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

Section 16-I The empire state economic development fund

Urban Development Corporation Act 174/68 (UDA)

1. The empire state economic development fund is hereby created. The corporation is authorized, within available appropriations, to provide financial, technical or other assistance from such fund for the following: (a) Loans, loan guarantees and grants including interest subsidy grants to manufacturing and non-retail service firms, for headquarters facilities of firms engaged generally in retail industries, retail firms located in distressed areas and to other businesses, for the purpose of developing recreational, cultural, or historical facilities that are likely to attract significant numbers of visitors. Loans, loan guarantees and interest subsidy grants may be used to finance new construction, renovation or leasehold improvements and the acquisition of land, buildings, machinery and equipment. The proceeds of such loans, loan guarantees and interest subsidy grants may also be used to finance working capital;

  (b) Loans, loan guarantees, and grants including interest subsidy grants may be provided to municipalities, industrial development agencies, not-for-profit corporations or local development corporations for the purpose of developing federal facility sites, urban industrial sites, industrial parks and incubator buildings; or to undertake preliminary planning relating thereto;

  (c) Grants for the purpose of creating or retaining jobs or preventing, reducing or eliminating unemployment or underemployment including, but not limited to, productivity assessments, export market development plans and other projects to promote international trade; skills training assistance including classroom instruction or on the job training; and programs to assist economically distressed regions and communities to identify new business opportunities, plan for new enterprise development and manage economic development projects;

  (d) Loans, loan guarantees, interest subsidies and grants to businesses, municipalities, industrial development agencies and local and regional economic development corporations for projects for the purpose of attracting, retaining or permitting the expansion of industrial, manufacturing, commercial, research and development, high technology, tourism, agricultural or non-retail service businesses and not-for-profit organizations which shall include, but not be limited to basic systems and facilities on public and privately owned property including drainage systems, sewer systems, access roads, sidewalks, docks, wharves, water supply systems, and site clearance, preparation, improvements and demolition. In addition, grants for preliminary planning of projects eligible to apply for financing pursuant to this paragraph may be provided;

  (e) Grants to municipalities, not-for-profit corporations and local and regional economic development organizations seeking to attract, stabilize, retain or revitalize existing businesses, and to assist small and new businesses for activities including, but not limited to, the preparation of strategic plans for local or regional economic development, the analysis of business sectors, marketing and promoting regional business clusters, and feasibility studies;

  (f) Loans, loan guarantees, interest subsidy grants and direct grants for feasibility studies, surveys and reports, architectural design, studies, and other redevelopment work for non-residential improvements to commercial buildings, commercial strips, downtown areas or business districts;

  (g) Assistance to local or regional organizations to facilitate financing for small- and medium-sized business, including minority- and women-owned business enterprises through flexible financing programs, including, but not limited to, loan loss reserve and revolving loan programs, working capital loans, working capital loan guarantees, or other flexible financing programs that leverage traditional financing;

  (h) Assistance to eligible entities and organizations as set forth in section 16-l of this act to support community economic development programs and activities, including value-added small business growth, agricultural, agribusiness and forest products and those projects that promote the family farm, increase or retain employment opportunities and otherwise contribute to the revitalization of local rural areas which are economically distressed.

  2. Applications for assistance pursuant to this section shall be reviewed and evaluated in cooperation with regional economic development offices pursuant to eligibility requirements and criteria set forth in rules and regulations promulgated by the corporation. Approval of project applications shall be made only upon a determination by the corporation:

  (a) that the proposed project would promote the economic health of New York state by facilitating the creation or retention of jobs or would increase business activity within a municipality or region of the state or would enhance or help to maintain the economic viability of family farms;

  (b) that the project would be unlikely to take place in New York state without the requested assistance.

  (c) that the project is reasonably likely to accomplish its stated objectives and that the likely benefits of the project exceed costs; and

  (d) the project is undertaken in accordance with the memorandum of understanding executed in accordance with this section.

  3. The provisions of this section shall expire, notwithstanding any inconsistent provision of subdivision 4 of section 469 of chapter 309 of the laws of 1996 or of any other law, upon the effective date of a chapter of the laws of 2000 which appropriates funds for the principal support of the urban development corporation for the 2000-01 state fiscal year.

  * NB Expired upon appropriation of funds to UDC for 2000--01 fiscal year notwithstanding being repealed March 31, 1997 by chap. 309/1996 § 469 sub. 4.

  See ch. 413/99 Pt. M