reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4211 - Regional Economic Development Partnership Program › Section 4211.13 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Applicants for
				business development project loans and tourism destination project loans must
				submit to the corporation an application fee of $100, which shall be refunded
				by the corporation in the event the application is withdrawn or
				rejected.
(b) In consideration of
				the below market interest rate generally offered by the corporation on business
				development project loans and tourism destination project loans, recipients of
				such loans shall pay the corporation, at closing, a closing fee of up to 1.0
				percent of the amount of loan. In addition, the loan recipient will be
				obligated to reimburse the corporation for expenses related to the making of
				the loan, including, but not limited to, expenses related to credit searches,
				appraisals, surveys, title insurance, filing fees and other expenses deemed
				appropriate by the corporation. The application fee paid by the recipient
				pursuant to subdivision (a) of this section shall be credited against the
				closing fee.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4211 - Regional Economic Development Partnership Program › Section 4211.14 - 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 hereunder, 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
				  disclosure.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) These
				regulations establish and codify the application process, eligibility and
				selection criteria and administrative procedures governing the corporation's
				High-Risk Targeted Investment Program (other than the Minority and Women
				Revolving Loan Fund and Technical Assistance Program). The general purposes of
				the program are:
(1) to provide financial and
				other assistance for specific land use improvement, commercial revitalization
				and industrial projects in accordance with the provisions of the UDC Act;
(2) to preserve and create jobs;
(3) to eliminate blight and
				revitalize economically and physically distressed areas within the State; and
(4) to establish and implement
				affirmative action goals for minorities and women in connection with such
				projects. The program is funded from amounts appropriated by the State pursuant
				to section 1 of chapter 54 of the Laws of 1988 and section 1 of chapter 54 of
				the Laws of 1987, as amended by section 29, chapter 839 of the Laws of 1987,
				and by section 3, chapter 54 of the Laws of 1988, all such amounts having been
				appropriated for deposit to the economic development targeted job development
				account (other than amounts allocated for the minority revolving loan fund
				program), as such account may be reconstituted and as such appropriated amounts
				may be reappropriated and/or supplemented from time to time.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Applicant shall
				mean any eligible recipient (as hereinafter defined) or a municipality in which
				any commercial revitalization project is located.
(b) Application means an application for
				assistance hereunder in a form prescribed by the corporation in accordance with
				the State Administrative Procedure Act.
(c) Bank loan shall mean a loan made by a
				private lending institution.
(d)
				Commercial revitalization project shall mean a land use improvement project
				which satisfies the additional criteria enumerated in section
				4212.7 of this Part.
(e) Commercial revitalization project grant
				shall mean a grant of program funds to or for a commercial revitalization
				project.
(f) 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, or any subsidiary of
				the corporation created pursuant to the authority of the UDC Act.
(g) Development site shall mean the site of
				the development which is the subject of any assistance under the
				program.
(h) Eligible recipient,
				for purposes of a commercial revitalization project, shall be either a:
(1) district management association for a
				business improvement district established pursuant to article 19-A of the
				General Municipal Law of the State;
(2) not-for-profit corporation organized
				under the Not-for-Profit Corporation Law of the State;
(3) local development corporation ("LDC")
				organized pursuant to article 14 of the Not-for-Profit Corporation Law of the
				State, provided that generally any program assistance shall not
				disproportionately benefit any officer or director of such LDC; or
(4) joint venture among any of the above. A
				joint venture may provide for an allocation of development responsibilities
				among the parties, provided that all parties forming the eligible recipient
				accepts joint and several responsibility for the commercial revitalization
				project.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.3 - Eligibility criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Only
				land use improvement projects, industrial projects and commercial
				revitalization projects may receive program assistance from the corporation. To
				be eligible for consideration to receive program assistance, projects must
				satisfy the criteria set forth in this section. In addition, commercial
				revitalization projects must satisfy the eligibility criteria set forth in
				section 4212.7 of this Part.
