New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4210 - Small- And Medium-sized Business Assistance Program
Section 4210.6 - Application and project process
Current through Register Vol. 45, No. 52, December 27, 2023
(a) An applicant for program assistance shall file an application with the corporation on forms provided by the corporation.
(b) Program applications shall require that the following information, as applicable, be submitted:
(c) For projects involving construction or the acquisition of real estate, the following documentation may also be required:
(d) Upon receipt of the application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria. A copy of each completed application, with any confidential information redacted, may be provided to the appropriate regional office of the Department of Economic Development for the office's information.
(e) If the project team concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for adoption approval. The directors normally meet once a month. In the event that the corporation's directors adopt a plan for a project as provided above, the corporation will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing, the corporation will either finally approve or disapprove the project. In the event the corporation approves a project, it must then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month. In the event PACB approves a project loan, legal documents will be drafted by the corporation. Until the legal documents are actually executed, the funding of a project is not certain and should not be assumed.