New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4243 - Economic Development Fund
General
Section 4243.2 - Definitions

(i) that the proposed project would promote the economic health of the State by facilitating the creation or retention of jobs or would increase business activity within a political subdivision or region of the State;

(ii) that the project would be unlikely to take place in the State without the requested assistance; and

(iii) that the project is reasonably likely to accomplish its stated objectives and that the likely benefits of the project exceed costs.

(i) a manufacturing or non-retail service firm or material handling facility or tourism facility; a business group or consortium or association or industry group or association, in each case which consists of or represents manufacturing or non-retail service firms or material handling facilities; a not-for-profit entity; a local development corporation; an industrial development agency; a public benefit corporation, a municipality, a local or regional economic development corporation or an educational entity/provider; and

(ii) for the purpose of employee training assistance only, in addition to those entities specified in subparagraph (i) of this paragraph, a private industry council, as defined by the Federal Job Training Partnership Act ( P.L. 97-300 ), shall be an eligible applicant.

(i) Commercial area development financing shall include:

(ii) Federal and urban site financing shall include:

(iii) General development financing shall include any business authorized to conduct business in the State for the following purposes: manufacturing, non-retail service firms, headquarters facilities of firms engaged generally in retail industries, retail firms (as hereinafter defined) located in distressed areas and other businesses whose purpose is to develop recreational, cultural or historical facilities that are likely to attract significant numbers of visitors. Generally, any business shall have been in existence for at least three years.

(iv) Infrastructure development financing shall include:

(v) Regional and industrial planning studies and economic development initiatives shall include:

(vi) Capital access projects shall include eligible administering corporations.

(i) loan loss reserve funds (as hereinafter defined);

(ii) revolving loan funds (as hereinafter defined); and

(iii) CRA enhancement funds.

(i) refinancing of any existing debt provided that assistance in the form of permanent financing to replace construction financing for an otherwise eligible project shall be allowed;

(ii) assistance to any agency of the State, except that assistance may be rendered for or in connection with improvements of real property owned by the corporation or the State or any agency, department, public authority or public benefit corporation of the State or any subsidiary of such a public benefit corporation where such assistance will benefit one or more eligible businesses located on such real property or in the community in which such real property is located;

(iii) any residential purpose;

(iv) payment of any tax or employee benefit arrearages; and

(v) expenses incurred before submission of an application for program assistance or the written acceptance of a letter issued by the corporation as offering such assistance.

(i) overnight lodging facilities, except in the case of tourism destination projects (as hereinafter defined) that include such facilities and, in such cases the costs of such facilities may be included in calculating the total project costs;

(ii) legal, medical or nursing services;

(iii) educational services, except in the case of any training assistance;

(iv) retail firms not located in distressed areas; and

(v) casinos.

(i) consisting solely of site preparation, clearance and/or demolition on publicly-owned or leased land and may include the eligible uses set forth in section 4243.21(a)(1) and (2) of this Part for projects located in distressed areas and for which the corporation may provide grant assistance;

(ii) with the applicant being a municipality, an industrial development agency or a local or regional economic development corporation;

(iii) for which economic development fund determinations can be made and for which the evaluation criteria, as applicable, can be met;

(iv) for which, except as provided in subparagraph (v) of this paragraph, grant assistance shall generally not exceed $500,000 or 80 percent of total project costs, whichever is less; and

(v) for which grant assistance for preliminary planning will generally not be less than $25,000 or greater than $100,000 and shall generally not exceed 50 percent of total project planning costs.