reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4204 - Industrial Effectiveness Program-productivity Assessments › Section 4204.3 - Terms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For a
				preliminary productivity assessment, the department or UDC, upon approval of
				the commissioner, may provide financial assistance not to exceed $10,000,
				except that upon a showing of special circumstances, the commissioner may
				authorize additional financial support.
(b) For a limited productivity assessment,
				financial assistance may be provided for:
(1)
				a limited problem-specific productivity assessment by the department or UDC,
				upon approval of the commissioner, not to exceed $25,000 per firm or group of
				firms, except that upon a showing of special circumstances, the commissioner
				may authorize additional financial support; and
(2) short-term management consulting services
				by the department to a small- or medium-sized firm not to exceed
				$5,000.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4204 - Industrial Effectiveness Program-productivity Assessments › Section 4204.4 - Procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The firm or
				group of firms shall complete an application, or a short-form application in
				the case of a preliminary productivity assessment or a limited productivity
				assessment involving short-term management consulting services, which shall
				include, but not be limited to, a description of the firm or group of firms,
				the competitive situation, financial circumstances, assistance requested,
				costs, cost-sharing arrangements, confidentiality requests, proposed use of
				experts and method of selection, evidence of support and participation of the
				labor force in the study, reporting requirements, and such other information as
				the department shall deem appropriate.
(b) Upon review and approval of the
				application by the department, or UDC upon approval of the commissioner, a
				written agreement shall be executed with the firm or group of firms.
(c) Services will be performed by the
				department or by an expert or experts retained or supervised by the
				department.
(d) The department and
				the firm shall review the draft findings and recommendations prior to
				submission of the final productivity assessment to ensure that it adequately
				addresses the issues in the scope of services. A final productivity assessment
				will be submitted to the department and the firm or group of firms.
(e) If the department determines, based upon
				recommendations in a full productivity assessment, that further assistance is
				warranted, it may amend the agreement with the firm or group of firms to
				provide for additional services in preparing an adjustment plan and in
				planning, designing and introducing remedial measures to improve productivity
				and competitiveness.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth the eligibility
				  requirements, terms and procedures to receive specialized industrial
				  effectiveness financing assistance under the program for local buy-outs, and
				  working capital loans for productivity improvements, and to implement corporate
				  restructuring or turnaround plans. The program seeks to preserve and create
				  permanent private sector jobs by encouraging New York manufacturing firms and
				  industrial sectors to undertake productivity and other improvements to remain
				  profitable and viable, and by assisting local buy-outs of industrial firms by
				  employees, managers and other residents of the State.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.2 - Local buy-out financing assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The UDC, in cooperation with the department, may provide assistance to
				qualified firms for local buy-outs through project loans to fill the financing
				gap between the equity contribution of the purchaser, secured debt financing
				provided by other sources, any financial participation by the seller, and the
				selling price of the firm.
(b) A
				local buy-out must involve transfer of ownership and control of a viable
				industrial firm to employees, managers, or other investors resident in the
				State.
(c) Only local buy-outs
				which will create or retain substantial numbers of jobs by preventing a
				closing, partial closing or relocation out-of-state of an industrial firm will
				be eligible for loans.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.3 - Criteria for local buy-out financial assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The UDC is required to make industrial
				effectiveness project findings under the UDC Act. Assistance will be predicated
				upon the ability of the UDC to make the following findings:
(1) that a feasibility study or productivity
				assessment exists demonstrating the potential for future profitability of the
				firm requesting financial assistance, and such study or assessment has been
				reviewed and approved by the Commissioner of Economic Development;
(2) that for loans to implement a corporate
				restructuring or turnaround plan, the management of the industrial firm
				requesting assistance is capable and the firm has a sound business development
				plan that includes measures to ensure labor and management cooperation and to
				effect changes required to continue as a successful business;
(3) that the requested financial assistance
				is not available from other public or private financing sources;
(4) that the area in which the project is to
				be located is a substandard or insanitary area, or is in danger of becoming a
				substandard or insanitary area, wherein there exists a condition of substantial
				and persistent unemployment or underemployment; and
(5) that there is a feasible method for the
				relocation of families and individuals displaced from the project area into
				decent, safe and sanitary dwellings, which are or will be provided in the
				project area or in other areas not generally less desirable in regard to public
				utilities and public and commercial facilities, at rents or prices within the
				financial needs of such families or individuals and reasonably accessible to
				their places of employment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.4 - Terms of local buy-out loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				project loan shall not exceed $1 million.
