N.Y. Urban Development Corporation Act 174/68 § 10: Findings of the corporation

§ 10. Findings of the corporation. Notwithstanding any other provision

of this act, the corporation shall not be empowered to undertake the

acquisition, construction, reconstruction, rehabilitation or improvement

of a project unless the corporation finds:

(a) in the case of a residential project:

(1) That there exists, in the area in which the project is to be

located, or in an area reasonably accessible to such area, a need for

safe and sanitary housing accommodations for persons or families of low

income, which the operations of private enterprise cannot provide;

(2) That the project has been approved as a project of a housing

company pursuant to the provisions of the private housing finance law.

(b) in the case of an industrial project:

(1) That the area in which the project is to be located is a

substandard or insanitary area, or is in danger of becoming a

substandard or insanitary area, wherein there exists a condition of

substantial and persistent unemployment or underemployment;

(2) That the acquisition or construction and operation of such project

will prevent, eliminate or reduce unemployment or underemployment in

such area;

(3) That such project shall consist of a building or buildings which

are suitable for manufacturing, warehousing or research or other

industrial, business or commercial purposes.

(4) That adequate provision has been, or will be made for the payment

of the cost of the acquisition, construction, operation, maintenance and

upkeep of such project.

(5) That the acquisition and construction, proposed leasing, operation

and use of such project will aid in the development, growth and

prosperity of the state and the area in which such project is located;

(6) That the plans and specifications assure adequate light, air,

sanitation and fire protection.

(c) in the case of a land use improvement project:

(1) That the area in which the project is to be located is a

substandard or insanitary area, or is in danger of becoming a

substandard or insanitary area and tends to impair or arrest the sound

growth and development of the municipality;

(2) That the project consists of a plan or undertaking for the

clearance, replanning, reconstruction and rehabilitation of such area

and for recreational and other facilities incidental or appurtenant

thereto;

(3) That the plan or undertaking affords maximum opportunity for

participation by private enterprise, consistent with the sound needs of

the municipality as a whole.

(d) in the case of a civic project:

(1) That there exists in the area in which the project is to be

located, a need for the educational, cultural, recreational, community,

municipal, public service or other civic facility to be included in the

project;

(2) That the project shall consist of a building or buildings or other

facilities which are suitable for educational, cultural, recreational,

community, municipal, public service or other civic purposes;

(3) That such project will be leased to or owned by the state or an

agency or instrumentality thereof, a municipality or an agency or

instrumentality thereof, a public corporation, or any other entity which

is carrying out a community, municipal, public service or other civic

purpose, and that adequate provision has been, or will be, made for the

payment of the cost of acquisition, construction, operation, maintenance

and upkeep of the project;

(4) That the plans and specifications assure or will assure adequate

light, air, sanitation and fire protection.

(e) in the case of an industrial effectiveness project:

(1) That a feasibility study or productivity assessment exists

demonstrating the potential for future profitability of the firm

requesting financial assistance and such study or assessment has been

reviewed and approved by the commissioner of economic development;

(2) That for loans to implement a corporate restructuring or

turnaround plan, the management of the industrial firm requesting

assistance is capable and the firm has a sound business development plan

that includes measures to ensure labor and management cooperation and to

effect changes required to continue as a successful business;

(3) That the requested financial assistance is not available from

other public or private financing sources; and

(4) That the area in which the project is to be located is a

substandard or insanitary area, or is in danger of becoming a

substandard or insanitary area, wherein there exists a condition of

substantial and persistent unemployment or underemployment.

(f) in the case of a small and medium-sized business assistance

project:

(1) That the area in which the project will be located is a

substandard or insanitary area, or is in danger of becoming a

substandard or insanitary area, wherein there exists a condition of

substantial and persistent unemployment or underemployment;

(2) That the project demonstrates market, management and financial

feasibility and has a clear likelihood of success;

(3) That the industrial firm provides at least a ten percent equity

contribution and such contribution is not derived from other

governmental sources;

(4) That the requested financial assistance is not available from

other public or private financing sources on terms compatible with the

successful completion of the project;

(5) That the project will not result in the relocation of any

industrial firm from one municipality within the state to another

municipality, except under one of the following conditions: (i) when an

industrial firm is relocating within a municipality with a population of

at least one million where the governing body of such municipality

approves such relocation; or (ii) the corporation notifies each

municipality from which such industrial firm will be relocated and each

municipality agrees to such relocation; and

(6) That the project is not for the purpose of refinancing any portion

of the total project cost or other existing loans or debts of the

project sponsor or owner.

(g) in the case of all projects, that there is a feasible method for

the relocation of families and individuals displaced from the project

area into decent, safe and sanitary dwellings, which are or will be

provided in the project area or in other areas not generally less

desirable in regard to public utilities and public and commercial

facilities, at rents or prices within the financial means of such

families or individuals, and reasonably accessible to their places of

employment. Insofar as is feasible, the corporation shall offer housing

accommodations to such families and individuals in residential projects

of the corporation. The corporation may render to business and

commercial tenants and to families or other persons displaced from the

project area, such assistance as it may deem necessary to enable them to

relocate.

(h) in the case of all projects, the corporation shall state the basis

for its findings.