New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.4 - Eligible and ineligible costs

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4244.4

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Proceeds of project loans and alternative financial assistance may be used to finance:

(1) new construction, renovation or leasehold improvements;

(2) the purchase or leasing of machinery and equipment;

(3) land acquisition;

(4) working capital; and

(5) related ancillary costs including, without limitation, reasonable legal expenses, appraisal costs, brokerage commissions, interest costs, survey expenses, architectural and engineering fees, site preparation and relocation expenses.

(b) The following costs are ineligible for funding under this program:

(1) expenses incurred prior to application for program assistance;

(2) payment of tax or employee benefit arrearages;

(3) the construction or renovation of residential facilities;

(4) businesses providing legal, medical or nursing services;

(5) newspaper, broadcasting or other news media businesses, provided however, that financing for production facilities, including but not limited to, sound and recording studios and printing plants shall not be considered ineligible costs hereunder; and

(6) debt refinancing, provided that the provision by ESD of permanent financing to replace construction financing for an otherwise eligible project shall not be considered debt refinancing.

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