(b) A project loan shall not exceed up to 10
				percent of the cost of the local buy-out or the amount of the purchaser's
				equity contribution, whichever amount is less.
(c) Loans shall be made only to fill a
				financing gap between the equity contribution of the purchaser, secured debt
				financing provided by other sources, any financial participation by the seller,
				and the selling price of the company.
(d) Such loans shall be secured, but the
				security interest may be subordinate to the security interest on any other
				private or public financial assistance provided to the purchaser.
(e) The term of the loan shall be of the
				shortest duration consistent with the needs of the business, but not exceeding
				20 years.
(f) The interest rate of
				a loan shall be determined by the UDC and the UDC may accept warrants in
				addition to any interest charges.
(g) Standard repayment terms will include
				level debt service payments over the term of the project loan. In certain
				circumstances deferred or graduated payments may be permitted, provided that
				the project loan be fully amortized over the remainder of the loan
				term.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.5 - Procedure for local buy-out assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Application forms shall be developed by
				the UDC and the department.
(b) An
				industrial firm shall submit an application for a local buy-out loan to the UDC
				and the department, which may include, but need not be limited to, the
				following:
(1) a feasibility study and
				business development and financing plan;
(2) information about the proposed project's
				total project cost, total assistance requested, use of loan funds, other
				proposed sources of funding, and the number of jobs to be preserved or
				created;
(3) a complete set of
				financial statements and a list of proposed collateral, with
				appraisals;
(4) a description of
				the need for the requested funds and of the expected economic development
				impact of the loan;
(5) in the case
				of a transfer to employees, information about the extent of support by
				employees and labor unions which represent employees of the firm;
(6) a letter from the present owners, or
				those otherwise authorized to act on behalf of the business, indicating
				agreement to sell the business or otherwise transfer ownership at the specified
				price;
(7) commitments of financing
				from all other sources;
(8)
				evidence that adequate private and/or public financing is not available at
				affordable rates or terms to fill the financial gap;
(9) estimates of the total number of jobs to
				be created or retained immediately and after a three-year time period
				immediately following the receipt of the loan; and
(10) such other information as the UDC and
				the department shall require.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.6 - Working capital loans to improve productivity and competitiveness

Current through Register Vol. 46, No. 28, July 10, 2024
The UDC, in cooperation with the department, may provide
				  working capital loans to encourage the introduction of new production
				  processes, the expansion or diversification of product lines or expansion into
				  new markets by qualified industrial firms with noncompetitive product lines or
				  outmoded production operations. For new production processes and product
				  expansion or diversification, loans shall be available for commercial
				  development of a process or product line which has advanced beyond the research
				  and development stage and is readily capable of being, or has been, reduced to
				  practice.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.7 - Criteria for working capital loans to improve productivity and competitiveness

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				UDC is required to make industrial effectivness project findings under the UDC
				Act. Assistance will be predicated upon the ability of the UDC to make the
				following findings:
(1) that a feasibility
				study or productivity assessment exists demonstrating the potential for future
				profitability of the firm requesting financial assistance, and such study or
				assessment has been reviewed and approved by the Commissioner of Economic
				Development;
(2) that for loans to
				implement a corporate restructuring or turnaround plan, the management of the
				industrial firm requesting assistance is capable and the firm has a sound
				business development plan that includes measures to ensure labor and management
				cooperation and to effect changes required to continue as a successful
				business;
(3) that the requested
				financial assistance is not available from other public or private financing
				sources;
(4) that the area in which
				the project is to be located is a substandard or insanitary area, or is in
				danger of becoming a substandard or insanitary area, wherein there exists a
				condition of substantial and persistent unemployment or underemployment;
				and
(5) that there is a feasible
				method for the relocation of families and individuals displaced from the
				project area into decent, safe and sanitary dwellings, which are or will be
				provided in the project area or in other areas not generally less desirable in
				regard to public utilities and public and commercial facilities, at rents or
				prices within the financial needs of such families or individuals and
				reasonably accessible to their places of employment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.8 - Terms for working capital loans to improve productivity and competitiveness

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				project loan may not exceed $250,000 or 50 percent of the total project cost,
				whichever amount is less.
