New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance
Section 4205.13 - Procedures for working capital loans for corporate restructuring or corporate turnaround plans

Universal Citation: 21 NY Comp Codes Rules and Regs § 4205.13

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Application forms shall be developed by the UDC and the department.

(b) An industrial firm shall submit an application for a working capital loan to the UDC and the department, and attach copies of its feasibility study and business development and financing plan detailing the firm's restructuring or turnaround plan. Such application may include, but need not be limited to, the following:

(1) how the working capital loan is essential for, and will be used in connection with, the corporate restructuring or turnaround plan;

(2) sources of other financing required for the plan and nature and extent of commitments of such financing;

(3) efforts to obtain the financing requested from other public and private sources or from internal resources; and

(4) the economic benefit of the corporate restructuring or turnaround in terms of employment preserved and impact on the community.

(c) The loan application shall be reviewed by the UDC with the assistance of the department and submitted to the interagency advisory committee for its review, analysis and recommendation to the UDC chairman. The UDC chairman shall submit a recommended project to the UDC directors for preliminary approval.

(d) In the event the UDC directors preliminarily approve a project, the UDC will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing and a written comment period, the project will be submitted to the UDC directors for final approval. In the event the UDC directors give final approval, the project will be submitted for approval to the State Public Authorities Control Board.

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