N.Y. Comp. Codes R. & Regs. tit. 21 § 4202.6

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4202.6 - Threshold criteria to qualify industrial firms or purchasing groups for local buy-out assistance

(a) The department shall qualify industrial firms or purchasing groups to apply for local buy-out assistance based on an initial review of the following factors:

(1) the firm is potentially viable;

(2) ownership and control of the firm is to be transferred to employees, managers and other residents of New York State;

(3) the local buy-out will create or retain substantial numbers of private sector jobs;

(4) the local buy-out will prevent the closing, partial closing, or relocation out-of-state of the firm;

(5) the purchasing group evidences leadership capabilities and cohesiveness to effectively own and operate the firm and to provide competitive management;

(6) the firm appears strong enough, financially and otherwise, to survive a transition in ownership, and the buy-out is likely to make the firm stronger over the long term;

(7) the purchasing group is committed to the firm's continued existence in New York State;

(8) the purchasing group evidences commitment to the growth and development of the firm and is prepared to make tangible investments in its future;

(9) the local buy-out will serve the interests of employees and of the community where the firm is located; and

(10) employees and labor organizations representing employees within the firm or, in companies without labor organizations, other employee groups support the local buy-out, and they and the purchasing group are willing to work together to enhance the firm's competitive position.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4202.6