N.Y. Comp. Codes R. & Regs. tit. 21 § 4243.3

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

Section 4243.3 - General evaluation criteria

(a) The corporation, in cooperation with the State's regional economic development offices, shall evaluate applications for program assistance in conformance with the act and in accordance with the specific evaluation criteria for the difference types of assistance set forth in this Part, the other requirements set forth in this Part and the following criteria as applicable:

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

(2) management experience, ability and relevant knowledge and the relevant entity's general ability to carry out the project;

(3) satisfactory credit references;

(4) availability of adequate collateral for program assistance and guarantees, if appropriate;

(5) absence of tax judgments;

(6) size of the relevant entity's equity contribution to the project (in general, an equity contribution of at least 10 percent of the total project cost will be required, except as may otherwise be provided herein);

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

(8) the extent to which the community in which the project is located is a distressed area 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 the State, and the amount of private financing leveraged by program funds; and

(11) with respect to the competitiveness improvement program, the extent to which the project will generate economic development benefits by addressing productivity, work force, market, financial or other competitiveness issues.

(b) The corporation may consider whether the type and amount of proposed program assistance is reasonably necessary to accomplish the project.

(c) The corporation may consider the terms of any economic development assistance available as an incentive for the location of the proposed project outside of the State.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4243.3