Current through Register Vol. 46, No. 12, March 20, 2024
(a) Applications for program assistance shall
be made on or pursuant to standard application forms and in response to
requests for proposals developed by the corporation. These forms and requests
may require the submission of the following information, as may be appropriate
to the nature of the project, applicant and the type of assistance requested:
(1) information about the applicant and
companies involved, including history, ownership, size, primary products
manufactured or services rendered, major customers, and major assets;
(2) information about the proposed project,
including total cost, total assistance requested, proposed uses of funds, other
proposed sources of funding, the number of jobs to be created or retained, and
the current status of the proposed project;
(3) information about the applicant's and
company's previous business activities;
(4) information with respect to the site of
the proposed project and the impact, if any, on the environment and any
landmark or historic properties;
(5) a business plan, resumes of principal
officers, a list of owners, shareholders, or partners, a market analysis and
marketing strategy;
(6) a
description of the need for the requested funds, a specific justification of
the request for assistance, a description of the expected impact of the
assistance on the applicant, companies, and the community, and an indication of
the reason for seeking State assistance;
(7) a complete set of financial statements
for at least the three preceding fiscal years, and operating pro formas going
forward three years;
(8) a list of
proposed collateral, with appraisals;
(9) a budget breakdown of the sources and
uses of funds associated with the proposed project;
(10) for proposed projects involving
construction or the acquisition of real estate the following documentation:
(i) a copy of the purchase option or contract
of sale (if applicable);
(ii) a
legal description and survey of the property;
(iii) a construction-to-occupancy schedule;
and
(iv) copies of the preliminary
architectural drawings, scope of work, and schematics;
(11) for proposed training projects, a
breakdown of any on-the-job training funds to be paid to trainees;
and
(12) such other information as
may be relevant to the eligibility requirements and funding preferences set
forth in this Part or otherwise reasonably requested by the
corporation.
(b) The
corporation shall accept and approve applications for program assistance on at
least a four-month cycle basis, pursuant to a schedule developed by the
corporation. Applications may be submitted directly to the corporation or to
the regional office of the State Department of Economic Development for the
region in which the project is located.
(1)
Applications submitted to the regional office of the State Department of
Economic Development shall be forwarded by such regional office to the regional
council for the region in which the project is located. The regional council
shall:
(i) review each application, in
accordance with the eligibility requirements and evaluation criteria
established under this Part;
(ii)
certify applications for consistency with the regional strategic
plan;
(iii) rank each application
in priority order; and
(iv) forward
the applications, with their certification and rank, to the corporation. The
corporation shall not consider or approve for funding any application submitted
through the regional office of the State Department of Economic Development
that has not been certified by the regional council as consistent with the
regional strategic plan and ranked.
(2) Applications submitted directly to the
corporation will be given a preliminary review for eligibility in accordance
with the requirements and evaluation criteria established under this Part. In
addition, the corporation shall certify applications for consistency with the
regional strategic plan. The corporation shall not consider or approve for
funding any application that the corporation has not certified as consistent
with the regional strategic plan. The corporation shall provide the applicable
regional council with a copy of each application from that region that was
submitted directly to the corporation and the regional council shall have 20
days from receipt of such application to make a written funding recommendation
to the corporation. The corporation may act on any such application after the
expiration of such 20-day period.
(c) Upon receipt of applications from the
regional office of the State Department of Economic Development, or after an
initial determination by the corporation of eligibility and consistency with
the regional strategic plan, as the case may be, the corporation shall assign a
team to review the application for eligibility, completeness, and conformance
with the criteria established in this Part.
(d) Applications shall be evaluated by the
corporation in accordance with the following:
(1) In addition to any other preferences
stated in this Part, the corporation shall give priority consideration to
projects located in a distressed area.
(2) In addition, the corporation shall
consider the following factors in evaluating applications:
(i) the number of jobs created or retained,
with preference for projects that create jobs for persons eligible for benefits
under the provisions of the Federal Job Training Partnership Act;
(ii) the impact of the project on the
employment and economic condition of the community in which it is
located;
(iii) the cost per job
created or retained based upon the total project cost;
(iv) the participation of minority- or
women-owned business enterprises in the project;
(v) the level of local public support for the
project;
(vi) the amount of private
investment leveraged;
(vii) the
likelihood of accomplishing the project in a timely fashion; and
(viii) the priority accorded the proposed
project by the regional council.
(e) In the event that the corporation does
not follow the ranking or recommendation accorded projects by the regional
council, the corporation shall make a written finding of the reasons
therefor.
(f) After review of
applications in accordance with this Part, the corporation's staff shall
formulate funding recommendations. Projects recommended for program funding
shall be submitted to the UDC directors for approval; provided, however, that
program assistance of up to $50,000, or such other amount as may from time to
time be established by the corporation, may be approved by the chairman of the
corporation. Projects approved for funding may be submitted for action by the
Public Authorities Control Board, according to the policies of that board.
Legal documents for projects approved for funding by the corporation and, if
applicable, the Public Authorities Control Board, will be drafted by the
corporation and until such documents are fully executed, program funding is not
certain and should not be assumed.
