N.Y. Public Authorities Law § 3153: Capital investments innovation fund

§ 3153. Capital investments innovation fund. 1. Creation and purposes.

The capital investments innovation fund is hereby created for the

purpose of providing loans, grants or a combination thereof through the

regional partnerships authorized pursuant to section thirty-one hundred

fifty-four of this title for economic development projects that

facilitate job growth and business expansion in New York state. However,

nothing shall preclude the foundation, one or multiple partnerships from

joining together to advance and receive grants, loans or combinations

thereof for projects authorized under this section. Such fund shall

provide financing for programs that improve the business climate and

enhance economic competitiveness across New York state's regions.

2. Eligible projects. (a) Projects eligible for capital investment

fund financing may include, but not be limited to, those that enhance

innovation or increase competitiveness in emerging or high-technology

industries, and other industries.

(b) Capital investment innovation funds may be utilized for projects

which include, but may not be limited to, the following: the development

of industrial facilities and parks, manufacturing facilities, business

parks and incubators, office facilities and parks, warehouse and

distribution facilities, and, high-technology and biotechnology

research, development and related commercialization facilities.

(c) Projects intended primarily for the development of retail or

personal service facilities shall not be eligible.

3. Eligible costs. Capital investment innovation funds may be utilized

for purposes including but not limited to the following: infrastructure

development, including water, sewer, highway, rail access, electric

power, gas and telecommunications; energy efficiency improvements; site

acquisition, site investigation, site clearance, building demolition and

site preparation; construction, reconstruction, and renovation, and,

machinery and equipment.

4. Project cost. Total project cost shall be a minimum of two hundred

fifty thousand dollars, unless the board determines that circumstances

merit a waiver of such minimum threshold. At least two-thirds of the

project cost shall consist of private sector, local, or federal funding.

However, those projects which offer exceptional opportunities for

long-term private sector job creation and retention may be eligible for

a waiver of this requirement.

5. Applications. Applications may be submitted to the foundation by

the regional partnerships on behalf of municipalities, nonprofit

organizations, businesses, special districts, institutions of higher

education, or other organizations. The foundation may provide grants,

loans or combinations thereof, provided that projects be evaluated on

the basis of the amount of economic impact on New York state, the

feasibility of business plans and long-term sustainability, as

determined by the foundation, in consultation with the urban development

corporation.

6. Program rules and regulations. Following consultation with

appropriate state and local agencies and other organizations, the

foundation shall promulgate rules and regulations for the award of the

capital investments innovation fund financing through the regional

partnerships, provided however, that the foundation board shall oversee

the distribution of all funds appropriated to the capital investments

innovation fund program.