N.Y. Comp. Codes R. & Regs. tit. 21 § 4216.3

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

Section 4216.3 - Evaluation criteria

(a) The corporation shall evaluate applications for program assistance for conformance to the requirements set forth in this Part, including section 4216.2(c) of this Part, and the following criteria as applicable:

(1) the financial condition of the entity undertaking the project, including, if applicable, its profitability or potential to generate profits; liquidity; ability to service debt and its leverage ration;

(2) management experience, ability and knowledge of the applicable industry or sector and the entity's general ability to carry out the project;

(3) satisfactory credit references;

(4) availability of adequate collateral for program assistance and corporate or personal guarantee, as may be appropriate;

(5) absence of tax judgments;

(6) as applicable, size of the applicant's equity contribution to the project (in general, an equity contribution of at least 10 percent of the total project cost may be required, except as may otherwise be provided in this Part);

(7) the economic development benefits that are likely to result from the project and the amount of State assistance being requested;

(8) the level of economic distress demonstrated in the community in which the project is located and the project's overall impact on the community;

(9) the number and nature of any jobs to be created and the total payroll impact of the project;

(10) the availability of other sources of funding, including offers of assistance from locations outside of New York State, and the amount of private financing being leveraged by program funds; and

(11) with respect to urban and community commercial revitalization revolving loan and guarantee funds, the criteria requirements of sections 4216.8 and 4216.9 of this Part.

(b) The corporation shall use its best efforts to limit the type and amount of program assistance offered or awarded to no more than reasonably necessary to accomplish the project in New York State.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4216.3