reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4242 - Jobs Now Program › Section 4242.9 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An application
				fee of $250 must be paid to the corporation for projects involving the
				acquisition, construction, reconstruction, rehabilitation, alteration or
				improvement of real property, the financing of machinery and equipment and
				working capital loans and loan guarantees before final review of an application
				can be completed. This fee will be refunded in the event the application is
				withdrawn or rejected.
(b) The
				corporation will assess a commitment fee of two percent of the amount of any
				program loan involving the acquisition, construction, reconstruction,
				rehabilitation, alteration or improvement of real property, the financing of
				machinery and equipment and working capital, payable upon acceptance of
				commitment. No portion of the commitment fee will be repaid if the commitment
				lapses and/or the project does not close.
(c) Applicants for program assistance will be
				responsible for expenses incurred by the corporation in connection with the
				project, including, without limitation, expenses related to appraisals,
				surveys, title insurance, credit searches, filing fees, public hearing expenses
				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 4242 - Jobs Now Program › Section 4242.10 - Non-discrimination and affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
Program applications shall be reviewed by the corporation's
				  affirmative action department, which shall, in consultation with the applicant
				  and/or proposed recipient of the program assistance and any other relevant
				  involved parties, develop appropriate goals, in compliance with applicable law
				  (including section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254[11] of the Unconsolidated Laws) and the corporation's policy, for
				  participation in the proposed project by minority group members and women.
				  Compliance with laws and the corporation's policy prohibiting discrimination in
				  employment on the basis of age, race, creed, color, national origin, gender,
				  sexual preference, 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 4243 - Economic Development Fund › General › Section 4243.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This
				  Part (this Part or this rule) provides the regulations for types of assistance,
				  eligibility requirements, evaluation criteria, terms and conditions, the
				  application process and procedures and other aspects of administration of The
				  Empire State Economic Development Fund Program (the program). The program
				  provides assistance for projects that promote the economic health of New York
				  State (the State) by facilitating the creation or retention of jobs or the
				  increase of business activity in the State. The program is authorized under
				  section 16-i of the New York State Urban Development Corporation Act (the act);
				  reference should be made to such section for various applicable sunset
				  provisions which from time to time may revoke the effectiveness of section 16-i
				  and certain of its provisions.
(b)
				  The program provides the following types of assistance:
(1) General development financing (see
				  sections 4243.9 through and including
				  4243.12 of this Part).
(2) Federal
				  and urban site development financing (see sections
				  4243.13 through and including
				  4243.16 of this Part).
(3)
				  Competitiveness Improvement Program (see sections
				  4243.17 and
				  4243.18 of this Part).
(4) Infrastructure development financing (see
				  sections 4243.20 through and including
				  4243.23 of this Part).
(5) Regional
				  and economic industrial planning studies and economic development initiatives
				  (see sections
				  4243.24 through and including
				  4243.27 of this Part).
(6)
				  Commercial area development financing (see sections
				  4243.28 through and including
				  4243.31 of this Part).
(7) Capital
				  access (see sections
				  4243.32 through and including
				  4243.35 of this Part).
