New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4215 - Minority And Women Revolving Loan Trust Fund
Section 4215.7 - Ineligible projects
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4215.7
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Loans from a minority and women revolving loan trust fund account pursuant to section 4215.6 of this Part shall not be made available for the following projects:
(1) projects that would result in the
relocation of any business operation from one county, city, town or village
within the State to another, except under one of the following conditions:
(i) a business is relocating within a county,
city, town or village with a population of at least one million, where the
governing body of such county, city, town or village approves such relocation;
or
(ii) the administering
corporation notifies each county, city, town or village from which such
business operation will be relocated and each county, city, town or village
agrees to such relocation;
(2) projects of newspapers, broadcasting or
other news media, medical facilities, libraries, community or civic centers, or
public infrastructure improvements;
(3) projects that involve 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
paragraph, a substantial reduction of operations in the State shall mean:
(i) the loss by an eligible business of 25 or
more permanent jobs; or
(ii) 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;
(4) projects
that involve 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;
(5) retail projects, except where the
administering corporation finds there will be an increase in net new permanent
jobs; and
(6) to the extent
permitted by law, projects in which:
(i) a
full-time employee of the State or any agency, department, authority, public
benefit corporation, or political subdivision thereof would receive a loan from
an administering corporation; or
(ii) an eligible business, of which a
majority ownership interest is beneficially controlled by any such employee,
would receive a loan from an administering corporation.
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