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 4205.2 - Local buy-out financing assistance

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4205.2

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

(a) The UDC, in cooperation with the department, may provide assistance to qualified firms for local buy-outs through project loans to fill the financing gap between the equity contribution of the purchaser, secured debt financing provided by other sources, any financial participation by the seller, and the selling price of the firm.

(b) A local buy-out must involve transfer of ownership and control of a viable industrial firm to employees, managers, or other investors resident in the State.

(c) Only local buy-outs which will create or retain substantial numbers of jobs by preventing a closing, partial closing or relocation out-of-state of an industrial firm will be eligible for loans.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.