New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4202 - Industrial Effectiveness Program-the Qualification Process
Section 4202.6 - Threshold criteria to qualify industrial firms or purchasing groups for local buy-out assistance
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4202.6
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The department shall qualify industrial firms or purchasing groups to apply for local buy-out assistance based on an initial review of the following factors:
(1) the firm is potentially viable;
(2) ownership and control of the firm is to
be transferred to employees, managers and other residents of New York
State;
(3) the local buy-out will
create or retain substantial numbers of private sector jobs;
(4) the local buy-out will prevent the
closing, partial closing, or relocation out-of-state of the firm;
(5) the purchasing group evidences leadership
capabilities and cohesiveness to effectively own and operate the firm and to
provide competitive management;
(6)
the firm appears strong enough, financially and otherwise, to survive a
transition in ownership, and the buy-out is likely to make the firm stronger
over the long term;
(7) the
purchasing group is committed to the firm's continued existence in New York
State;
(8) the purchasing group
evidences commitment to the growth and development of the firm and is prepared
to make tangible investments in its future;
(9) the local buy-out will serve the
interests of employees and of the community where the firm is located;
and
(10) employees and labor
organizations representing employees within the firm or, in companies without
labor organizations, other employee groups support the local buy-out, and they
and the purchasing group are willing to work together to enhance the firm's
competitive position.
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