(b) The
				loan term shall not exceed three years.
(c) The UDC shall charge such interest rate
				as is necessary to make the project feasible.
(d) Preference shall be given to loans that
				are secured by fixed assets; however, security interests may be subordinate to
				the security interests on any other public or private financial assistance
				provided to the firm.
(e) The UDC
				may also defer payment of interest and/or principal on a loan based on a
				demonstration that deferral is necessary for the success of a working capital
				loan to improve productivity and competitiveness and that the firm will be able
				to handle the level of repayment when loan payments are resumed.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.9 - Procedures for working capital loans to improve productivity and competitiveness

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Application forms shall be developed by the UDC and the department.
(b) An industrial firm shall submit an
				application for a working capital loan to the UDC and the department, which may
				include, but need not be limited to the following:
(1) the financial history and condition of
				the firm and projections based on certified financial statements;
(2) the nature of the proposed new process or
				product, marketing initiative, statement of commercial feasibility, and
				estimated timetable for project completion;
(3) how the working capital loan will be used
				in conjunction with the proposed activity;
(4) the present and potential markets for the
				proposed new product or process and identification of competing products or
				processes serving the same markets;
(5) how the potential new product or
				production process or marketing initiative will stimulate new business and its
				impact on the existing work force;
(6) how the project fits into the firm's
				overall plan for enhancing competitiveness and actions the firm is taking or
				intends to take in other areas to improve productivity;
(7) the economic benefit of the proposed
				project for which financing is requested in terms of jobs created or preserved
				or other significant economic impact;
(8) commitments of financing for the project
				from all other sources;
(9) efforts
				to obtain the requested financing from other public and private sources or from
				internal resources; and
(10) such
				other information as the UDC and the department shall require.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.10 - Working capital loans for corporate restructuring or corporate turnaround plans

Current through Register Vol. 46, No. 28, July 10, 2024
The UDC, in cooperation with the department, may provide
				  flexible working capital project loans to implement a corporate restructuring
				  or turnaround plan for qualified industrial firms with the potential for future
				  profitability that face the likelihood of a closing, partial closing or
				  relocation out-of-state and the loss of a substantial number of jobs. Such
				  loans shall be made only to supplement other public and private financing where
				  all of the financial aid needed by a firm for a corporate restructuring or
				  turnaround plan is not available from other sources, and where a UDC loan is
				  needed to implement a specific action called for by the firm's restructuring or
				  turnaround plan or to meet immediate working capital needs of the firm to
				  continue operations while the restructuring or turnaround is being
				  effected.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.11 - Criteria for working capital loans for corporate restructuring or corporate turnaround plans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The UDC is
				required to make industrial effectivnesss project findings under the UDC Act.
