New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.1 - Purpose and general description
The purpose of these regulations is to set forth the framework for the administration of the Metropolitan Economic Revitalization Fund (herein referred to as the "fund" or the "program") by the New York State Urban Development Corporation d/b/a the Empire State Development Corporation ("ESDC" or the "corporation"). These regulations codify the administration of the fund, determine eligibility, and set forth the evaluation criteria and application process.
The program is intended to fund public/private partnerships in economic development projects that create and/or retain substantial jobs specifically within the geographic area known as the New York portion of the service area of the Port Authority of New York and New Jersey. The program is further intended to promote projects which will increase business activity within the region, create new sustainable physical development, and stimulate related economic growth in the surrounding community. The purpose of the program is to establish a revolving loan fund that provides assistance to bridge financing gaps in the financial structure of proposed projects. The program will fund projects that already have substantial private sector investment that attract investors and lenders to the proposed project and surrounding community.