(b) With respect to a land use improvement
				project:
(1) The project must consist of
				either:
(i) facilities for which the eventual
				use shall be designed and intended for commercial, retail or office purposes,
				provided that such facilities are located or are planned in neighborhoods which
				have an existing residential project which was assisted by the State, or a
				Federal agency, municipality or public corporation; or
(ii) a grant to conduct a study regarding the
				feasibility of or preliminary planning for facilities of the character
				described in subparagraph (i) of this paragraph.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.4 - Selection criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				determining whether to approve a request for program assistance for a project
				(other than a commercial revitalization project) which satisfies the
				eligibility criteria set forth in section
				4212.3 of this Part, the
				corporation shall consider whether and the extent to which the proposed project
				satisfies the following criteria, based upon the data contained in the project
				application submitted in accordance with the requirements of section
				4212.11 of this Part:
(1) the total number of jobs expected to be
				created or retained;
(2) 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 full-time, permanent job for
				each $15,000 of program assistance;
(3) the availability of other funding
				sources;
(4) the percentage of the
				total project cost that the corporation is being asked to finance. Typically,
				the corporation's participation (including all funding sources over which the
				corporation has discretion) will not exceed 33 percent of the total estimated
				project cost. The corporation may permit program financing in excess of 33
				percent of total project cost in appropriate circumstances, as determined by
				the corporation in light of such factors as the project's debt servicing
				capability, the relative importance of the project's public purpose and the
				likely economic and sociological consequences of a failure to authorize such
				additional program financing;
(5)
				the ability of the applicant to carry out the project in a manner consistent
				with the program;
(6) 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;
(7) the
				applicant's financial circumstances;
(8) the impact of the project on the local
				community;
(9) the ability of the
				applicant to repay the project loan or the bank loan; and
(10) the availability of adequate collateral
				to secure the project loan or the bank loan.
Additionally, the corporation shall consider the availability
				  of program funds.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.5 - Eligible and ineligible costs

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Program funds made available for a project (other than a commercial
				revitalization project) 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 such
				assistance is part of a larger land use improvement or industrial
				project;
(4) cost 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;
(5) the cost of conducting or preparing a
				feasibility study or preliminary planning for facilities of the character
				described in section
				4212.3(b)(1)(i) and
				(c)(1)(i) of this Part; and
(6) in the case of a project grant, in the
				corporation's discretion, the costs of the applicant and/or a consultant in
				connection with any aspect of program administration.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.6 - Business terms for project loans, collateral deposits and grants

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No project loan
				in an amount greater than $1 million will be considered. Security arrangements
				will be established on a case-by-case basis, taking into account the type of
				loan and the particular characteristics of a project. Most project loans will
				be secured by fixed assets. Personal and corporate guarantees of payment and
				completion also may be required as the corporation deems appropriate.
(b) Written commitments from other funding
				sources necessary for completion of the project will be required before
				disbursement by the corporation of the project loan or project collateral
				deposit proceeds. Approved construction loans will not be funded before secure
				commitments for financing all construction costs and 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. Interest rates and repayment schedules will reflect
				market conditions, the applicant's ability to repay, job creation incentives
				and other project requirements.
(d)
				The standard maturities for project loans generally will be as follows:
(1) project loans for which the proceeds are
				used to acquire or improve real estate generally will be made for a term not to
				exceed 20 years or the useful life of the project, whichever is less;
(2) project loans for which the proceeds are
				used to acquire or improve machinery and equipment generally will be made for a
				term of from three to seven years, or the useful life of the collateral,
				whichever is less; and
(3) project
				loans for construction generally will not exceed 24 months, plus a period to be
				determined by the corporation as a maximum delay attributable to force
				majeure.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.7 - Eligibility criteria for commercial revitalization projects

Current through Register Vol. 46, No. 28, July 10, 2024
Only eligible commercial revitalization projects may receive
				  program assistance from the corporation. Preference will be given to
				  neighborhood or community-based eligible recipients. To be eligible for
				  consideration to receive program assistance, a commercial revitalization
				  project must satisfy the criteria enumerated in section
				  4212.3(b) of this
				  Part as well as the following criteria:
(a) The commercial revitalization project
				must consist of the design and/or undertaking of improvements to building
				facades and their components, such as exterior masonry, windows, awnings,
				exterior painting, signage, storefronts, exterior lighting and security
				barriers located within a commercial strip in a central business district, all
				as more particularly described in section
				4212.9 of this Part.
(b) The applicant for program assistance must
				be an eligible recipient or the municipality in which the commercial
				revitalization project is located.
