Section 16-p - The investment opportunity fund1.Definitions. For the purposes of this section, the following terms, whenever used or referred to in this section, shall apply, but not be limited to, the following meanings: (a) "Cost" as applied to a project or portion thereof financed under this section, means all or any part of the cost of construction, remediation, renovation, and acquisition of all lands, structures, real or personal property, rights, air rights, rights-of-way, easements, and interests acquired or used for a project; the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which the buildings or structures may be moved, the cost of machinery and equipment, interest prior to, during, and for a period after, completion of construction, remediation, renovation, or acquisition, as determined by the corporation; for extensions, enlargements, additions, replacements, renovations, and improvements; the cost of architectural, engineering, plans, specifications, estimates, and other expenses necessary or incidental to the construction, acquisition, and financing of any project, excluding lobbying and governmental relations expenses.(b) "Facilities" means real and personal property, structures, air rights, conveyances, equipment, thoroughfares, buildings, and supporting components thereof located in the state, that are directly related to the acquisition, construction, reconstruction, rehabilitation, remediation, or improvement of a project which will achieve the purposes of facilitating the creation or retention of jobs or increasing investment or business activity within a municipality or region of the state or academic research and development efforts that promote the development of life sciences and high technology initiatives including genomics and biotechnology research and which may include project purposes set forth in this section.(c) "Financial assistance" in connection with a project, includes, but is not limited to, grants, loans, equity investments, loan forgiveness, loan guarantee, or any combination thereof.(d) "Project" shall include but not be limited to designing, acquiring, planning, permitting, entitling, demolishing, removing, constructing, improving, extending, restoring, financing, remediating and generally developing facilities.(e) "Sponsor" or "project sponsor" shall be the state or any political subdivision of the state or a municipality, including but not limited to any departments, agencies, public benefit corporations, or commissions. In addition, a sponsor or project sponsor may include not-for-profit corporations formed on behalf of a sponsor, special districts, assessment districts, tax increment financing units or districts, business improvement districts, regional and community development organizations, not-for-profit organizations, not-for-profit organizations or businesses organized to do business under the laws of, or doing business within the state, or any combination of the aforementioned entities that makes application to the corporation for financial assistance in connection with an investment opportunity fund project in a manner prescribed by the corporation.2.Fund created. The investment opportunity fund is hereby created. The corporation is authorized, within available appropriations, to provide financial assistance pursuant to this section.3.Selection of projects. Following consultation with the division of the budget and with other appropriate state and local agencies and other organizations, and prior to soliciting or accepting any application for assistance, the corporation shall: (a) provide public notice of the primary development objectives and minimum standards of the program and individual projects expected to be eligible for funding through the program; and(b) promulgate rules and regulations setting forth the standards that will govern the selection of projects. Such standards shall, at a minimum:(i) require that no project shall be awarded financial assistance unless such project meets or exceeds specified minimum standards as provided by rules and regulations with respect to economic impact;(ii) require that each project be consistent with any existing local or regional comprehensive plan. A municipality which is a lead sponsor for a project or projects shall submit a resolution that has been adopted by the legislative body or bodies of the lead project sponsor that certifies that the proposed project is consistent with existing local or regional plans; the proposed financing is appropriate for the specific project; the project facilitates effective and efficient use of existing and future public resources so as to promote both economic development and appropriate use of natural resources; and the project develops or enhances infrastructure or other facilities in a manner that will attract, create, and sustain long-term investment and employment opportunities; and(iii) provide, to the fullest extent possible, assistance to projects that will provide economic benefits to one or more regions of the state or, for projects that are not anticipated to have a regionally significant impact, that will provide economic benefits to localities that suffer from disproportionate levels of poverty, unemployment, population or job loss or other indicators of economic distress.4.Reporting. The corporation shall submit a report to the director of the budget, the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly on the investments and accomplishments of the investment opportunity fund. Such report shall include, but not be limited to, information on the number of jobs created and retained, levels of private sector investment, economic benefit to the state and local economies and types of industries invested in. Such report shall be submitted by July 1, 2009 and July first every year thereafter.5.Evaluation. The corporation shall submit a report to the director of the budget, the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly evaluating the economic and social benefits of the investment opportunity fund. Such evaluation shall be prepared by an entity or entities independent of the corporation which shall be selected through a request for proposal process. Such evaluation shall be submitted by October 1, 2009 and October first every year thereafter.6.The investment opportunity fund capital approval board. (a)a capital approval board shall be a five member board that is created to consider and review each project receiving material financial assistance and the unanimous approval of the voting members of such capital approval board shall be required before the corporation shall furnish any material financial assistance; provided, however, that if, by thirty days following the submission of written materials by the corporation no voting member of the board has notified the chairperson of the capital approval board in writing of his or her disapproval within such period, or the capital approval board shall not have voted to approve or disapprove any proposed furnishing of financial assistance, the capital approval board shall have been deemed to have approved such proposal. The voting members shall include: (i) the director of the budget or his or her designee who shall act as chairperson, (ii) the temporary president of the senate or his or her designee, and (iii) the speaker of the assembly or his or her designee. The two non-voting members will be appointed one each, by the minority leader of the senate and the minority leader of the assembly. The review of the capital approval board shall be limited to the adequacy of the economic and social benefits of the proposed furnishing of financial assistance by the corporation. (b) the provisions of article 7 of the public officers law shall apply to meetings of the capital approval board.7.Notwithstanding any other provision of law to the contrary, any project financed through the investment opportunity fund, and any bond sale undertaken by the corporation to finance such projects, shall be exempt from the provisions of sections 50 and 51 of the public authorities law.N.Y. Urban Development Corporation Act § 16-p