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 4212.8 - Selection criteria for commercial revitalization projects

Current through Register Vol. 46, No. 28, July 10, 2024
In determining whether to approve a request for program
				  assistance for a commercial revitalization project which satisfies the
				  eligibility criteria set forth in section
				  4212.7 of this Part, the
				  corporation shall consider whether and the extent to which the proposed
				  commercial revitalization project satisfies the following criteria, based upon
				  the data contained in the application submitted in accordance with the
				  requirements of section
				  4212.13 of this Part:
(a) the commercial revitalization project
				will have a significant impact on the commercial vitality of the central
				business district of the community within which the development site is
				located;
(b) the eligible recipient
				or the applicant is able to undertake the commercial revitalization project and
				to provide grant administration;
(c) the commercial revitalization project
				will stabilize and improve business opportunities and attract new businesses
				and shoppers;
(d) the level of
				participation among property owners and/or tenants within the revitalization
				district;
(e) the commercial
				revitalization project grant is being supplemented by public and/or private
				investments and is being linked with other programs;
(f) sustained physical and visible
				improvements are likely to result from the commercial revitalization
				project;
(g) the commercial
				revitalization project has the potential for reducing the number of abandoned
				buildings or vacant stores and lots;
(h) the commercial revitalization project is
				financially feasible;
(i) the
				likelihood that all necessary local approvals can be secured in a timely
				fashion and property improvements to be undertaken as part of the commercial
				revitalization project will commence promptly after approval of final plans and
				specifications;
(j) the extent to
				which the municipality has demonstrated a willingness to support and
				participate in the commercial revitalization project and facilitate its
				implementation in the municipality. The demonstration of such support and
				participation shall include but not be limited to:
(1) designation by the municipality or the
				eligible recipient of a downtown manager (the "downtown manager"), commercial
				manager ("commercial manager") or property manager ("property manager"), who is
				responsible for focusing the resources of the municipality and the property
				owners on actions and activities designed to improve the economic vitality of
				the central business district;
(2)
				allocation of funds for public improvements above and beyond the 20 percent
				required by section
				4212.7(f) of this
				Part; and
(3) the willingness of
				the municipality to provide funds for architectural fees and/or for renovation
				in addition to the commercial revitalization project grant and property owners'
				matching funds;