(c) The owners and/or tenants of not less
				than 75 percent of the number of storefronts or not less than 75 percent of the
				owners and/or tenants of the property with street frontage within the
				development site (which may also be referred to as the "revitalization
				district") or the owners of property constituting 75 percent of the linear
				footage of the development site must have preliminarily agreed to participate
				in said commercial revitalization project. The following properties shall not
				be included when computing the participation level:
(1) churches, synagogues and other religious
				institutions;
(2) government
				buildings;
(3) storefronts that
				have been recently constructed or reconstructed in a manner in which the
				corporation determines to be in keeping with the design plan; and
(4) wholly residential properties.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.9 - Eligible commercial revitalization project costs

Current through Register Vol. 46, No. 28, July 10, 2024
Commercial revitalization project grants may be used to
				  defray only the following costs ("eligible project costs") and no other costs
				  of participating owners and/or tenants:
(a) labor, materials and other construction
				and renovation costs for eligible building facade improvements. For purposes of
				this Part, the term eligible building facade improvements shall mean:
(1) selected masonry repairs;
(2) cleaning and repainting;
(3) new awnings and signage;
(4) wall repairs;
(5) storefront door and window repairs or
				replacement;
(6) security
				grills/roll-down gates;
(7)
				street-front lighting (signage and building);
(8) repair or replacement of visible roofing;
				and
(9) installation of selected
				public and private amenities;
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.10 - Agreements in connection with commercial revitalization projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Eligible
				recipients who receive program assistance in connection with commercial
				revitalization projects shall execute a project agreement with the
				corporation.
(b) Property owners
				and/or tenants who participate in commercial revitalization projects shall
				execute a grant and disbursement agreement (on terms acceptable by corporation)
				with the eligible recipient or the municipality if so designated by the
				eligible recipient, which shall outline the terms and conditions pursuant to
				which such grants are made.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.11 - Project applications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To be
				considered for program assistance with respect to any project (other than a
				commercial revitalization project), an applicant must submit an application
				providing, as appropriate, the following data and documents described in this
				section on forms that the corporation shall furnish upon request:
(1) information about the company: its
				history, ownership, size, primary products and/or services rendered, major
				customers, and major assets;
(2)
				information about the proposed project: total project cost, total assistance
				requested, proposed uses of the loan or collateral deposit 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 and partners, a market analysis and
				marketing strategy;
(6) a
				description of the need for the requested funds, a specific justification for
				the assistance requested, a description of the expected impact of the loan or
				collateral deposit on the company 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 three years;
(8) a list of
				proposed collateral, with recent 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 4212 - High-risk Targeted Investment Program › Section 4212.12 - Assistance for commercial revitalization projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Maximum level of assistance from the
				corporation:
(1) up to 100 percent of the
				project architect's fee, but not to exceed an average of $1,200 per storefront
				plus reimbursables which reimbursables shall not exceed 10 percent of the
				project architect's fee;
(2) up to
				50 percent of the eligible project costs for each participating storefront to a
				maximum corporation investment of $7,500 per storefront, assuming an average
				storefront measures 20 feet in width in a building not exceeding three stories;
				and
(3) fifty percent of the total
				eligible project costs, plus the costs of the public improvements and private
				investments for the commercial revitalization project up to a maximum
				corporation investment of up to $225,000.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.13 - Commercial revitalization project applications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To be considered for program assistance
				with respect to a commercial revitalization project, an applicant must submit
				an application to the corporation. The application shall be duly certified by
				the applicant as to truth, completeness and accuracy, and shall incorporate the
				following data and documents:
(1) A detailed
				analysis of each of the following:
(i)
				ownership of each building in the development site or, if a tenant, submission
				of an agreement properly evidencing the property owner's consent to the
				tenant's improvement of the owner's property;
(ii) existing facade conditions;
(iii) length of tenancies;
(iv) estimated cost of facade rehabilitation
				per structure;
(v) public
				improvements and amenities to be provided by the municipality;
(vi) total commercial revitalization project
				cost of all proposed improvements; and
(vii) timetable for implementation of the
				improvements following the corporation's approval.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.14 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				otherwise provided in subdivision (c) of this section, before final review of
				an application, the applicant must submit to UDC an application fee of $250. In
				the event the application is withdrawn or rejected, the corporation shall
				promptly refund the application fee to the applicant. In the event the
				application receives financial assistance from the corporation, the application
				fee shall be applied to, and reduce, the closing fee set forth in subdivision
				(b) of this section.
(b) In
				consideration of the below-market interest rate offered by the corporation on
				the project loan, the recipient shall pay the corporation, at closing, a
				closing fee of up to 1.0 percent of the loan amount. In addition, the loan
				recipient may be obligated to reimburse the corporation for expenses related to
				the making of the loan, including but not limited to expenses related to credit
				searches, appraisals, surveys, title insurance, filing fees and other expenses
				deemed appropriate by the corporation.
