New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4242 - Jobs Now Program
Section 4242.5 - Evaluation criteria
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4242.5
Current through Register Vol. 45, No. 52, December 27, 2023
(a) The corporation shall evaluate applications for program assistance in consultation with local government officials and regional economic development offices for conformance to the requirements set forth in this Part and the following criteria, among others, as may be appropriate to the type of assistance being requested:
(1) the financial condition of the
company undertaking the project, including its profitability or potential to
generate profits; liquidity; ability to service debt and its leverage
ratio;
(2) management experience,
ability and knowledge of industry and the company's general ability to carry
out the project;
(3) satisfactory
credit references;
(4) availability
of adequate collateral for program assistance, as may be appropriate;
(5) availability and adequacy of personal and
corporate guarantees;
(6) absence
of tax judgments;
(7) 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 will be required,
except as may otherwise be provided herein;
(8) the level of economic distress
demonstrated in the community in which the project is located and the project's
overall impact on that community;
(9) the number and nature of the jobs 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;
(11) the economic
development benefits that are likely to result from the project and the amount
of State assistance being requested.
(b)
(1) The
corporation may make an offer or award of program assistance only in those
instances in which:
(i) the corporation's
analysis of the factors enumerated above indicate that such an award would be
appropriate to accomplish the purposes of the program; and
(ii) it can reasonably be concluded that the
expansion or attraction project would not occur without program
assistance.
(2) In any
such instance, the corporation shall use its best efforts to limit the type and
amount of program assistance offered or awarded to no more than the amount
reasonably necessary to accomplish the project in New York State.
(3) In satisfying the requirements of
subparagraph (1)(ii) and paragraph (2) of this subdivision, the corporation
shall use its best efforts to obtain and review the terms of any of economic
development assistance offer(s) that may have been provided as an incentive for
the implementation of the proposed project in a location outside of New York
State.
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