New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter VII - Industrial Infrastructure Development Program
Part 60 - The Application Process
Section 60.3 - Eligible and ineligible costs
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 60.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The following costs are eligible for funding under this program:
(1) industrial infrastructure development
project design costs;
(2) costs for
completing and updating plans, specifications and estimates, where preliminary
engineering or related planning has already been undertaken, and where
additional engineering work or related planning is required to permit
construction of the industrial infrastructure development project;
(3) costs associated with standard
construction activities which are reasonable costs of construction work
performed under contract; and
(4)
costs for acquisition of real property.
(b) The following costs are ineligible for funding under this program:
(1) expenses or
other engineering costs incurred prior to the industrial infrastructure
development project initiation, related to administration, planning or
estimates;
(2) any expense required
to carry out the overall responsibilities of the eligible applicant, such as
administrative costs; and
(3)
municipal personal services costs of a regular and recurring nature.
(c) For any single industrial infrastructure development project, costs shall not exceed $250,000 of the State funds appropriated for this program, and the length of the loan shall not exceed the useful life of the eligible project. Loans shall be secured by fixed assets, wherever possible.
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