N.Y. Urban Development Corporation Act 174/68 § 16-i: The empire state economic development fund

* § 16-i. The empire state economic development fund. 1. The empire

state economic development fund is hereby created. The corporation is

authorized, within available appropriations, to provide financial,

technical or other assistance from such fund for the following: (a)

Loans, loan guarantees and grants including interest subsidy grants to

manufacturing and non-retail service firms, for headquarters facilities

of firms engaged generally in retail industries, retail firms located in

distressed areas and to other businesses, for the purpose of developing

recreational, cultural, or historical facilities that are likely to

attract significant numbers of visitors. Loans, loan guarantees and

interest subsidy grants may be used to finance new construction,

renovation or leasehold improvements and the acquisition of land,

buildings, machinery and equipment. The proceeds of such loans, loan

guarantees and interest subsidy grants may also be used to finance

working capital;

(b) Loans, loan guarantees, and grants including interest subsidy

grants may be provided to municipalities, industrial development

agencies, not-for-profit corporations or local development corporations

for the purpose of developing federal facility sites, urban industrial

sites, industrial parks and incubator buildings; or to undertake

preliminary planning relating thereto;

(c) Grants for the purpose of creating or retaining jobs or

preventing, reducing or eliminating unemployment or underemployment

including, but not limited to, productivity assessments, export market

development plans and other projects to promote international trade;

skills training assistance including classroom instruction or on the job

training; and programs to assist economically distressed regions and

communities to identify new business opportunities, plan for new

enterprise development and manage economic development projects;

(d) Loans, loan guarantees, interest subsidies and grants to

businesses, municipalities, industrial development agencies and local

and regional economic development corporations for projects for the

purpose of attracting, retaining or permitting the expansion of

industrial, manufacturing, commercial, research and development, high

technology, tourism, agricultural or non-retail service businesses and

not-for-profit organizations which shall include, but not be limited to

basic systems and facilities on public and privately owned property

including drainage systems, sewer systems, access roads, sidewalks,

docks, wharves, water supply systems, and site clearance, preparation,

improvements and demolition. In addition, grants for preliminary

planning of projects eligible to apply for financing pursuant to this

paragraph may be provided;

(e) Grants to municipalities, not-for-profit corporations and local

and regional economic development organizations seeking to attract,

stabilize, retain or revitalize existing businesses, and to assist small

and new businesses for activities including, but not limited to, the

preparation of strategic plans for local or regional economic

development, the analysis of business sectors, marketing and promoting

regional business clusters, and feasibility studies;

(f) Loans, loan guarantees, interest subsidy grants and direct grants

for feasibility studies, surveys and reports, architectural design,

studies, and other redevelopment work for non-residential improvements

to commercial buildings, commercial strips, downtown areas or business

districts;

(g) Assistance to local or regional organizations to facilitate

financing for small- and medium-sized business, including minority- and

women-owned business enterprises through flexible financing programs,

including, but not limited to, loan loss reserve and revolving loan

programs, working capital loans, working capital loan guarantees, or

other flexible financing programs that leverage traditional financing;

(h) Assistance to eligible entities and organizations as set forth in

section 16-l of this act to support community economic development

programs and activities, including value-added small business growth,

agricultural, agribusiness and forest products and those projects that

promote the family farm, increase or retain employment opportunities and

otherwise contribute to the revitalization of local rural areas which

are economically distressed.

2. Applications for assistance pursuant to this section shall be

reviewed and evaluated in cooperation with regional economic development

offices pursuant to eligibility requirements and criteria set forth in

rules and regulations promulgated by the corporation. Approval of

project applications shall be made only upon a determination by the

corporation:

(a) that the proposed project would promote the economic health of New

York state by facilitating the creation or retention of jobs or would

increase business activity within a municipality or region of the state

or would enhance or help to maintain the economic viability of family

farms;

(b) that the project would be unlikely to take place in New York state

without the requested assistance.

(c) that the project is reasonably likely to accomplish its stated

objectives and that the likely benefits of the project exceed costs; and

(d) the project is undertaken in accordance with the memorandum of

understanding executed in accordance with this section.

3. The provisions of this section shall expire, notwithstanding any

inconsistent provision of subdivision 4 of section 469 of chapter 309 of

the laws of 1996 or of any other law, upon the effective date of a

chapter of the laws of 2000 which appropriates funds for the principal

support of the urban development corporation for the 2000-01 state

fiscal year.

* NB Expired upon appropriation of funds to UDC for 2000--01 fiscal

year notwithstanding being repealed March 31, 1997 by chap. 309/1996 §

469 sub. 4.

See ch. 413/99 Pt. M