N.Y. Urban Development Corporation Act 174/68 § 16-h: The JOBS Now program is hereby created

§ 16-h. The JOBS Now program is hereby created. 1. Funds of this

program, within available appropriations, shall be available to any

regional partnership, as provided in section 3154 of the public

authorities law, eligible business expansion or attraction project: (a)

Job creation grants. Proceeds from a job creation grant shall be used by

an eligible business to pay any tax liability resulting from any tax

imposed by the state or a local government that the business owes for

any taxable period beginning on or after the date in which the job

creation grant was awarded. A job creation grant shall equal a portion,

as determined by the urban development corporation, of the New York

state income tax that is withheld on the employees that were hired as a

result of the expansion or attraction project not to exceed one million

five hundred thousand dollars;

(b) Worker training grants. Worker training grants, that are completed

pursuant to eligible expansion and attraction projects, may receive

partial or total reimbursement of the costs associated with such

programs through a worker training grant if such training programs

include, but are not limited to skills training and upgrading,

productivity enhancement and total product/service quality improvements;

(c) Capital loans and grants. Capital loans and grants may be awarded

if the proceeds are used for the acquisition or improvements of land,

infrastructure and buildings and the acquisition of machinery and

equipment;

(d) Interest subsidy grants. Interest subsidy grants may be awarded if

the proceeds of such grants are used to offset debt service costs which

are associated with loans supplied to the business by a private lending

institution; and

(e) Working capital loan and loan guarantees. Working capital loans

may be awarded if the proceeds are used to cover capital-related

expenses such as, but not limited to, accounts receivable, inventory,

and other expenses required to upgrade and reconfigure the competitive

position of the project applicant.

2. To be eligible for a loan or grant from the JOBS Now program, a

regional partnership, as provided in section 3154 of the public

authorities law, or a business expansion or attraction project must

result in the creation of at least 100 new, permanent, full-time private

sector jobs. Not more than twenty-five percent of funds appropriated for

this program shall be allocated for projects that create less than 300

jobs. At least seventy-five percent of funds appropriated for this

program shall be allocated to projects that create at least 300 jobs.

Provided, however, a regional partnership, as provided in section 3154

of the public authorities law, shall be able to aggregate the total

number of jobs created among more than one eligible business in order to

meet the job creation amounts in this subdivision. Provided further,

however, that such aggregation shall be within similar industry

clusters.

3. Applications for assistance pursuant to this section shall be

reviewed and evaluated in consultation with local government officials

and regional economic development offices pursuant to eligibility

requirements and criteria set forth in rules and regulations promulgated

by the corporation. The corporation shall develop and use a standard

application project form.

4. The corporation shall, on or before March 1, 1997, submit a report

to the governor, the temporary president of the senate and the speaker

of the assembly on the operation and accomplishments of the assistance

provided pursuant to this section, including a complete inventory of

projects financed pursuant to this section.