New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4208 - Industrial Effectiveness Expansion, Retention And Attraction Assistance Program
Section 4208.3 - Assistance

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4208.3

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

(a) The corporation may provide, within available appropriations, business expansion, retention and attraction assistance (1) through project loans and interest subsidy grants for projects as defined in the UDC Act including,but not limited to, loans to industrial firms that have received industrial effectiveness evaluation assistance under the Strategic Resurgence Fund, authorized by the Omnibus Economic Development Act of 1987. Industrial firms in which a controlling interest is owned by one or more employees of the State, or its instrumentalities, shall not be eligible for assistance hereunder; (2) through project loans and interest subsidy grants for warehousing and distribution facilities; (3) through project loans and interest subsidy grants for the development of urban industrial sites, industrial parks and incubator buildings owned by municipalities, industrial development agencies, or local development corporations.

(b) The corporation is required to make project findings under the UDC Act. Assistance will be predicated upon the ability of the corporation to make such findings, as well as upon a determination of the directors of the corporation that:

(1) the project will create or preserve a substantial number of jobs;

(2) the project will assist in the expansion or retention of a business located in the State or the attraction of a business to the State;

(3) the proposed assistance is consistent with the purposes of the program; and

(4) the area in which the project is to be located is a substandard or insanitary area, or is in danger of becoming a substandard or insanitary area, wherein there exists a condition of substantial and persistent unemployment or underemployment.

(c) Interest subsidy grants made by the corporation for the purposes set forth in subdivision (a) of this section shall be used to subsidize loans from private lending institutions only. Individual grants may be made in amounts up to $500,000.

(d) The corporation shall give preference to projects of industrial firms that employ fewer than 500 persons within the State on a full-time basis.

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