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General › Section 4243.3 - General evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  The corporation, in cooperation with the State's regional economic development
				  offices, shall evaluate applications for program assistance in conformance with
				  the act and in accordance with the specific evaluation criteria for the
				  difference types of assistance set forth in this Part, the other requirements
				  set forth in this Part and the following criteria as applicable:
(1) the financial condition of the entity
				  undertaking the project, including its profitability or potential to generate
				  profits; liquidity; ability to service debt and its leverage ratio;
(2) management experience, ability and
				  relevant knowledge and the relevant entity's general ability to carry out the
				  project;
(3) satisfactory credit
				  references;
(4) availability of
				  adequate collateral for program assistance and guarantees, if
				  appropriate;
(5) absence of tax
				  judgments;
(6) size of the relevant
				  entity's equity contribution to the project (in general, an equity contribution
				  of at least 10 percent of the total project cost will be required, except as
				  may otherwise be provided herein);
(7) the economic development benefits that
				  are likely to result from the project and the amount of assistance
				  requested;
(8) the extent to which
				  the community in which the project is located is a distressed area and the
				  project's overall impact on the community;
(9) the number and nature of any jobs to be
				  created and the total payroll impact of the project;
(10) the availability of other sources of
				  funding, including offers of assistance from locations outside of the State,
				  and the amount of private financing leveraged by program funds; and
(11) with respect to the competitiveness
				  improvement program, the extent to which the project will generate economic
				  development benefits by addressing productivity, work force, market, financial
				  or other competitiveness issues.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General › Section 4243.5 - Application and approval process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				  applicant for program assistance shall file an application with the corporation
				  on a form provided by, or otherwise acceptable to, the corporation, which will
				  elicit, or otherwise provide, information about the project and the applicant.
(1) With respect to requests for program
				  assistance, the corporation may request:
(i)
				  information about the applicant, including its history, ownership, size,
				  primary products or services rendered, major customers, its market and
				  marketing strategy;
(ii)
				  information about the proposed project including total project cost, total
				  assistance requested, proposed uses of the program funds, other proposed
				  sources for funding, the number of jobs to be created and other anticipated
				  project results, how the project will be implemented and the current status of
				  the project;
(iii) information
				  with respect to the site of the project and the impact, if any, on the
				  environment and any landmark or historic properties;
(iv) a description of the need for the
				  requested funds and a specific justification for the request for
				  assistance;
(v) a budget breakdown
				  of the sources and uses of funds associated with the proposed
				  project;
(vi) letters of commitment
				  or rejection from other financing sources; and
(vii) any and all information that the
				  corporation may deem relevant in connection with making the following statutory
				  determinations:
(a) that the proposed project
				  would promote the economic health of New York State by facilitating the
				  creation or retention of jobs or would increase business activity within a
				  municipality or region of the State;
(b) that the project would be unlikely to
				  take place in New York State without the requested assistance;
(c) that the project is reasonably likely to
				  accomplish its stated objectives and that the likely benefits of the projects
				  exceed costs; and
(d) the project
				  is undertaken in accordance with the memorandum of understanding executed in
				  accordance with section 16-i of this act.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General › Section 4243.6 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				  permitted by law and regulations, all information regarding the financial
				  condition, marketing plans, manufacturing processes, production costs, customer
				  lists, or other trade secrets and proprietary information of a person or entity
				  requesting program assistance from the corporation, which is submitted by or on
				  behalf of such person or entity to the corporation in connection with an
				  application for program assistance, shall be confidential and exempt from
				  public disclosures.
(b) No
				  full-time employee of the State or full-time employee of any agency,
				  department, authority or public benefit corporation (or any subsidiary of a
				  public benefit corporation) of the State shall be eligible to receive
				  assistance under this program, nor shall any business, the majority ownership
				  interest of which is beneficially controlled by any such 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 4243 - Economic Development Fund › General › Section 4243.7 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An application
				  fee of $250 must be paid to the corporation for projects that involve
				  acquisition, construction, reconstruction, rehabilitation alteration or
				  improvement of real property, the financing of machinery and equipment and
				  working capital loans and loan guarantees other than infrastructure development
				  financing projects before final review of an application can be completed. In
				  no event shall there be a fee imposed for competitive improvement projects.
				  This fee will be refunded in the event the application is withdrawn or
				  rejected.
