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 4208.4 - Eligible and ineligible costs
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4208.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Proceeds of project loans may be used to finance:
(1) new construction, renovation or leasehold
improvements;
(2) the acquisition
of land, buildings, machinery and equipment;
(3) working capital, provided that the term
for a working capital loan shall be no longer than four years and that a
working capital loan shall not exceed $500,000 or 50 percent of the total
estimated cost of the project, whichever is less; and
(4) costs related to the above, including,
without limitation, legal expenses, appraisal costs, brokerage commissions,
interest costs, survey expenses, architectural and engineering fees, site
preparation expenses and relocation expenses.
(b) The following costs are ineligible for funding under this program:
(1) expenses
incurred prior to application for program assistance; and
(2) payment of tax or employee benefit
arrearages.
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