				Assistance will be predicated upon the ability of the UDC to make the following
				findings:
(1) that a feasibility study or
				productivity assessment exists demonstrating the potential for future
				profitability of the firm requesting financial assistance and such study or
				assessment has been reviewed and approved by the Commissioner of Economic
				Development;
(2) that for loans to
				implement a corporate restructuring or turnaround plan, the management of the
				industrial firm requesting assistance is capable and the firm has a sound
				business development plan that includes measures to ensure labor and management
				cooperation and to effect changes required to continue as a successful
				business;
(3) that the requested
				financial assistance is not available from other public or private financing
				sources;
(4) that the area in which
				the project is to be located is a substandard or insanitary area, or is in
				danger of becoming a substandard or insanitary area, wherein there exists a
				condition of substantial and persistent unemployment or underemployment;
				and
(5) that there is a feasible
				method for the relocation of families and individuals displaced from the
				project area into decent, safe and sanitary dwellings, which are or will be
				provided in the project area or in other areas not generally less desirable in
				regard to public utilities and public and commercial facilities, at rents or
				prices within the financial needs of such families or individuals and
				reasonably accessible to their places of employment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.12 - Terms for working capital loans for corporate restructuring or corporate turnaround plans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The project
				loan may not exceed $400,000 or 50 percent of project cost, whichever amount is
				less. The 50 percent of the working capital requirements not provided by UDC
				must come from outside sources.
(b)
				The loan term shall not exceed three years.
(c) The UDC shall charge interest rates based
				on needs of the particular project as it determines.
(d) Preference shall be given to loans
				secured by fixed assets; however, security interests may be subordinate to the
				security interests on any other private or public financial assistance provided
				to the firm.
(e) The UDC may also
				defer payment of interest and/or principal on a loan based on a demonstration
				that deferral is necessary for the success of a working capital loan to improve
				productivity and competitiveness and that the firm will be able to handle the
				level of repayment when loan payments are resumed.
(f) Relocation out-of-state by the firm while
				the loan is outstanding shall require immediate repayment of the full amount of
				the loan.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance › Section 4205.13 - Procedures for working capital loans for corporate restructuring or corporate turnaround plans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Application
				forms shall be developed by the UDC and the department.
(b) An industrial firm shall submit an
				application for a working capital loan to the UDC and the department, and
				attach copies of its feasibility study and business development and financing
				plan detailing the firm's restructuring or turnaround plan. Such application
				may include, but need not be limited to, the following:
(1) how the working capital loan is essential
				for, and will be used in connection with, the corporate restructuring or
				turnaround plan;
(2) sources of
				other financing required for the plan and nature and extent of commitments of
				such financing;
(3) efforts to
				obtain the financing requested from other public and private sources or from
				internal resources; and
(4) the
				economic benefit of the corporate restructuring or turnaround in terms of
				employment preserved and impact on the community.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4206 - Industrial Effectiveness Program-selecting Experts › Section 4206.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth the procedures and
				  criteria to be used in selecting and retaining experts to diagnose competitive
				  problems of specific industrial firms or groups of firms, to recommend remedial
				  measures, and to perform other industrial effectiveness assistance under the
				  program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4206 - Industrial Effectiveness Program-selecting Experts › Section 4206.2 - Identification of qualified experts

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				From time to time, and no less than annually, the department shall undertake
				efforts to identify consultants, including minority-group members and women,
				qualified to provide expert services under the program. Such efforts shall
				include, but not be limited to:
(1)
				advertising in print media; and
(2)
				written solicitations of individuals, firms, professional associations and
				agencies that provide, or have access to, industrial effectiveness
				expertise.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4206 - Industrial Effectiveness Program-selecting Experts › Section 4206.3 - Procedures and criteria for selecting and retaining experts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The department, or other State entity
				pursuant to agreement with the department, shall solicit and retain experts
				pursuant to contracting procedures applicable to the department or to such
				other State entity. Any agreement between the department and an expert selected
				shall include, among other provisions, an affirmation by the firm to be served
				regarding its approval of the expert, the scope of the services and terms of
				the firm's participation.
