N.Y. Comp. Codes R. & Regs. tit. 21 § 4212.8

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

Section 4212.8 - Selection criteria for commercial revitalization projects

In determining whether to approve a request for program assistance for a commercial revitalization project which satisfies the eligibility criteria set forth in section 4212.7 of this Part, the corporation shall consider whether and the extent to which the proposed commercial revitalization project satisfies the following criteria, based upon the data contained in the application submitted in accordance with the requirements of section 4212.13 of this Part:

(a) the commercial revitalization project will have a significant impact on the commercial vitality of the central business district of the community within which the development site is located;

(b) the eligible recipient or the applicant is able to undertake the commercial revitalization project and to provide grant administration;

(c) the commercial revitalization project will stabilize and improve business opportunities and attract new businesses and shoppers;

(d) the level of participation among property owners and/or tenants within the revitalization district;

(e) the commercial revitalization project grant is being supplemented by public and/or private investments and is being linked with other programs;

(f) sustained physical and visible improvements are likely to result from the commercial revitalization project;

(g) the commercial revitalization project has the potential for reducing the number of abandoned buildings or vacant stores and lots;

(h) the commercial revitalization project is financially feasible;

(i) the likelihood that all necessary local approvals can be secured in a timely fashion and property improvements to be undertaken as part of the commercial revitalization project will commence promptly after approval of final plans and specifications;

(j) the extent to which the municipality has demonstrated a willingness to support and participate in the commercial revitalization project and facilitate its implementation in the municipality. The demonstration of such support and participation shall include but not be limited to:

(1) designation by the municipality or the eligible recipient of a downtown manager (the "downtown manager"), commercial manager ("commercial manager") or property manager ("property manager"), who is responsible for focusing the resources of the municipality and the property owners on actions and activities designed to improve the economic vitality of the central business district;

(2) allocation of funds for public improvements above and beyond the 20 percent required by section 4212.7(f) of this Part; and

(3) the willingness of the municipality to provide funds for architectural fees and/or for renovation in addition to the commercial revitalization project grant and property owners' matching funds;

(k) the area within which the commercial revitalization project is located demonstrates either:

(1) a trend toward deferred maintenance as evidenced by physical and visible deterioration of commercial structures; or

(2) a decrease in retail activity as evidenced by businesses locating elsewhere, abandoned buildings, or vacant stores and vacant lots;

(l) the level of economic or socio-economic distress in the community within which the commercial revitalization project is located; and

(m) the commercial revitalization project is located in a commercial area that has been defined and established as a revitalization district.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4212.8