New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle I - Office of Parks, Recreation and Historic Preservation
Chapter IV - Environmental Assistance Programs
Subchapter A - Clean Water/clean Air Bond Act of 1996
Part 431 - Provisions Relating To All Projects
Section 431.3 - Project sponsor's interest in real property for development projects
Universal Citation: 9 NY Comp Codes Rules and Regs ยง 431.3
Current through Register Vol. 46, No. 39, September 25, 2024
If the project sponsor is not the sole owner of the unencumbered fee of land on which a development project will be undertaken, the following documents will be required to qualify the project sponsor's interest in the property for State assistance:
(a) the agreement of the owner to execute the project agreement and public benefit agreement as guarantor; and
(b) a copy of a lease, easement, contract or memorandum of understanding establishing the project sponsor's interest in the property. Such document shall:
(1) be of
sufficient duration and stability to assure that the project sponsor will be
able to comply with this Subchapter; and
(2) contain terms and conditions sufficient
to ensure a period of public use of at least 23 years from the date on which
the final payment on the project is issued by the State Comptroller.
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