(c) The corporation shall not charge any
				administrative fee in connection with any commercial revitalization project or
				project grant.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.15 - Affirmative action program

Current through Register Vol. 46, No. 28, July 10, 2024
An affirmative action program for each project and program
				  receiving financial assistance from the corporation hereunder shall be
				  developed by the affirmative action department of the corporation in
				  consultation with the recipient of financial assistance and any other involved
				  party. Compliance with the affirmative action program and with provisions
				  prohibiting discrimination in employment or hiring on the basis of age, race,
				  creed, color, national origin, sex, disability or marital status, shall be
				  required.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4212 - High-risk Targeted Investment Program › Section 4212.16 - 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 and/or other trade secrets and proprietary information of
				  a person or entity requesting program assistance from the corporation, which is
				  submitted by such person or entity to the corporation in connection with an
				  application for program assistance, shall be confidential and exempt from
				  public disclosure.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth and codify the
				  application process, eligibility criteria and procedure for the administration
				  by the corporation of the Minority and Women Business Development and Revolving
				  Loan Fund 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 minority and women business enterprises. The
				  corporation will also seek to establish affirmative action goals for
				  participation in program projects by minorities and women pursuant to the UDC
				  Act.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.4 - Eligible and ineligible uses of loan funds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Assistance from the loan fund may be
				sought and used for:
(1) except as prohibited
				by subdivision (b) of this section, new construction, renovation or leasehold
				improvements;
(2) the acquisition
				of land or buildings;
(3) the
				acquisition of machinery and equipment;
(4) the acquisition of an ongoing
				business;
(5) the acquisition of a
				franchise of a nationally recognized corporation;
(6) working capital; and
(7) deposits in connection with linked
				deposit loans and loan guarantees.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.5 - Forms of assistance

Current through Register Vol. 46, No. 28, July 10, 2024
The following forms of financial assistance shall be
				  available under the loan fund:
(a)
				Business development loans may be made to eligible enterprises for the
				acquisition or improvement of real property, machinery, equipment or for
				working capital subject to the provisions of section
				4213.4 of this Part and the
				following:
(1) for each project, working
				capital shall be limited to a maximum of 33 percent of the total assistance
				from the corporation; and
(2) the
				amount of any such 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 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.6 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall evaluate the applications for financial
				  assistance 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 creditworthiness of the applicant;
(e) the percentage of the total project cost
				that the corporation is being asked to finance. Except in the case of
				government contractor loans, government-sponsored residential construction
				loans, entrepreneurial assistance loans and linked deposit loans, the amount of
				financial assistance provided by the program 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-sponsored residential construction loans, the corporation expects 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 company, 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. Applications from the following
				enterprises or for the following purposes will generally not receive assistance
				from the corporation unless they significantly improve the general employment
				and economic conditions of the community in which they will be located:
(1) speculative financial
				investments;
(2) refinancing of
				equity committed to the enterprise; and
(3) acquisition of equipment that is readily
				leasable from vendors or manufacturers;
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.7 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
Except as otherwise specifically provided in section
				  4213.5 of this Part, the following
				  terms and conditions shall apply to program financial assistance:
(a) Interest rates on loans made by the
				corporation 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) working capital loans generally will be
				made for a term of one to four years;
(3) the term of construction loans generally
				will not exceed 24 months; and
(4)
				loans, the proceeds of which are used to acquire and 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 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.8 - Application and review

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All persons
				upon request therefor shall receive an information package including a copy of
				an informational bulletin describing the program and the forms of program
				assistance available.
