N.Y. Comp. Codes R. & Regs. tit. 21 § 4210.6

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

Section 4210.6 - 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 company or companies involved, including history, ownership, size, primary products manufactured or services rendered, major customers and major assets;

(2) information about the proposed project: total project cost, total assistance requested, proposed uses of the loan 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 of the loan request, a description of the expected impact of the loan on the company 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; and

(10) letters of commitment from other financing sources.

(c) For projects involving construction or the acquisition of real estate, the following documentation may also be required:

(1) a copy of the purchase option or contract of sale (if applicable);

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

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

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

(d) Upon receipt of the application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria. A copy of each completed application, with any confidential information redacted, may be provided to the appropriate regional office of the Department of Economic Development for the office's information.

(e) If the project team concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for adoption approval. 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 loan, legal documents will be drafted by the corporation. Until the legal documents are actually executed, the funding of a project is not certain and should not be assumed.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4210.6