New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4203 - Industrial Effectiveness Programs-feasibility Studies
Section 4203.4 - Procedures
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4203.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) For a preliminary feasibility study:
(1) A qualified
industrial firm or purchasing group shall complete and submit to the department
a short-form application on forms provided by the department which shall
include, but not be limited to, a description of the firm, its competitive
situation, financial circumstances, assistance requested, proposed use of
experts and method of selection, costs, support of the labor force for the
study, the nature and extent of the firm's participating in and commitment to
the study, commitments to make available necessary financial and other
information, confidentiality provisions, and reporting requirements.
(2) Upon review and approval of the
application by the department, a written agreement shall be entered into with
the firm or purchasing group.
(3)
The department, or an expert or experts retained by the department, shall
perform the preliminary assessment.
(4) The department shall review the work of
the expert preparing the preliminary feasibility study prior to its submission
to insure that it adequately addresses the scope of services. Such preliminary
feasibility study shall be delivered to the firm and to the
department.
(b) For a full feasibility study:
(1) The firm or
purchasing group shall prepare an application on forms provided by the
department which shall include, but not be limited to, a detailed scope of
services, estimated costs and schedule for completion of each task, commitments
by the firm to meet the cost-sharing contributions set forth in Part 4207 of
this Title and to make available financial and other information,
confidentiality provisions, proposed use of experts and method of selection,
evidence of support and participation of the labor force in the study,
reporting requirements, and such other information the department may deem
necessary and appropriate.
(2) In
the case of a local buy-out, the firm or purchasing group shall also supply
evidence of support for the proposed buy-out by members of the purchasing
group, employees and labor organizations of the firm; and a letter from the
owner or owners of the industrial firm indicating support of the local buy-out
and willingness to sell or transfer ownership interests to the purchasing
group.
(3) In the case of a
corporate restructuring or turnaround, the firm or purchasing group shall also
provide information concerning major suppliers, customers, financial sources
and other major creditors.
(4) Upon
review and approval of the application by the commissioner, a written agreement
shall be entered into with the firm or purchasing group.
(5) Full feasibility studies will be
conducted by experts retained by the department, the industrial firm or
purchasing group, and supervised by the department. Experts shall review their
draft findings and recommendations with the department and the firm or
purchasing group prior to submission of the full feasibility study. A final
full feasibility study shall be delivered to the department and the firm or
purchasing group.
(6) If the
department determines, based upon recommendations in the study, that further
assistance is warranted, it may amend the agreement with the firm or purchasing
group to provide for additional services to plan, design and introduce remedial
measures required to effect a local buy-out or corporate restructuring or
turnaround, or to improve productivity and competitiveness.
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