(b) To apply
				for assistance from the loan fund, a potential applicant should request an
				application from: Director, Minority and Women Business Development and
				Revolving Loan Fund, New York State Urban Development Corporation, 1515
				Broadway, New York, NY 10036-8960, (212) 930-0209. The potential applicant will
				then be sent a formal application. Program applications require that the
				following information, as applicable to a particular project, be submitted:
(1) information about the company, including
				its history, ownership, size, primary products or services rendered, major
				customers, and major assets;
(2)
				information about the proposed project, including a proposed budget setting
				forth total project cost, total assistance requested, proposed uses of the loan
				funds and other proposed sources of funding; the number of jobs to be created
				or retained; and the current status of the project;
(3) a description of the need for the
				requested funds, a specific justification of the loan request, a description of
				the expected impact of the requested program assistance on the company and the
				community, and an indication of the reason for seeking State
				assistance;
(4) information about
				the applicant's previous business activities;
(5) information with respect to the site of
				the project and the impact, if any, on the environment and any landmark or
				historic properties;
(6) copies of
				the schematic architectural drawings, scope of work descriptions, site
				investigation reports and construction cost estimates;
(7) resumes of principal officers, a list of
				owners, shareholders or partners;
(8) a complete set of financial statements
				for at least the three preceding fiscal years;
(9) a business plan, including a market
				analysis, description of marketing strategy and operating pro forma financial
				statements going forward five years, including underlying assumptions based on
				the business plan, income statements, balance sheets and cash flow
				statements;
(10) a list of proposed
				collateral, with appraisals or other documentation of the value of the proposed
				collateral;
(11) letters of
				commitment from other financing sources involved in the project;
(12) a copy of the executed or proposed
				purchase option or contract for sale;
(13) a legal description and survey of the
				property;
(14) a
				construction-to-occupancy schedule; and
(15) such additional information as the
				corporation may determine to be necessary for a complete funding analysis to be
				made.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.9 - 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 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.11 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
In consideration of the below-market interest rate offered by
				  the corporation on the program assistance, the recipient shall pay the
				  corporation, at closing, a closing fee of up to.75 percent of the amount of the
				  assistance. In addition, the recipient of assistance may be obligated to
				  reimburse the corporation for expenses related to the provision of such
				  assistance, including but not limited to expenses related to credit searches,
				  appraisals, surveys, title insurance, filing fees and the cost of professional
				  services actually needed by the recipient.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4214 - Prompt Payment Policy Statement › Section 4214.1 - Statement of purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The Prompt Payment Law, enacted by the New York State
				  Legislature, requires State public authorities and public benefit corporations
				  to pay their bills within specific time periods. The law also requires interest
				  to be paid to vendors for unjustified late payments. This policy statement is
				  adopted pursuant to subdivisions 2 and 3(a) of section
				  2880 of
				  the Public Authorities Law of the State of New York, and is described
				  below.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4214 - Prompt Payment Policy Statement › Section 4214.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this policy statement, the following terms
				  shall have the following meanings unless the context shall indicate another or
				  different meaning or intent:
(a) UDC
				shall mean the New York State Urban Development Corporation, having its
				principal office at 1515 Broadway, New York, NY 10036.
(b) Contract shall mean an enforceable
				agreement entered into by UDC and a contractor. Bond resolutions and purchase
				agreements are not contracts within the meaning of this section.
(c) Contractor shall mean any person or
				organization providing goods, property or services to UDC pursuant to a
				contract.
(d) Department of
				Taxation shall mean the New York State Department of Taxation and Finance,
				Division of the Treasury.
(e)
				Designated payment office shall mean the Accounts Payable Department, New York
				State Urban Development Corporation, 1515 Broadway, New York, NY
				10036.
(f) Prompt payment shall
				mean payment of a debt due and owing by UDC to a contractor before interest
				accrues thereon pursuant to the specifications contained in this policy
				statement.
(g) Proper invoice shall
				mean a written request for payment under a contract, setting forth the
				description, price and quantity of goods, property or services provided by a
				contractor, in such form, and accompanied by such other substantiating
				documentation, as UDC may reasonably require.
(h) Receipt of invoice shall mean either:
(1) the date on which a proper invoice is
				received by the designated payment office; or
(2) the date on which UDC receives the
				purchased goods, property or services indicated in the proper invoice,
				whichever is later.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4214 - Prompt Payment Policy Statement › Section 4214.4 - Reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Statement
				filings. Within 30 days of its adoption, and the adoption of any amendments
				thereto, UDC shall file a copy of this policy statement with the State
				Comptroller, the State Director of the Budget, the Chairman of the Senate
				Finance Committee, and the Chairman of the Assembly Ways and Means
				Committee.
(b) Annual report.
				Within 90 days after the end of each fiscal year following January 1, 1989, UDC
				shall prepare an annual report on the scope and implementation of this prompt
				payment policy, which shall include, but not be limited to, the following:
(1) a listing of the types or categories of
				contracts which UDC entered into during the 12-month period covered by the
				report, together with an indication of whether each such type or category of
				contract was subject to the prompt payment regulations promulgated by UDC and,
				if not, why not;
(2) the number and
				amounts of interest payments made for contracts arranged according to each such
				type or category;
(3) the number of
				interest-chargeable days and total number of days taken to process each late
				contract payment; and
(4) a summary
				of the principal reasons that such late payment occurred.