(b) The corporation will
				  assess a commitment fee of two percent of the amount of any program loan
				  involving projects for acquisition, construction, reconstruction,
				  rehabilitation, alteration or improvement of real property, the financing of
				  machinery and equipment and working capital other than infrastructure
				  development financing projects payable upon acceptance of commitment with one
				  percent rebated at closing. No portion of the commitment fee will be repaid if
				  the commitment lapses and the project does not close. The corporation will
				  assess a fee of one percent, payable at closing, of the amount of any program
				  grant involving the acquisition, construction, reconstruction, rehabilitation,
				  alteration or improvement of real property or the financing of machinery and
				  equipment or any loan guarantee other than infrastructure development financing
				  projects. Notwithstanding the foregoing, the commitment fee for an interest
				  subsidy grant may be waived, at the discretion of the corporation, in the event
				  an application for financial assistance from the corporation was submitted
				  prior to the date of the initial adoption of this Part. In no event shall there
				  be a commitment fee imposed for competitiveness improvement projects.
(c) In addition to all applicable fees and as
				  may be required by the corporation, the applicant shall pay expenses incurred
				  by the corporation in connection with the project, including, but not limited
				  to, expenses related to appraisals, surveys, title insurance, credit searches,
				  filing fees, public hearing expenses and other items as deemed appropriate by
				  the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General › Section 4243.8 - Affirmative action and non-discrimination

Current through Register Vol. 46, No. 28, July 10, 2024
Program applications shall be reviewed by the corporation's
					 affirmative action department, which shall, in consultation with the applicant
					 and/or proposed recipient of the program assistance and any other relevant
					 involved parties, develop appropriate goals, in compliance with applicable law
					 (including section
					 2879 of
					 the Public Authorities Law, article 15-A of the Executive Law and section
					 6254[11] of the Unconsolidated Laws) and the corporation's policy, for
					 participation in the proposed project by minority group members and women.
					 Compliance with laws and the corporation's policy prohibiting discrimination in
					 employment on the basis of age, race, creed, color, national origin, gender,
					 sexual preference, 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 4243 - Economic Development Fund › General Development Financing › Section 4243.9 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide, within available
					 appropriations, loans, loan guarantees and grants, including, without limiting
					 the foregoing, interest subsidy grants, to eligible recipients for eligible
					 uses for general development financing as set forth below.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General Development Financing › Section 4243.10 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program funds
				  for general development financing may be used for:
(1) new construction, renovation or leasehold
				  improvements;
(2) the acquisition
				  or leasing of land, buildings, machinery and equipment;
(3) soft costs related to any of the above
				  uses;
(4) working capital;
				  and
(5) feasibility or planning
				  studies.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General Development Financing › Section 4243.11 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for general development financing
					 assistance in accordance with the following criteria:
(a) the applications must demonstrate that
				  the economic development fund determinations can be made; and
(b) the extent to which the evaluation
				  criteria, as applicable, can be met.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › General Development Financing › Section 4243.12 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Loans
				  will generally not be less than $75,000 or greater than $2,000,000 and shall
				  generally not exceed 40 percent of the total project costs.
(b) Loan guarantees will generally not be
				  less than $75,000 or greater than $2,000,000 and shall generally not exceed 60
				  percent of the total credit facility.
(c) Interest subsidy grants will generally
				  not be less than $75,000 or greater than $500,000 and shall reduce interest on
				  a loan to the eligible recipient for a period of up to five years. The
				  resultant interest rate generally shall not fall below three percent.
(d) The foregoing terms and conditions are in
				  addition to the applicable general terms and conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Federal and Urban Site Development Financing › Section 4243.13 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide, within available
					 appropriations, loans, loan guarantees, and grants, including, without limiting
					 the foregoing, interest subsidy grants, to eligible recipients for Federal and
					 urban site development financing projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Federal and Urban Site Development Financing › Section 4243.14 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program funds
				  for Federal and urban site development financing projects may be used for:
(1) new construction, renovation or leasehold
				  improvements;
(2) the acquisition
				  or leasing of land, buildings, machinery and equipment; and
(3) preliminary planning and the soft costs
				  related to any of the above uses.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Federal and Urban Site Development Financing › Section 4243.15 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for Federal and urban site development
					 financing assistance in accordance with the following criteria:
(a) the applications must demonstrate that
				  the economic development fund determinations can be made; and
(b) the extent to which the evaluation
				  criteria as applicable can be met.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Federal and Urban Site Development Financing › Section 4243.16 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This
				  type of program assistance will generally not be less than $100,000 and shall
				  generally not exceed the lesser of 50 percent of total project costs or
				  $500,000.
