New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4244 - Metropolitan Economic Revitalization Program
Section 4244.5 - Eligibility criteria

Current through Register Vol. 44, No. 38, September 21, 2022

(a) The corporation shall evaluate the proposals submitted in accordance with the following criteria:

(1) all, or a portion of, the project site must be located within a municipality, of which all, or a portion of, must be located within the Port District of New York;

(2) the total number of jobs expected to be created or retained;

(3) the ratio of the number of jobs (to be created or retained) to the amount of assistance provided by the program;

(4) the availability of other funding sources;

(5) the overall fiscal feasibility of the project or undertaking;

(6) the percentage of the total project cost that the corporation is being asked to finance. The corporation's typical participation (including all funding sources over which the corporation has discretion) will not exceed 10 percent of the total estimated project cost;

(7) the size of the applicant's equity contribution. In general, the corporation expects an applicant's equity contribution to a project or undertaking to be at least 10 percent of the total project cost, in no event shall the corporation's participation exceed the developer or sponsor's equity contribution to the financing for the project or undertaking;

(8) generally, the balance of the project financing, approximately 80 percent of the total project cost, must be secured with commitment letters from private, i.e., nonpublic, sources;

(9) the ability of the applicant to carry out the project in a manner consistent with the program;

(10) the financial condition of the company involved;

(11) the project has reasonable chance of success;

(12) jobs must be created or maintained or business activity must increase in a specific municipality or region;

(13) the impact of the project on the local community; and

(14) benefits of the project exceed costs.

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