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 4216.8 - Commercial revitalization revolving loan trust fund-definitions
Current through Register Vol. 46, No. 12, March 20, 2024
For the purposes of this section and section 4216.9 of this Part, the following terms shall have the following meanings:
(a) Administering corporation shall mean a representative administering corporation or a nonrepresentative administering corporation.
(b) Administrative costs shall mean the costs incurred by an administering corporation, following its selection by the corporation to administer the trust fund lending program, in preparing to administer and in the administering the program, including, without limitation, the costs of:
(c) Administrative expense trust fund account shall mean each and every account established by the corporation for the benefit of an administering corporation pursuant to section 4216.9(c) of this Part.
(d) Administrative income shall mean income derived by an administering corporation from the collection from trust fund loan applicants of application fees, commitment fees and payments made to reimburse the administering corporation for expenses incurred in connection with the processing of applications for trust fund loans and the closing of trust fund loans and any other sources, provided such income is expended on administrative costs.
(e) Commercial district business enterprise shall mean a retail, professional, or commercial service business formally authorized to do business on a for-profit basis in the State, operating out of a fixed business location within a service delivery region, and having fifty or fewer full-time employees or full-time equivalent employees.
(f) Commercial district revolving loan trust fund account shall mean each and every account established by the corporation for administration by an administering corporation pursuant to section 4216.9(a) of this Part.
(g) Economic development zone means an area or community designated as such pursuant to article 18-B of the General Municipal Law of the State.
(h) Eligible trust fund project shall mean any defined business development activity undertaken by a commercial district business enterprise to help it to increase sales or employment, and to modernize, stabilize, or expand its operation, subject to the limitations of section 4216.9(f) of this Part.
(i) Enabling legislation shall mean section 16-d of the act, as amended.
(j) Minority-owned business enterprise shall mean any business enterprise which is at least 51 percent owned by, or in the case of a publicly-owned business, at least 51 percent of the stock of which is owned by, citizens or permanent resident aliens who are minority persons where such ownership is real, substantial and continuing and where such persons have the authority to independently control the day-to-day business decisions of the entity.
(k) Minority or minority person shall mean:
(l) Municipality shall mean any city, county, town or village of the State.
(m) Net administrative costs shall mean the amount, if any, by which administrative costs exceed administrative income.
(n) Nonrepresentative administering corporation.
(o) Representative administering corporation.
(p) Service delivery region shall mean an area of the State served by an administering corporation consisting of a single major thoroughfare, or two or more contiguous thoroughfares, located within a central business district or a commercial strip.
(q) State shall mean the State of New York.
(r) Total eligible trust fund project cost shall mean the cost required to implement and complete an eligible trust fund project.
(s) Trust fund or commercial district revolving loan trust fund shall mean the commercial revitalization revolving loan fund created pursuant to subdivision eight of the enabling legislation.
(t) Trust fund fixed asset loans shall mean secured or unsecured loans made pursuant to the Trust Fund Lending Program for:
(u) Trust Fund Lending Program shall mean the program, set forth in section 4216.9 of this Part, whereby the corporation establishes commercial district revolving loan trust fund accounts and deposits into said accounts funds which are used by administering corporations selected by the corporation to make trust fund loans to commercial district business enterprises for eligible trust fund projects.
(v) Trust fund loan committee shall mean a committee composed of six or more persons experienced in business management, commercial lending or in the operation of a for-profit business, provided, however, that at least one-half of such persons shall own or manage a for- profit business in the service delivery region; at least three such persons shall be experienced in commercial lending; all such persons shall reside, have their place of business or employment, or conduct business within the service delivery region, and none of such persons shall be members of the board of directors or other governing body of the organization which has formed the committee.
(w) Trust fund loans shall mean trust fund working capital loans or trust fund fixed asset loans that are made by an administering corporation from funds deposited by the corporation into a commercial district revolving loan trust fund account.
(x) Trust fund proceeds shall mean any and all monies made available to the corporation for deposit to the trust fund, including monies appropriated by the State and any income earned by, or incremental to, the account due to the investment of same, or any repayments of monies advanced from the trust fund.
(y) Trust fund working capital loans shall mean secured or unsecured loans made pursuant to the trust fund lending program for working capital, revolving lines of credit, and seasonal inventory in principal sums not exceeding $15,000 and for terms not exceeding five years. The uses of such loan funds may include, without limitation, the upgrading of display lighting, advertising and promotion, payroll for additional staff and their training, the purchase of computers to enhance inventory control, and the purchase of display cabinets, furniture, and fixtures.
(z) Women-owned business enterprise shall mean any business enterprise which is at least 51 percent owned by, or in the case of a publicly-owned business, at least 51 percent of the common stock of which is owned by, citizens or permanent resident aliens who are women, regardless where such ownership interest is real, substantial and continuing and where such persons have the authority to independently control the day-to-day business decisions of the entity.