(b) Generally, loans
				  shall be between 40 percent and 80 percent of the assistance and grants for the
				  balance based on the extent to which the community in which the project is
				  located is a distressed area.
(c)
				  Grants for preliminary planning will generally not be less than $25,000 or
				  greater than $100,000 and shall generally not exceed 50 percent of total
				  project costs.
(d) The foregoing
				  terms and conditions are in addition to the applicable general terms and
				  conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Competitiveness Improvement Program › Section 4243.17 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation, may provide, within available
					 appropriations, grants to eligible applicants for competitiveness improvement
					 projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Competitiveness Improvement Program › Section 4243.18 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  addition to the applicable evaluation criteria set forth in section
				  4243.3 of this Part and
				  subdivision (b) of this section, the corporation shall evaluate applications
				  for competitiveness improvement assistance in accordance with the following
				  criteria:
(1) the applications must
				  demonstrate that the economic development fund determinations can be
				  made;
(2) the extent to which the
				  evaluation criteria, as applicable can be met;
(3) the likelihood that the stated goals will
				  result in economic development benefits;
(4) the demonstrated need for assistance to
				  accomplish stated goals;
(5) the
				  likelihood that assistance will enable the eligible applicant to accomplish the
				  stated goals; and
(6) such other
				  criteria as the corporation deems appropriate.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Infrastructure Development Financing › Section 4243.20 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide, within available
					 appropriations, loans, loan guarantees and grants, including, without limiting
					 the foregoing, interest subsidy grants, to eligible recipients for
					 infrastructure development financing projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Infrastructure Development Financing › Section 4243.21 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program funds
				  for infrastructure development financing projects may be used for:
(1) construction or renovation of basic
				  systems and facilities on public or privately-owned property including drainage
				  systems, sewer systems, access roads, sidewalks, docks, parking, wharves, water
				  supply systems, and site clearance, preparation, improvements and
				  demolition;
(2) soft costs related
				  to any of the above uses; and
(3)
				  preliminary planning for uses permitted under paragraph (a)(1) of this
				  section.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Infrastructure Development Financing › Section 4243.22 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for infrastructure development
					 financing assistance in accordance with the following criteria:
(a) the applications must demonstrate that
				  the economic development fund determinations can be made; and
(b) the extent to which the evaluation
				  criteria, as applicable, can be met.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Infrastructure Development Financing › Section 4243.23 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This
				  type of program assistance will generally not be less than $100,000 and shall
				  generally not exceed the lesser of 50 percent of total project costs or
				  $500,000.
(b) Generally, loans
				  shall be between 40 percent and 50 percent of the assistance and grants may
				  provide the balance of the assistance based on the extent to which the
				  community in which the project is located is a distressed area.
(c) Grants for preliminary planning will
				  generally not be less than $25,000 or greater than $100,000 and shall generally
				  not exceed 50 percent of total project planning costs.
(d) The foregoing terms and conditions are in
				  addition to the applicable general terms and conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Regional and Industrial Planning Studies and Economic Development Initiatives › Section 4243.24 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide grants to eligible recipients
					 for regional and industry planning studies and economic development
					 initiatives.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Regional and Industrial Planning Studies and Economic Development Initiatives › Section 4243.25 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Grants may be
				  made for regional and industrial planning studies for:
(1) preparation of strategic plans for local
				  and or regional economic development;
(2) the analysis of business
				  sectors;
(3) marketing and
				  promoting regional business clusters; and
(4) feasibility studies.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Regional and Industrial Planning Studies and Economic Development Initiatives › Section 4243.26 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for regional and industrial planning
					 studies and economic development initiatives assistance in accordance with the
					 following criteria:
(a) the
				  application must demonstrate that the economic development fund determinations
				  can be made; and
(b) the extent to
				  which the evaluation criteria, as applicable, can be met.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Regional and Industrial Planning Studies and Economic Development Initiatives › Section 4243.27 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Grants
				  for regional and industrial planning studies and economic development
				  initiatives assistance shall generally not exceed $150,000 and shall require an
				  equity contribution of 10 percent.