(b) In
				circumstances where the department or other State entity does not retain the
				expert, industrial firms assisted may select and retain experts consistent with
				guidelines established by the commissioner governing competitive bidding
				requirements, sole source contracts, and justification for selection, as will
				best promote the public interest, taking into consideration the reliability of
				the expert, the expert's understanding of the scope of work, the nature of the
				services to be supplied, the conformity of the proposal with the solicitation,
				the experience and expertise of the principals, the costs, and the time
				required to perform.
(1) As a condition of
				State assistance, an expert selected by a firm shall be approved by the
				department based upon a written explanation by the firm of the selection
				process, justification for consultant selected, the scope of work, rate of
				payment and completion schedule, and a certification that no potential conflict
				of interest exists between the firm and the expert.
(2) The contract between the firm and the
				expert shall provide for supervision of consultant services by the department
				and for termination of State acceptance in the event that the expert does not
				fulfill its contractual obligations to the firm.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4207 - Industrial Effectiveness Program-fees › Section 4207.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth the fees to be
				  charged for assistance provided under the program to industrial firms or to
				  groups of industrial firms, and the nature and extent of financial commitments
				  required of owners or managers of assisted firms.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4207 - Industrial Effectiveness Program-fees › Section 4207.2 - Application fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The department
				shall charge a fee of $100 for applications for full feasibility studies, full
				productivity assessments, limited problem -specific productivity assessments,
				and for specialized industrial effectiveness financial assistance.
(b) The department shall not charge
				application fees for preliminary feasibility studies, preliminary productivity
				assessments, or for limited productivity assessments involving short-term
				management consulting services.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4207 - Industrial Effectiveness Program-fees › Section 4207.3 - Cost-sharing requirements for technical assistance services

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The department shall require an
				industrial firm or group of industrial firms, or purchasing group in the case
				of a local buy-out, to cost-share industrial effectiveness technical assistance
				as follows:
(1) for preliminary feasibility
				studies and preliminary productivity assessments, the firm or group shall pay
				at least 25 percent of the total cost in cash, or through in-kind services
				according to a schedule established by the department;
(2) for full feasibility studies and full or
				limited productivity assessments, other than short-term management consulting
				services, the firm or group shall pay at least 50 percent of the total cost in
				cash or through in-kind services according to a schedule established by the
				department; and
(3) for limited
				productivity assessments involving short-term management consulting services,
				the firm or group shall pay at least 50 percent of the total cost in
				cash.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4207 - Industrial Effectiveness Program-fees › Section 4207.4 - Administrative fee

Current through Register Vol. 46, No. 28, July 10, 2024
The UDC shall assess an administrative fee of up to 1.5
				  percent of the project loan payable by the borrower at closing. The UDC may
				  allocate the administrative fee to cover project-related expenses it deems
				  appropriate. In addition, the borrower will be obligated to pay for all
				  expenses related to the project loan, including but not limited to expenses
				  related to appraisals, surveys, title insurance and other requirements deemed
				  appropriate by the UDC.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.1 - Purpose and general description

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth the application
				  process, determine eligibility and codify administration by the corporation for
				  the Industrial Effectiveness Expansion, Retention and Attraction Assistance
				  Program to be funded from the Strategic Resurgence Fund authorized by the
				  Omnibus Economic Development Act of 1987, chapter 839 of the Laws of 1987. The
				  purposes of the program are to provide financial assistance to industrial firms
				  that will create or preserve substantial numbers of jobs, assist in the
				  expansion or retention of businesses located in New York State, assist in
				  attracting businesses to the State, fill gaps in financing from other private
				  and public sources, and enhance geographic areas of the State that are
				  currently substandard or insanitary, or are in danger of becoming substandard
				  or insanitary. The program will also seek to establish affirmative action goals
				  for participation in projects by minorities and women.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) 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.
(b) Incubator building shall mean a facility
				developed in order to provide affordable rent and shared office support
				services to a number of new and small businesses.
(c) 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.
(d) Industrial park shall mean a parcel or
				assembly of land, developed according to a comprehensive plan, to provide
				development sites and/or facilities for business and industrial uses.
