N.Y. Urban Development Corporation Act 174/68 § 9-a: Financial assistance for small and medium-sized business assistance projects

§ 9-a. Financial assistance for small and medium-sized business

assistance projects. The corporation may provide loans for small and

medium-sized business assistance projects for costs associated with:

(1) The renovation or rehabilitation of industrial plants that are

economically inefficient due to the need for changes in design,

construction, technology or production processes; the renovation or

rehabilitation of existing facilities for reuse as an industrial

facility; the acquisition of real property and related improvements; new

construction; working capital; and the acquisition of modern production

technology, including machinery, equipment and computerized design and

control systems, required to improve production processes, expand

existing or enter new markets, or to otherwise remain competitive. The

corporation shall determine the terms and interest rates of such loans,

except that no loan shall exceed fifty percent of project costs, or

seven hundred fifty thousand dollars, whichever is less, no loan shall

have an interest rate lower than three percent, and no loan shall have a

term that exceeds the estimated useful life of the asset;

(2) Site acquisition, construction, renovation or acquisition of

permanently installed equipment necessary to establish or expand a child

day care facility located on the work site of the industrial firm

sponsoring the child day care facility or at a proximate site where a

consortia of industrial firms are sponsoring the child day care

facility. Such loans shall be made upon a determination by the

corporation that such facility is necessary to improve or maintain the

productivity of the company or companies. Such loans shall only be made

for child day care facilities: (a) that will be used primarily by the

children of employees of the company or companies sponsoring the

facility; (b) that will not be operated for profit; (c) that demonstrate

an ability to obtain, from the appropriate governmental agencies, all

necessary approvals and licenses required to operate the facility; and

(d) that demonstrate an ability to prevent access by children to any

equipment in facilities which could be injurious to their health or

safety. The corporation shall determine the terms and interest rates of

such loans, except that no loan shall exceed sixty percent of project

costs, or two hundred fifty thousand dollars, whichever is less, no loan

shall have an interest rate lower than three percent, and no loan shall

have a term longer than ten years.