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The empire state economic development fund
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
* § 16-i. The empire state economic development fund. 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

(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

(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

(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