(e) Program shall mean the Industrial
				Effectiveness Expansion, Retention and Attraction Assistance Program created by
				section 7(b)(3) of the Omnibus Economic Development Act of 1987, chapter 839 of
				the Laws of 1987, as amended.
(f)
				Project loans shall mean loans made by the corporation pursuant to the
				program.
(g) State shall mean the
				State of New York.
(h) UDC Act
				shall mean chapter 174 of the Laws of 1968, as amended.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.3 - Assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The corporation
				may provide, within available appropriations, business expansion, retention and
				attraction assistance (1) through project loans and interest subsidy grants for
				projects as defined in the UDC Act including,but not limited to, loans to
				industrial firms that have received industrial effectiveness evaluation
				assistance under the Strategic Resurgence Fund, authorized by the Omnibus
				Economic Development Act of 1987. Industrial firms in which a controlling
				interest is owned by one or more employees of the State, or its
				instrumentalities, shall not be eligible for assistance hereunder; (2) through
				project loans and interest subsidy grants for warehousing and distribution
				facilities; (3) through project loans and interest subsidy grants for the
				development of urban industrial sites, industrial parks and incubator buildings
				owned by municipalities, industrial development agencies, or local development
				corporations.
(b) The corporation
				is required to make project findings under the UDC Act. Assistance will be
				predicated upon the ability of the corporation to make such findings, as well
				as upon a determination of the directors of the corporation that:
(1) the project will create or preserve a
				substantial number of jobs;
(2) the
				project will assist in the expansion or retention of a business located in the
				State or the attraction of a business to the State;
(3) the proposed assistance is consistent
				with the purposes of the program; and
(4) the area in which the project is to be
				located is a substandard or insanitary area, or is in danger of becoming a
				substandard or insanitary area, wherein there exists a condition of substantial
				and persistent unemployment or underemployment.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.4 - Eligible and ineligible costs

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Proceeds of project loans may be used to finance:
(1) new construction, renovation or leasehold
				improvements;
(2) the acquisition
				of land, buildings, machinery and equipment;
(3) working capital, provided that the term
				for a working capital loan shall be no longer than four years and that a
				working capital loan shall not exceed $500,000 or 50 percent of the total
				estimated cost of the project, whichever is less; and
(4) costs related to the above, including,
				without limitation, legal expenses, appraisal costs, brokerage commissions,
				interest costs, survey expenses, architectural and engineering fees, site
				preparation expenses and relocation expenses.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.5 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall evaluate the proposals submitted in
				  accordance with the following criteria:
(a) the total number of jobs expected to be
				created or retained;
(b) the ratio
				of the number of jobs (to be created or retained) to the amount of assistance
				provided by the program. In general, financing will not be approved for
				projects that anticipate a return of less than one job for every $15,000 of
				State financial assistance;
(c) the
				availability of other funding sources;
(d) the percentage of the total project cost
				that the corporation is being asked to finance. The corporation's typical
				participation (including all funding sources over which the corporation has
				discretion) will not exceed 33 percent of the total estimated project
				cost;
(e) the ability of the
				applicant to carry out the project in a manner consistent with the
				program;
(f) the size of the
				applicant's equity contribution. In general, the corporation expects an
				applicant's equity contribution to a project to be at least 10 percent of the
				total project cost;
(g) the
				financial circumstances of the company involved;
(h) the impact of the project on the local
				community; and
(i) the ability of
				the applicant to repay the project loan.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.6 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Project
				loans will not be made for less than $100,000. Terms and security arrangements
				will be flexible, depending on the type of loan and the particular
				characteristics of a project. Project loans that are secured by fixed assets
				will be preferred.
(b) Written
				commitments from other funding sources necessary for completion of the project
				will generally be required before disbursement by the corporation of the
				assistance. Approved construction loans will not be funded before secure
				commitments for permanent financing have been obtained.
