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
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4244.5
Current through Register Vol. 45, No. 52, December 27, 2023
(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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