N.Y. Public Authorities Law § 1836-b: Definitions

§ 1836-b. Definitions. When used in this subtitle, unless the context

otherwise requires:

1. "Agreement" means an employee ownership assistance loan agreement

made pursuant to this subtitle.

2. "Authority" means the job development authority created by section

one thousand eight hundred two of this chapter.

3. "Eligible project" means the acquisition or rehabilitation by an

employee ownership association of an existing industrial or

manufacturing plant located in this state for the purpose of operating

it as an employee-owned enterprise.

4. "Employee ownership association" means a corporation or other

association formed by or on behalf of the employees of an industrial or

manufacturing plant located in this state for the purpose of assuming

ownership or control of the plant and operating it as an employee-owned

enterprise or as a worker cooperative as defined in section eighty-one

of the cooperative corporations law.

5. "Employee-owned enterprise" means a business in which the employees

are represented on the board of directors and the employees control the

majority of the voting stock, or if the business is held in a trust

which controls the majority of the voting stock, the trustees are

elected by the employees. The term "employee-owned enterprise" shall

also refer to a worker cooperative as defined in section eighty-one of

the cooperative corporations law.

6. "Funding partner" means an entity which singly or in combination

with other entities has agreed to finance a portion of the project cost

of an eligible project, and may include the employee ownership

association undertaking the project as well as any financial entity.

7. "Plant" includes the site, structure, building and equipment and

all real and personal property in connection therewith, whether or not

in existence, and may include any road, railroad, or utility or

equipment appurtenant thereto.

8. "Project cost" includes all reasonable and necessary costs to be

incurred in the course of an eligible project, including any anticipated

acquisition, construction, land acquisition, improvements, equipment,

pertinent rights and easements, and associated technical, engineering,

legal and financial services.