New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4243 - Economic Development Fund
General
Section 4243.5 - Application and approval process
Current through Register Vol. 45, No. 52, December 27, 2023
(a) An applicant for program assistance shall file an application with the corporation on a form provided by, or otherwise acceptable to, the corporation, which will elicit, or otherwise provide, information about the project and the applicant.
(b) Upon receipt of the application, the corporation shall review the application for eligibility, completeness, and conformance with the applicable requirements of the act and this Part. Applications shall be processed in full compliance with the applicable provisions of the act's section 16-i including, without limiting the foregoing, subpart 2-a of that section as it may be in effect from time to time.
(c) If the proposal satisfies the applicable requirements and program funding is available, the proposal may be presented to the corporation's directors for adoption consideration in accordance with applicable law and regulations. The directors normally meet once a month. If the project is approved for funding and if it involves the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of any property, the corporation will schedule a public hearing in accordance with the act and will take such further action as may be required by the act and applicable law and regulations. After approval by the corporation and a public hearing, if required, the project may then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month, in accordance with PACB requirements and policies. Following directors' approval, and PACB approval, if required, documentation will be prepared by the corporation. Notwithstanding the foregoing, no program project shall be funded if sufficient program monies are not received by the corporation for such project.