N.Y. Economic Development Law § 190: Definitions

§ 190. Definitions. As used in this article, unless a different

meaning appears from the context, the following words and terms shall

have the following meanings:

1. "Feasibility study" shall mean an investigation and evaluation of

the viability of an industrial firm or group of industrial firms,

including those for which local buyout assistance has been requested. A

feasibility study shall include, but not be limited to, an assessment of

the potential profitability and prospects for job preservation and

future job growth; the condition, stability and growth potential of the

industry in domestic and international markets; the financial condition;

essential changes and productivity improvements needed to remain viable;

the quality of management and its ability to innovate and change; labor

and management relations; workforce skills and training needs; whether

adequate time exists to effectuate a local buyout or revitalize a firm;

relations with suppliers and customers; and cooperation of the sellers.

2. "Industrial firm" shall mean a manufacturing firm involved with

extracting, smelting, recovering, developing, preparing, compounding,

converting, assembling or producing in any manner, minerals, raw

materials, products or substances of any kind or nature, and shall

include facilities related thereto for storage, warehousing or

distribution, for research and development or for the discovery of new,

and the refinement of known, substances, processes, and products.

3. "Local buyout" shall mean the transfer of the ownership and control

of a viable industrial firm to its employees, or managers, or to other

investors resident in New York state, where such transfer will create or

retain substantial numbers of private sector jobs by preventing the

closing, partial closing, or the relocation out-of-state of an

industrial firm.

4. "Medium-sized industrial firm" shall mean an industrial firm that

employs less than five hundred persons within the state on a full-time

basis.

5. "Productivity assessment" shall mean an evaluation of the existing

and potential productivity and profitability of an industrial firm or

group of industrial firms and recommendations for productivity

improvements, including, but not limited to, analysis of products,

market position, financial condition, ownership structure, production

processes, labor/management relations, worker skills and training needs,

plant and equipment, and business strategy.

6. "Small-sized industrial firm" shall mean an industrial firm that

employs one hundred or less persons within the state on a full-time

basis.