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

* § 16-m. 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 building, 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;

(i) Assistance to eligible entities set forth in section 16-l of this

act to support value-added small businesses in the agricultural and

agribusiness industries that promote fruit production, fruit processing,

or wineries and which increase or retain employment opportunities in

such industries or in the related tourism industry;

(j) Assistance to local or regional organizations to facilitate

financing for the come home to New York program pursuant to article 9-A

of the economic development law;

(k) Assistance for regional partnership proposals, as provided in

subdivision 12 of section 3154 of the public authorities law;

** (l) Loans, loan guarantees, interest subsidies and grants including

interest subsidy grants to businesses, local and regional economic

development corporations, not-for-profit corporations, regional

marketing organizations, agricultural cooperatives organized pursuant to

the cooperative corporations law, and other local or regional

organizations to finance transportation and distribution projects that

facilitate distribution and sales of New York farm products by farmers

and associations of farmers to food and food services buyers and

processors, such as restaurants, schools, food retailers, farmers'

markets, colleges and other institutional operations especially in urban

and other communities where there has been a lack of availability of

such products. 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.

** NB There are 2 sub (l)'s

** (l) Assistance to biosciences research institutions and

organizations on a competitive basis to develop curriculum and

administer bioscience specific training programs for current and

prospective industry employees, in consultation with the division of

science, technology and innovation established pursuant to article 18 of

the economic development law. For the purposes of this paragraph, the

term biosciences research shall include, but not be limited to, the

basic, applied, or translational research that leads to the development

of therapeutics, diagnostics, or devices, to improve human health or

agriculture and that require federal drug administration approval;

** NB There are 2 sub (l)'s

(m) Assistance to businesses that conduct basic, applied or

translational research that leads to the development of products that

improve human health or agriculture and that require approval by the

federal food and drug administration, in order to create or expand

facilities, in accordance with good manufacturing practice regulations,

that will create or retain more than fifty jobs. For purposes of this

paragraph, good manufacturing practice regulations refers to those

regulations promulgated by the United States Food and Drug

Administration under the authority of the Federal Food, Drug and

Cosmetic Act.

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

businesses, municipalities, industrial development agencies and local

and regional economic development corporations, not-for-profit

corporations, business improvement districts, regional marketing

authorities and agricultural cooperatives organized pursuant to the

cooperative corporations law, and other entities for the construction,

reconstruction, improvement, expansion or rehabilitation of wholesale

regional farmers' markets or food hubs that facilitate the sale and

promotion of farm products grown or produced in New York state.

For the purposes of this paragraph a wholesale regional farmers'

market or food hub is a market, business or organization that actively

manages the aggregation, distribution and marketing of source-identified

food products primarily from local or regional producers to satisfy

wholesale, retail and institutional demand for such products.

(o) Assistance to eligible entities pursuant to article five-A of the

cooperative corporations law to provide financing in the form of loans,

loan guarantees, and interest subsidy grants to subsidize loans from

federally chartered instrumentalities and state and private lending

institutions to facilitate the creation of worker cooperatives that

promote continuation of existing micro-businesses either as a part of a

preexisting business succession of ownership plan or as alternative

option if a business is being offered for sale or transfer by the

current owner or the heirs or estate of a deceased owner. For the

purposes of this section, a micro-business shall be defined as a

business with five or less full-time or full-time equivalent employees.

All eligible entities shall be required to submit a business plan with

their application requesting assistance.

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 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, on July 1, 2027.

* NB Expires July 1, 2027