New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4243 - Economic Development Fund
General
Section 4243.7 - Fees
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An application fee of $250 must be paid to the corporation for projects that involve acquisition, construction, reconstruction, rehabilitation alteration or improvement of real property, the financing of machinery and equipment and working capital loans and loan guarantees other than infrastructure development financing projects before final review of an application can be completed. In no event shall there be a fee imposed for competitive improvement projects. This fee will be refunded in the event the application is withdrawn or rejected.
(b) The corporation will assess a commitment fee of two percent of the amount of any program loan involving projects for acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property, the financing of machinery and equipment and working capital other than infrastructure development financing projects payable upon acceptance of commitment with one percent rebated at closing. No portion of the commitment fee will be repaid if the commitment lapses and the project does not close. The corporation will assess a fee of one percent, payable at closing, of the amount of any program grant involving the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of real property or the financing of machinery and equipment or any loan guarantee other than infrastructure development financing projects. Notwithstanding the foregoing, the commitment fee for an interest subsidy grant may be waived, at the discretion of the corporation, in the event an application for financial assistance from the corporation was submitted prior to the date of the initial adoption of this Part. In no event shall there be a commitment fee imposed for competitiveness improvement projects.
(c) In addition to all applicable fees and as may be required by the corporation, the applicant shall pay expenses incurred by the corporation in connection with the project, including, but not limited to, expenses related to appraisals, surveys, title insurance, credit searches, filing fees, public hearing expenses and other items as deemed appropriate by the corporation.
