N.Y. Urban Development Corporation Act 174/68 § 16-r: The downstate revitalization fund

§ 16-r. The downstate revitalization fund. 1. The downstate

revitalization fund is hereby created. The corporation is authorized,

within available appropriations, to provide financial, project

development, or other assistance from such fund to eligible entities as

set forth in this subdivision for the purposes of supporting investment

in distressed communities in the downstate region, and in support of

such projects that focus on: encouraging business, community, and

technology-based development, and supporting innovative programs of

public and private cooperation working to foster new investment, job

creation and small business growth. 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 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 located in an investment zone as defined by

paragraph (i) of subdivision (d) of section 957 of the general municipal

law.

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 corporation.

Approval of project applications shall be made by the chairman and

subject to approval by the board of directors of the corporation. Grants

and loans awarded under this section shall be awarded on a competitive

basis, in response to requests for proposals, and through direct

applications accepted at other times at the discretion of the

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) deemed likely to increase

the community's economic and social viability, (e) with cost benefit

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

located in distressed areas using economic criteria developed by the

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. Applications for support or assistance under this subdivision shall

be made in a form and manner as determined by the corporation, and

applicants shall be required to meet the criteria and requirements

determined by the corporation pursuant to this act, which will focus on

the potential of the project or program to stimulate or enhance economic

development in the area or employment opportunities in the distressed

communities and regions.

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 downstate

revitalization 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

downstate revitalization 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.