New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4209 - Regional Revolving Loan Trust Fund
Section 4209.5 - Ineligible projects

Current through Register Vol. 44, No. 38, September 21, 2022

Regional corporations shall not provide assistance for the following projects:

(a) projects that would result in the relocation of any business operation from one municipality within the State to another, except under one of the following conditions:

(1) when a business is relocating within a municipality with a population of at least one million, where the governing body of such municipality approves such relocation; or

(2) the regional corporation notifies each municipality from which such business operation will be relocated, and each municipality agrees to such relocation;

(b) projects of newspapers, broadcasting or other news media, medical facilities, libraries, community or civic centers, or public infrastructure improvements;

(c) refinancing any portion of the total project cost or other existing loans or debts of an applicant, except for the purpose of transferring to the employees, or to other local interests, ownership of a company that would otherwise depart from or cease or substantially reduce operations in the State. For the purposes of this subdivision, a substantial reduction of operations in the State shall mean (1) the loss by an eligible business of 25 or more permanent jobs, or (2) the loss by an eligible business of fewer than 25 permanent jobs, if such a loss would have a major adverse impact on the community in which the business is located;

(d) providing funds, directly or indirectly, for payment, distribution, or as a loan, to owners, partners or shareholders of an applicant, except as ordinary income for services rendered;

(e) retail projects, except where the regional corporation finds there will be an increase in net new permanent jobs; and

(f) to the extent permitted by law, projects in which (1) a full-time employee of the State, or any agency, department, authority, public benefit corporation or political subdivision thereof, would receive financial assistance from a regional corporation, or (2) an eligible business, of which a majority ownership interest is beneficially controlled by any such employee, would receive financial assistance from a regional corporation.

Renumbered from 4209.6 New York State Register July 11, 2018/Volume XL, Issue 28, eff. 7/11/2018

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