N.Y. Comp. Codes R. & Regs. tit. 21 § 4208.7

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4208.7 - Application and project process

(a) An applicant for program assistance shall file an application with the corporation on forms provided by the corporation.

(b) Program applications shall require that the following information, as applicable, be submitted:

(1) information about the applicant: its history, ownership, size, primary products or services rendered, major customers, and major assets;

(2) information about the proposed project: total project cost, total assistance requested, proposed uses of the UDC funds, other proposed sources of funding, the number of jobs to be created or retained, and the current status of the project;

(3) information about the applicant's previous business activities;

(4) information with respect to the site of the project and the impact, if any, on the environment and any landmark or historic properties;

(5) a business plan, resumes of principal officers, a list of owners, shareholders or partners, a market analysis and marketing strategy;

(6) a description of the need for the requested funds, a specific justification for the request for assistance, a description of the expected impact of the assistance on the applicant and the community, and an indication of the reason for seeking State assistance;

(7) a complete set of financial statements for at least the three preceding fiscal years, and operating pro formas going forward five years, and current financial statements for any proposed guarantors;

(8) a list of proposed collateral, with appraisals;

(9) a budget breakdown of the sources and uses of funds associated with the proposed project;

(10) letters of commitment and/or rejection from other financing sources;

(11) a copy of the purchase option or contract for sale;

(12) a legal description and survey of the property;

(13) a construction-to-occupancy schedule; and

(14) copies of the preliminary architectural drawings, scope of work, and schematics.

(c) Upon receipt of the application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria.

(d) If the project team concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for adoption. The directors normally meet once a month. In the event that the corporation's directors adopt a plan for a project as provided above, the corporation will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing the corporation will either finally approve or disapprove the project. In the event the corporation approves a project, it must then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month. In the event PACB approves a project, legal documents will be drafted by the corporation.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4208.7