Copies of this report shall be filed with the State
				  Comptroller, the State Director of the Budget, the Chairman of the Senate
				  Finance Committee, and the Chairman of the Assembly Ways and Means Committee
				  within 90 days after the completion of UDC's fiscal year.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4214 - Prompt Payment Policy Statement › Section 4214.5 - Miscellaneous provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Amendment of policy statement. UDC shall have the power to amend this policy
				statement by promulgating amended rules and regulations from time to
				time.
(b) Public access. UDC shall
				make available to the public, upon reasonable request, copies of this policy
				statement and the report described in section
				4214.4(b) of this
				Part. Each contractor doing business with UDC shall be given a copy of this
				policy statement.
(c)
				Inapplicability of statute. The statute authorizing this policy statement
				(section
				2880 of
				the Public Authorities Law) shall not apply to payments due and owing:
(1) under Eminent Domain Procedure
				Law;
(2) as interest allowed on a
				judgment rendered by a court pursuant to any provision of law other than those
				contained in section
				2880 of
				the Public Authorities Law:
(3) to
				the Federal government; to any State agency or its instrumentalities; to any
				duly constituted unit of local government including, but not limited to,
				counties, cities, towns, villages, school districts, special districts or any
				of their related instrumentalities; to any other public authority or public
				benefit corporation; or to its employees when acting in, or incidental to,
				their public employment capacity; and
(4) in situations where UDC exercises a
				legally authorized set-off against all or part of the payment due the
				contractor.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4215 - Minority And Women Revolving Loan Trust Fund › Section 4215.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to set forth and codify
				  administration by the New York State Urban Development Corporation of the
				  minority and women revolving loan trust fund ("Trust Fund") authorized by
				  chapter 54, section 1 of the Laws of 1991 and chapter 54, section 3 of the Laws
				  of 1991. The purpose of the trust fund is to authorize administering
				  corporations, selected by the corporation, to administer trust fund proceeds to
				  assist eligible businesses in succeeding, surviving and growing in the State.
				  The trust fund program will also seek to establish affirmative action goals for
				  participation in projects by minority persons and women.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4215 - Minority And Women Revolving Loan Trust Fund › Section 4215.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Administering
				corporation shall mean:
(1) for the purposes
				of establishing and administering a minority and women revolving loan trust
				fund account or an administrative expense trust fund account with funds
				reappropriated pursuant to the trust fund reappropriation:
(i) a not-for-profit corporation with
				jurisdiction over a service delivery region which has been established by a
				group of individuals who, collectively, represent the service delivery region;
				or
(ii) any one of the following
				entities with jurisdiction over a service delivery region containing an
				economic development zone:
(a) an economic
				development zone capital corporation established pursuant to section 964 of
				article 18-B of the General Municipal Law; or
(b) an industrial development agency or
				community-based local development corporation which:
(1) serves a municipality in which an
				economic development zone is located, provided such zone is contained in the
				service delivery region of such agency or corporation; and
(2) was established for the primary purpose
				of assisting eligible businesses located or to be located in such economic
				development zone; or
(iii) a local or community development
				corporation, industrial development agency or other not-for-profit corporation
				with jurisdiction over a service delivery region which provides services to
				community businesses, and one of whose primary purposes is to provide services
				and assistance to eligible businesses.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4215 - Minority And Women Revolving Loan Trust Fund › Section 4215.3 - Establishment of trust fund

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall establish the trust fund for the deposit of trust fund
				proceeds. The trust fund proceeds shall be distributed among and deposited in
				minority and women revolving loan trust fund accounts maintained by the
				corporation in such amounts as the corporation may determine, and in
				administrative expense trust fund accounts established and maintained by the
				corporation pursuant to section
				4215.4 of this Part. The number of
				minority and women revolving loan trust fund accounts and administration
				expense trust fund accounts established by the corporation with trust fund
				proceeds from the trust fund appropriation shall be limited to the number set
				forth in said appropriation. The number of minority and women revolving loan
				trust fund accounts and administrative expense trust fund accounts established
				by the corporation with trust fund proceeds from the trust fund reappropriation
				shall be limited to the number set forth in said reappropriation.
(b) The trust fund proceeds deposited in a
				minority and women revolving loan trust fund account shall be used solely for
				the purposes set forth in section
				4215.6 of this Part by
				administering corporations that are selected by the corporation in accordance
				with section
				4215.5 of this Part and serve
				service delivery regions for which a minority and women revolving loan trust
				fund account is established. Any repayments of loans received by administering
				corporations shall be paid to the corporation for redeposit in the minority and
				women revolving loan trust fund account from which such loan was
				advanced.