N.Y. Public Authorities Law § 1827: Loans for multi-tenant facilities

§ 1827. Loans for multi-tenant facilities. When in the judgment of the

authority a need exists for additional space for industrial,

manufacturing, research and development use or other eligible business

facilities in an area of the state, it may make a loan to a local

development corporation or issue a loan guarantee to a banking

organization to assist in financing a project for a business enterprise

which proposes to lease the project to two or more tenants to be used

for manufacturing, industrial or research and development purposes, or

to be used as an eligible business facility, provided that the authority

shall make a finding in lieu of the findings referred to in section

eighteen hundred twenty-six, that such business enterprise is

financially responsible and presumptively able to comply with any lease,

mortgage or other agreement made by it with the authority, banking

organization or a local development corporation in connection with the

project.