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 4208.5 - Evaluation criteria
Current through Register Vol. 46, No. 12, March 20, 2024
The corporation shall evaluate the proposals submitted in accordance with the following criteria:
(a) the total number of jobs expected to be created or retained;
(b) the ratio of the number of jobs (to be created or retained) to the amount of assistance provided by the program. In general, financing will not be approved for projects that anticipate a return of less than one job for every $15,000 of State financial assistance;
(c) the availability of other funding sources;
(d) the percentage of the total project cost that the corporation is being asked to finance. The corporation's typical participation (including all funding sources over which the corporation has discretion) will not exceed 33 percent of the total estimated project cost;
(e) the ability of the applicant to carry out the project in a manner consistent with the program;
(f) the size of the applicant's equity contribution. In general, the corporation expects an applicant's equity contribution to a project to be at least 10 percent of the total project cost;
(g) the financial circumstances of the company involved;
(h) the impact of the project on the local community; and
(i) the ability of the applicant to repay the project loan.