(b) The foregoing term and condition is in
				  addition to the applicable general terms and conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Commercial Area Development Financing › Section 4243.28 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide, within available
					 appropriations, loans, loan guarantees and grants, including, without
					 limitation, interest subsidy grants, to eligible recipients for commercial area
					 development financing projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Commercial Area Development Financing › Section 4243.29 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program funds
				  for commercial area development financing projects may be used for:
(1) new construction, renovation or leasehold
				  improvements;
(2) the soft costs
				  related to any of the above uses; and
(3) preliminary planning, including
				  feasibility studies and surveys and reports.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Commercial Area Development Financing › Section 4243.30 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for commercial area development
					 financing assistance in accordance with the following criteria:
(a) the application must demonstrate that the
				  economic development fund determinations can be made; and
(b) the extent to which the evaluation
				  criteria, as applicable, can be met.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Commercial Area Development Financing › Section 4243.31 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Generally, assistance for commercial area development financing projects for
				  eligible uses described in section
				  4243.29(a)(1) of
				  this Part will not be less than $75,000 and shall generally not exceed 30
				  percent of total project costs or $1,000,000, whichever is less.
(b) Generally, assistance for commercial area
				  development financing projects for eligible uses described in section
				  4243.29(a)(2) and
				  (3) of this Part will not be less than
				  $25,000 and shall generally not exceed 50 percent of total project costs or
				  $1,000,000, whichever is less.
(c)
				  The foregoing terms and conditions are in addition to the applicable general
				  terms and conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Capital Access Projects › Section 4243.32 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation may provide, within available
					 appropriations, capitalization and recapitalization of flexible financing
					 programs to eligible recipients for capital access projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Capital Access Projects › Section 4243.33 - Eligible uses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Program funds
				  for capital access projects provided through flexible financing programs may be
				  used for:
(1) new construction, renovation or
				  leasehold improvements;
(2) the
				  acquisition or leasing of land, buildings, machinery and equipment;
(3) soft costs related to any of the above
				  uses; and
(4) working
				  capital.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Capital Access Projects › Section 4243.34 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the applicable evaluation criteria set forth
					 in section
					 4243.3 of this Part, the
					 corporation shall evaluate applications for capital access assistance by
					 administering corporations in accordance with the following criteria:
(a) the applications must demonstrate that
				  the economic development fund determinations can be made;
(b) the extent to which the evaluation
				  criteria, as applicable, can be met; and
(c) in the case of recapitalizations of
				  capital access projects, the extent to which the administering corporation can
				  demonstrate satisfactory administration of the previous program
				  assistance.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Capital Access Projects › Section 4243.35 - Terms and conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Capitalization and recapitalizations of flexible financing programs for capital
				  access projects shall not exceed $300,000 and shall generally not be less than
				  $100,000, except in the case of revolving loan funds which may not be less than
				  $50,000.
(b) Loans, grants and loan
				  guarantees for capital access projects shall generally not exceed
				  $100,000.
(c) Capital access
				  project grants to not-for-profit child care centers shall generally not exceed
				  25 percent of the total project costs or $2,500 per new slot created, whichever
				  is less, but in no event shall the total grant exceed $100,000.
