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The investment opportunity fund
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 16-p. The investment opportunity fund. 1. 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

(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

(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

(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.