N.Y. Comp. Codes R. & Regs. tit. 21 § 4212.11

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

Section 4212.11 - Project applications

(a) To be considered for program assistance with respect to any project (other than a commercial revitalization project), an applicant must submit an application providing, as appropriate, the following data and documents described in this section on forms that the corporation shall furnish upon request:

(1) information about the company: its history, ownership, size, primary products and/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 or collateral deposit 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 and partners, a market analysis and marketing strategy;

(6) a description of the need for the requested funds, a specific justification for the assistance requested, a description of the expected impact of the loan or collateral deposit 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 three years;

(8) a list of proposed collateral, with recent 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.

(b) The application and all data and documents made a part thereof must be duly certified by the applicant as to truth, completeness and accuracy. Upon receipt of the duly certified application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria.

(c) If the project team concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for preliminary approval. The directors normally meet once a month. In the event that the corporation's directors preliminarily approve a project as provided above, the corporation will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing and mandatory comment period, the directors of the corporation will be requested to either approve or disapprove the project. In the event the directors approve 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 or project collateral deposit, legal documents will be drafted by the corporation.

(d) To apply for assistance from the program, an interested party should request an application form from: Director, High-Risk Targeted Investment Program, New York State Urban Development Corporation, 1515 Broadway, New York, NY 10036-8960, (212) 930-9000.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4212.11