N.Y. Comp. Codes R. & Regs. tit. 21 § 4212.2

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

Section 4212.2 - Definitions

(a) Applicant shall mean any eligible recipient (as hereinafter defined) or a municipality in which any commercial revitalization project is located.

(b) Application means an application for assistance hereunder in a form prescribed by the corporation in accordance with the State Administrative Procedure Act.

(c) Bank loan shall mean a loan made by a private lending institution.

(d) Commercial revitalization project shall mean a land use improvement project which satisfies the additional criteria enumerated in section 4212.7 of this Part.

(e) Commercial revitalization project grant shall mean a grant of program funds to or for a commercial revitalization project.

(f) Corporation shall mean the New York State Urban Development Corporation, a public benefit corporation created by chapter 174 of the Laws of 1968, as amended, or any subsidiary of the corporation created pursuant to the authority of the UDC Act.

(g) Development site shall mean the site of the development which is the subject of any assistance under the program.

(h) Eligible recipient, for purposes of a commercial revitalization project, shall be either a:

(1) district management association for a business improvement district established pursuant to article 19-A of the General Municipal Law of the State;

(2) not-for-profit corporation organized under the Not-for-Profit Corporation Law of the State;

(3) local development corporation ("LDC") organized pursuant to article 14 of the Not-for-Profit Corporation Law of the State, provided that generally any program assistance shall not disproportionately benefit any officer or director of such LDC; or

(4) joint venture among any of the above. A joint venture may provide for an allocation of development responsibilities among the parties, provided that all parties forming the eligible recipient accepts joint and several responsibility for the commercial revitalization project.

(i) Hard cost loan shall mean a loan made by the corporation for new construction, renovation or leasehold improvements, the acquisition of land, buildings, or machinery and equipment, or for working capital.

(j) Industrial project shall mean a project which satisfies the criteria enumerated in section 4212.3(c) of this Part.

(k) Land use improvement project shall mean a project which satisfies the criteria enumerated in section 4212.3(b) of this Part.

(l) Minority revolving loan fund program shall mean the corporation's Minority and Women Revolving Loan Fund and Technical Assistance Program, which is authorized and is to be funded from amounts available in the economic development targeted job development account which were allocated to the minority revolving loan fund program and were appropriated by chapter 56, section 1, of the Laws of 1988, and the reappropriations in chapter 56, section 3, of the Laws of 1988 of the following: the appropriation made by chapter 54, section 1, of the Laws of 1987, as amended by chapter 839, section 29, of the Laws of 1987; and the appropriation made by chapter 54, section 1, of the Laws of 1986, as amended by chapter 54, section 3, of the Laws of 1987; as the same may be reappropriated, supplemented and allocated from time to time.

(m) Project shall mean a land use improvement project, an industrial project or a commercial revitalization project.

(n) Project collateral deposit shall mean a deposit utilizing program funds to secure a bank loan to or for an industrial project or a land use improvement project.

(o) Project grant shall mean a grant (other than a commercial revitalization project grant), utilizing program funds, in compliance with the provisions of section 4212.3(b)(1)(ii) or (c)(1)(ii) of this Part, to or for a land use improvement project or industrial project.

(p) Project loan shall mean a loan or, where appropriate, financial assistance in the form of a sale-leaseback, utilizing program funds, to or for an industrial project or a land use improvement project.

(q) Program shall mean the High-Risk Targeted Investment Program (other than the corporation's minority revolving loan fund program) of the corporation, which was established pursuant to and which is funded from amounts available in the economic development targeted job development account (other than amounts allocated to the corporation's minority revolving loan fund program) appropriated by section 1, chapter 54, Laws of 1988 and section 1, chapter 54 of the Laws of 1987, as amended by section 29, chapter 839 of the Laws of 1987 and by section 3, chapter 54, Laws of 1988, as the same may be reappropriated, supplemented and allocated from time to time.

(r) State shall mean the State of New York.

(s) UDC Act shall mean chapter 174 of the Laws of 1968, as amended.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4212.2