1. The Laws of New York
  2. Unconsolidated Laws
  3. Urban Development Corporation Act 174/68


Section 16-H The JOBS Now program is hereby created

Urban Development Corporation Act 174/68 (UDA)

1. Funds of this program, within available appropriations, shall be available to any regional partnership, as provided in section 3154 of the public authorities law, eligible business expansion or attraction project: (a) Job creation grants. Proceeds from a job creation grant shall be used by an eligible business to pay any tax liability resulting from any tax imposed by the state or a local government that the business owes for any taxable period beginning on or after the date in which the job creation grant was awarded. A job creation grant shall equal a portion, as determined by the urban development corporation, of the New York state income tax that is withheld on the employees that were hired as a result of the expansion or attraction project not to exceed one million five hundred thousand dollars;

  (b) Worker training grants. Worker training grants, that are completed pursuant to eligible expansion and attraction projects, may receive partial or total reimbursement of the costs associated with such programs through a worker training grant if such training programs include, but are not limited to skills training and upgrading, productivity enhancement and total product/service quality improvements;

  (c) Capital loans and grants. Capital loans and grants may be awarded if the proceeds are used for the acquisition or improvements of land, infrastructure and buildings and the acquisition of machinery and equipment;

  (d) Interest subsidy grants. Interest subsidy grants may be awarded if the proceeds of such grants are used to offset debt service costs which are associated with loans supplied to the business by a private lending institution; and

  (e) Working capital loan and loan guarantees. Working capital loans may be awarded if the proceeds are used to cover capital-related expenses such as, but not limited to, accounts receivable, inventory, and other expenses required to upgrade and reconfigure the competitive position of the project applicant.

  2. To be eligible for a loan or grant from the JOBS Now program, a regional partnership, as provided in section 3154 of the public authorities law, or a business expansion or attraction project must result in the creation of at least 100 new, permanent, full-time private sector jobs. Not more than twenty-five percent of funds appropriated for this program shall be allocated for projects that create less than 300 jobs. At least seventy-five percent of funds appropriated for this program shall be allocated to projects that create at least 300 jobs. Provided, however, a regional partnership, as provided in section 3154 of the public authorities law, shall be able to aggregate the total number of jobs created among more than one eligible business in order to meet the job creation amounts in this subdivision. Provided further, however, that such aggregation shall be within similar industry clusters.

  3. Applications for assistance pursuant to this section shall be reviewed and evaluated in consultation with local government officials and regional economic development offices pursuant to eligibility requirements and criteria set forth in rules and regulations promulgated by the corporation. The corporation shall develop and use a standard application project form.

  4. The corporation shall, on or before March 1, 1997, submit a report to the governor, the temporary president of the senate and the speaker of the assembly on the operation and accomplishments of the assistance provided pursuant to this section, including a complete inventory of projects financed pursuant to this section.