N.Y. Urban Development Corporation Act 174/68 § 16-q: The upstate regional blueprint fund

§ 16-q. The upstate regional blueprint fund. 1. The upstate regional

blueprint fund is hereby created. The upstate empire state development

corporation is authorized to provide financial, product development, or

other assistance from such fund to eligible entities as set forth in

this subdivision to support the upstate revitalization fund, and in

support of such projects that focus on: intellectual capital capacity

building; investment products; applied research and development;

opportunities for foreign investment and international export; and

infrastructure requirements to attract new businesses or expand existing

businesses. For-profit businesses, not-for-profit corporations, public

benefit corporations, municipalities, and research and academic

institutions shall be eligible to apply for such activities under this

subdivision including, but not limited to, the following:

(a) Support for projects identified through region-wide collaborative

efforts as part of the overall growth strategy for the local economy,

including but not limited to smart growth and energy efficiency

initiatives.

(b) Support for the attraction or expansion of a business, including,

but not limited to, those primarily engaged in activities identified as

a strategic industry, and minority-owned and women-owned business

enterprises as defined by subdivisions (c) and (g) of section nine

hundred fifty-seven of the general municipal law.

(c) Support for land acquisition and/or the construction, acquisition

or expansion of buildings, machinery and equipment associated with a

project.

(d) Support for projects identified as a city by city or regional

blueprint priority.

2. Applications for assistance pursuant to this section shall be

reviewed and evaluated pursuant to eligibility requirements and criteria

set forth in rules and regulations promulgated by the upstate chairman,

and subject to approval by the board of directors of the upstate empire

state development corporation. Approval of project applications shall be

made by the upstate chairman, subject to approval by the board of

directors of the upstate empire state development corporation.

3. Priority in granting assistance generally will be given to projects

(a) with significant private financing or matching funds through other

public entities, (b) likely to produce a high return on public

investment, (c) with existence of significant support from the local

business community, local government, community organizations, academic

institutions and other regional parties, (d) with significant regional

breadth or likely to have wide regional impact, (e) with cost benefit

analysis that demonstrates sustainable job creation and investments, (f)

located in distressed areas using economic criteria developed by the

upstate empire state development corporation, which may include but not

be limited to land value, employment, private investment, economic

activity, and population, or (g) whose application is submitted by

multiple entities, both public and private.

4. The upstate empire state development corporation shall provide such

assistance in a geographically proportionate manner throughout upstate

based on qualified applications received pursuant to this section.

5. Assistance may be in the form of loans, grants, or monies

contributing to projects for which the corporation or a subsidiary acts

as developer. (i) The corporation may act as developer in the

acquisition, renovation, construction, leasing or sale of development

projects authorized pursuant to this act in order to stimulate private

sector investment within the affected community. (ii) In acting as a

developer, the corporation may borrow for purposes of this subdivision

for approved projects in which the lender's recourse is solely to the

assets of the project, and may make such arrangements and agreements

with community-based organizations and local development corporations as

may be required to carry out the purposes of this section. (iii) Prior

to developing any such project, the corporation shall secure a firm

commitment from entities, independent of the corporation, for the

purchase or lease of such project. (iv) Projects authorized under this

subdivision whether developed by the corporation or a private developer,

must be located in distressed communities, for which there is a

demonstrated demand within the particular community.

6. Eligible applicants shall include, but not be limited to, business

improvement districts, local development corporations, economic

development organizations, institutions of higher education, incubators,

technology parks, private firms, municipalities, counties, regional

planning councils, tourist attractions, and community facilities.

7. The corporation shall submit a report to the director of the

budget, the temporary president of the senate, the speaker of the

assembly, the minority leader of the senate and the minority leader of

the assembly on the investments and accomplishments of the upstate

regional blueprint fund. Such report shall include, but not be limited

to, information on the number of jobs created and retained, levels of

private sector investment, economic benefit to the state and local

economies and types of industries invested in. Such report shall be

submitted by July 1, 2009 and July first every year thereafter.

8. The corporation shall submit a report to the director of the

budget, the temporary president of the senate, the speaker of the

assembly, the minority leader of the senate and the minority leader of

the assembly evaluating the economic and social benefits of the upstate

regional blueprint fund. Such evaluation shall be prepared by an entity

or entities independent of the corporation which shall be selected

through a request for proposal process. Such evaluation shall be

submitted by October 1, 2009 and October first every year thereafter.

9. The corporation is hereby authorized to promulgate rules and

regulations in accordance with the state administrative procedure act as

are necessary to fulfill the purposes of this section.