(d) The foregoing terms and conditions are in
				  addition to the applicable general terms and conditions set forth in section
				  4243.4 of this Part.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Champlain Bridge and August-September 2011 Storm and Flood, Recovery Fund › Section 4243.36 - Generally

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Champlain
				  Bridge and August-September Storm and Flood Recovery Fund (the fund) provides
				  general development financing assistance on an emergency basis:
(1) for retail and service businesses (retail
				  and service businesses) located in the Towns of Crown Point, Moriah, and
				  Ticonderoga, New York, the Village of Port Henry, New York and agricultural and
				  manufacturing businesses, located in Essex County, New York (agricultural and
				  manufacturing businesses), that were adversely affected by the October 16, 2010
				  emergency permanent closing of the unsafe Lake Champlain Bridge; and
(2) retail and service businesses and
				  agricultural and manufacturing businesses located in Essex County, New York
				  that were adversely affected by storms and flooding occurring from and
				  including August 27, 2011 and continuing through and including September 8,
				  2011.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4243 - Economic Development Fund › Champlain Bridge and August-September 2011 Storm and Flood, Recovery Fund › Section 4243.37 - Champlain Bridge and August-September 2011 storm and flood recovery fund assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  order to provide general development financing assistance to retail and service
				  businesses and agricultural and manufacturing businesses in eligible Areas (as
				  defined below), the following provisions of the rule are modified as follows
				  solely for fund assistance.
(1) Eligible area
				  shall mean:
(i) for assistance with respect
				  to the closure of the bridge closure, as defined below:
(a) with respect to assistance for retail and
				  service businesses the Towns of Crown Point, Moriah, and Ticonderoga, New York,
				  the Village of Port Henry, New York; and
(b) with respect to assistance for
				  agricultural and manufacturing businesses, Essex County, New York;
				  and
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.1 - Purpose and general description

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to set forth the
				  framework for the administration of the Metropolitan Economic Revitalization
				  Fund (herein referred to as the "fund" or the "program") by the New York State
				  Urban Development Corporation d/b/a the Empire State Development Corporation
				  ("ESDC" or the "corporation"). These regulations codify the administration of
				  the fund, determine eligibility, and set forth the evaluation criteria and
				  application process.
The program is intended to fund public/private partnerships
				  in economic development projects that create and/or retain substantial jobs
				  specifically within the geographic area known as the New York portion of the
				  service area of the Port Authority of New York and New Jersey. The program is
				  further intended to promote projects which will increase business activity
				  within the region, create new sustainable physical development, and stimulate
				  related economic growth in the surrounding community. The purpose of the
				  program is to establish a revolving loan fund that provides assistance to
				  bridge financing gaps in the financial structure of proposed projects. The
				  program will fund projects that already have substantial private sector
				  investment that attract investors and lenders to the proposed project and
				  surrounding community.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Alternative
				financial assistance shall mean the ability of the corporation to make loans,
				deposits and other investments with program funds without the requirement of
				making project findings as set forth in the UDC Act; provided, however, that
				any alternative financial assistance shall be by means of a written agreement
				evidencing the prudent exercise of the corporation's judgment.
(b) Corporation shall mean the New York State
				Urban Development Corporation, doing business as the Empire State Development
				Corporation, a public benefit corporation created by chapter 174 of the Laws of
				1968, as amended (the "UDC Act").
(c) Economic development zone shall mean an
				area of the State designated as such pursuant to article 18-B of the State
				General Municipal Law, or such other meaning as may from time to time be set
				forth in section
				957 of
				the General Municipal Law.
