New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4216 - Urban And Community Development Program
Section 4216.3 - Evaluation criteria
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4216.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The corporation shall evaluate applications for program assistance for conformance to the requirements set forth in this Part, including section 4216.2(c) of this Part, and the following criteria as applicable:
(1) the financial condition of the entity
undertaking the project, including, if applicable, its profitability or
potential to generate profits; liquidity; ability to service debt and its
leverage ration;
(2) management
experience, ability and knowledge of the applicable industry or sector and the
entity's general ability to carry out the project;
(3) satisfactory credit references;
(4) availability of adequate collateral for
program assistance and corporate or personal guarantee, as may be
appropriate;
(5) absence of tax
judgments;
(6) as applicable, size
of the applicant's equity contribution to the project (in general, an equity
contribution of at least 10 percent of the total project cost may be required,
except as may otherwise be provided in this Part);
(7) the economic development benefits that
are likely to result from the project and the amount of State assistance being
requested;
(8) the level of
economic distress demonstrated in the community in which the project is located
and the project's overall impact on the community;
(9) the number and nature of any jobs to be
created and the total payroll impact of the project;
(10) the availability of other sources of
funding, including offers of assistance from locations outside of New York
State, and the amount of private financing being leveraged by program funds;
and
(11) with respect to urban and
community commercial revitalization revolving loan and guarantee funds, the
criteria requirements of sections
4216.8
and
4216.9
of this Part.
(b) The corporation shall use its best efforts to limit the type and amount of program assistance offered or awarded to no more than reasonably necessary to accomplish the project in New York State.
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