan
				shall mean an industrial firm's internal strategy and plan for resolving
				productivity and competitive problems in order to be able to operate profitably
				in the future.
(b) Closing, partial
				closing, or relocation out-of-state shall mean the permanent cessation of an
				entire business at a location within the State or of a major discrete portion
				of a business, or relocation out-of-state of a business, based on specific
				actions by a firm, or its parent, or evidence of factors that would support a
				conclusion that a closing, partial closing or relocation out-of-state is likely
				to occur.
(c) Commissioner shall
				mean the Commissioner of Economic Development.
(d) Corporate restructuring or turnaround
				plan shall mean measures to be undertaken by a potentially viable firm that
				faces the likelihood of a closing, partial closing or relocation out of New
				York State and the loss of substantial numbers of jobs.
(e) Department shall mean the Department of
				Economic Development.
(f) Full
				feasibility study shall mean an investigation and evaluation of the viability
				or potential profitability of an industrial firm or group of industrial firms,
				including those firms for which buy-out assistance has been requested or those
				seeking to implement a corporate restructuring or corporate turnaround. A
				feasibility study shall include, but not be limited to, an assessment of the
				potential profitability and prospects for job preservation of the potential
				profitability and prospects for job preservation and future job growth; the
				condition, stability and growth potential of the industry in domestic and
				international markets; the financial condition; essential changes and
				productivity improvements needed to remain viable; the firm's overall market
				and market niches in relation to its industry; the quality of management and
				the firm's ability to innovate and change; labor and management relations; work
				force skills and training needs; whether adequate time exists to effectuate a
				local buy-out or revitalize a firm; relations with suppliers and customers; and
				cooperation of the sellers. A full feasibility study may include the planning,
				design and introduction of remedial measures to effect a local buy-out, or to
				improve productivity and competitiveness. A more detailed description of the
				assistance available for a feasibility study may be found at Part 4203 of this
				Title.
(g) Group of industrial
				firms shall mean two or more industrial firms with common problems.
(h) Industrial effectiveness assistance shall
				mean any or all of the assistance made available under the Industrial
				Effectiveness Program as administered by the department with the cooperation
				and assistance of the UDC, other than the attraction, retention and expansion
				assistance provided pursuant to section 7(b)(3) of chapter 839 of the Laws of
				1987.
(i) Industrial firm shall
				mean a manufacturing firm involved with extracting, smelting, recovering,
				developing, preparing, compounding, converting, assembling or producing, in any
				manner, minerals, raw materials, products or substances of any kind or nature,
				and shall include facilities related thereto for storage, warehousing or
				distribution, for research and development or for the discovery of new, and the
				refinement of known, substances, processes and products. For local buy-out
				assistance, such a firm shall also include an ongoing business, the assets of
				an existing firm, or the assets of a firm that has been closed for no more than
				one year as of the date of application to the department or UDC for
				assistance.
(j) Interagency
				advisory committee shall mean a committee which shall be chaired by the
				commissioner or his designee, and shall consist of representatives of the New
				York State Job Development Authority, UDC, New York State Science and
				Technology Foundation and the department, and other appropriate agencies as
				determined by the commissioner.
(k)
				Local buy-out shall mean the transfer of the ownership and control of a viable
				industrial firm to its employees or managers, or to other investors resident in
				New York State, where such transfer will create or retain substantial numbers
				of private sector jobs by preventing the closing, partial closing, or the
				relocation out-of-state of an industrial firm. A more detailed description of
				the assistance available for a local buy-out may be found at Parts 4203 and
				4204 of this Title.
(l)
				Medium-sized industrial firm shall mean an industrial firm that employs less
				than 500 persons within the State on a full-time basis.
(m) Minority business enterprise shall mean
				any business enterprise which is at least 51 percent owned by, or in the case
				of a publicly owned business, at least 51 percent of the stock of which is
				owned by, minority group members where such ownership interest is real,
				substantial and continuing, and where such minority group members have the
				authority to independently control the day-to-day business decisions of the
				entity.
(n) Minority-group member
				shall mean a United States citizen or permanent resident alien who is and can
				demonstrate membership in one of the following groups:
(1) Black persons having origin in any of the
				Black African racial groups not of Hispanic origin;
(2) Hispanic persons of Mexican, Puerto
				Rican, Dominican, Cuban, Central or South American descent, of either Indian or
				Hispanic origin, regardless of race;
(3) Asian and Pacific Islander persons having
				origins in the Far East, Southeast Asia and Indian subcontinent, or the Pacific
				Islands; or
(4) American Indian or
				Alaskan Native persons having origins in any of the original peoples of North
				America.