(d)
				Economically distressed area shall mean:
(1)
				a census tract and/or contiguous tracts in New York City, or parts of Nassau,
				Westchester and Rockland Counties that comprise the New York portion of the
				service area of the Port Authority of New York and New Jersey, which display
				any one of the following characteristics:
(i)
				the percentage of the population below the poverty level equals or exceeds the
				State average, or the annual rate of increase of this population segment
				exceeds the State average;
(ii) the
				percentage of the population receiving public assistance equals or exceeds the
				State average; or the annual rate of increase of this population segment
				exceeds the State average;
(iii)
				the level of payroll employment declines at a rate greater than the State
				average, or increases at less than the State average during a 24-month
				period;
(iv) the unemployment level
				equals or exceeds the State average during a 24- month period;
(v) the project is located within a
				State-designated economic development zone; or
(vi) the project is located within a
				federally-designated empowerment zone.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.3 - Assistance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The corporation
				may make:
(1) project loans for projects as
				defined in the UDC Act;
(2)
				participate in capital access deposit programs with participating banking and
				non-banking institutions for eligible entities that otherwise find it difficult
				to obtain bank financing; and
(3)
				participate in other flexible financing programs, including but not limited to
				linked deposit programs, that leverage traditional financing and facilitate
				access to financing for projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.4 - Eligible and ineligible costs

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Proceeds of project loans and alternative financial assistance may be used to
				finance:
(1) new construction, renovation or
				leasehold improvements;
(2) the
				purchase or leasing of machinery and equipment;
(3) land acquisition;
(4) working capital; and
(5) related ancillary costs including,
				without limitation, reasonable legal expenses, appraisal costs, brokerage
				commissions, interest costs, survey expenses, architectural and engineering
				fees, site preparation and relocation expenses.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.5 - Eligibility criteria

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall evaluate the proposals submitted in accordance with the
				following criteria:
(1) all, or a portion of,
				the project site must be located within a municipality, of which all, or a
				portion of, must be located within the Port District of New York;
(2) the total number of jobs expected to be
				created or retained;
(3) the ratio
				of the number of jobs (to be created or retained) to the amount of assistance
				provided by the program;
(4) the
				availability of other funding sources;
(5) the overall fiscal feasibility of the
				project or undertaking;
(6) 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 10 percent of the
				total estimated project cost;
(7)
				the size of the applicant's equity contribution. In general, the corporation
				expects an applicant's equity contribution to a project or undertaking to be at
				least 10 percent of the total project cost, in no event shall the corporation's
				participation exceed the developer or sponsor's equity contribution to the
				financing for the project or undertaking;
(8) generally, the balance of the project
				financing, approximately 80 percent of the total project cost, must be secured
				with commitment letters from private, i.e., nonpublic, sources;
(9) the ability of the applicant to carry out
				the project in a manner consistent with the program;
(10) the financial condition of the company
				involved;
(11) the project has
				reasonable chance of success;
(12)
				jobs must be created or maintained or business activity must increase in a
				specific municipality or region;
(13) the impact of the project on the local
				community; and
(14) benefits of the
				project exceed costs.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4244 - Metropolitan Economic Revitalization Program › Section 4244.6 - Business terms

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Project
				loans and/or alternative financial assistance will generally be made for less
				than $5,000,000. Terms and security arrangements will be flexible, depending on
				the type of loan and the particular characteristics of a project or
				undertaking. Project loans that are secured by fixed assets and/or a letter of
				credit will be preferred.
(b)
				Written commitments from other funding sources necessary for completion of the
				project or undertaking will generally be required before disbursement by the
				corporation of its assistance. Approved 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 terms for project loans and alternative financial assistance will
				be as follows:
(1) loans for which the
				proceeds are used to acquire or improve real estate will generally not exceed
				20 years;
(2) loans for which the
				proceeds are used to acquire machinery and equipment generally will be made up
				to seven years, or the useful life of the collateral, whichever is
				less;
(3) construction loans
				generally will not exceed 24 months;
(4) working capital loans generally will be
				made up to four years; and
(5)
				standard repayment terms will include level debt service payments over the term
				of a loan. In certain circumstances, deferred or graduated payments may be
				permitted, provided that the loan will 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 4244 - Metropolitan Economic Revitalization Program › Section 4244.7 - 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
				certified public accountant-prepared financial statements for at least the
				three preceding fiscal years, financial 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
				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.