(c) Interest rates on project loans will be
				set at the time the corporation's directors approve an application. Rates and
				terms will reflect market conditions, the applicant's ability to repay and
				project requirements. Interest rates may be increased during the term of the
				loan if the applicant fails to create or retain specified employment levels
				approved by the corporation.
(d)
				The standard term for project loans will be as follows:
(1) loans for which the proceeds are used to
				acquire or improve real estate generally will not exceed 30 years;
(2) loans for which the proceeds are used to
				acquire machinery and equipment generally will be made for three to seven
				years, or the useful life of the collateral, whichever is less;
(3) construction loans generally will not
				exceed 24 months; and
(4) working
				capital loans generally will be made for one to four years.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.7 - 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 forms provided by the corporation.
(b) Program applications shall require that
				the following information, as applicable, be submitted:
(1) information about the applicant: its
				history, ownership, size, primary products or services rendered, major
				customers, and major assets;
(2)
				information about the proposed project: total project cost, total assistance
				requested, proposed uses of the UDC funds, other proposed sources of funding,
				the number of jobs to be created or retained, and the current status of the
				project;
(3) information about the
				applicant's previous business activities;
(4) information with respect to the site of
				the project and the impact, if any, on the environment and any landmark or
				historic properties;
(5) a business
				plan, resumes of principal officers, a list of owners, shareholders or
				partners, a market analysis and marketing strategy;
(6) a description of the need for the
				requested funds, a specific justification for the request for assistance, a
				description of the expected impact of the assistance on the applicant and the
				community, and an indication of the reason for seeking State
				assistance;
(7) a complete set of
				financial statements for at least the three preceding fiscal years, and
				operating pro formas going forward five years, and current financial statements
				for any proposed guarantors;
(8) a
				list of proposed collateral, with appraisals;
(9) a budget breakdown of the sources and
				uses of funds associated with the proposed project;
(10) letters of commitment and/or rejection
				from other financing sources;
(11)
				a copy of the purchase option or contract for sale;
(12) a legal description and survey of the
				property;
(13) a
				construction-to-occupancy schedule; and
(14) copies of the preliminary architectural
				drawings, scope of work, and schematics.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.8 - Miscellaneous

Current through Register Vol. 46, No. 28, July 10, 2024
The recipient of assistance 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.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.9 - 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 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.
(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 Industrial Firm, the majority
				ownership interest of which is beneficially controlled by any such State
				employee, be eligible for assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program › Section 4208.10 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A nonrefundable
				application fee of $250 must be paid to the corporation before final review of
				an application can be completed.
(b) The corporation will assess an
				administrative fee of up to 1.5 percent of the project loan or interest subsidy
				grant, payable by the borrower at or prior to closing. The corporation may
				allocate the administrative fee to cover project-related expenses it deems
				appropriate. Such allocation may include sharing a portion of the
				administrative fee with a municipality, industrial development agency, local
				development corporation, or other not-for-profit entity that has assisted the
				corporation or the applicant in preparing or processing the application for
				assistance or in closing the project. In addition, the applicant will be
				obligated to pay for expenses incurred by the corporation and related to the
				project including, but not limited to, expenses related to appraisals, surveys,
				title insurance and other requirements deemed appropriate by the
				corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4209 - Regional Revolving Loan Trust Fund › Section 4209.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth and codify
				  administration by the New York State Urban Development Corporation of the
				  Regional Revolving Loan Trust Fund authorized by the Omnibus Economic
				  Development Act of 1987, chapter 839 of the Laws of 1987. The purpose of the
				  trust fund is to authorize regional corporations, selected by the corporation,
				  to administer trust fund proceeds to assist eligible businesses in the
				  implementation of projects that demonstrate a substantial likelihood of
				  providing increases in net new permanent jobs or retaining jobs in businesses
				  that need such financial assistance to remain viable. The program will also
				  seek to establish affirmative action goals for participation in projects by
				  minorities and women.