N.Y. Comp. Codes R. & Regs. tit. 21 § 4242.7

Current through Register Vol. 46, No. 51, December 18, 2024

Section 4242.7 - Application and project process

(a) An applicant for program assistance shall file an application with the corporation on a form provided by the corporation, which will elicit information about the project and the applicant.

(1) With respect to all requests for program funding, the application will request:

(i) information about the applicant, including its history, ownership, size, primary products or services rendered, major customers, its market and marketing strategy;

(ii) information about the proposed project including total project cost, total assistance requested, proposed uses of the program funds, other proposed sources for funding, the number of jobs to be created and other anticipated project results, how the project will be implemented and the current status of the project;

(iii) information with respect to the site of the project and the impact, if any, on the environment and any landmark or historic properties;

(iv) a description of the need for the requested funds and a specific justification for the request for assistance;

(v) a budget breakdown of the sources and uses of funds associated with the proposed project;

(vi) letters of commitment or rejection from other financing sources;

(2) In addition, depending on the nature of the project (such as acquisition of machinery and equipment; acquisition, construction or renovation of property, etc.) and the type of assistance requested, applicants will be required to provide other information about the project, including some or all of the following, as may be appropriate:

(i) a complete set of financial statements for at least the three preceding fiscal years, operating pro formas going forward three years, and current financial statements for any proposed guarantors;

(ii) a list of proposed collateral, with any available appraisals;

(iii) resumes of principal officers and a list of owners, shareholders, or partners;

(iv) a copy of any related real estate purchase option or contract for sale;

(v) a legal description and survey of the property;

(vi) a construction-to-occupancy schedule; and

(vii) copies of any preliminary architectural drawings, scope of work, cost estimates and schematics.

(b) Upon receipt of the application, the corporation shall assign a project team to review the application for eligibility, completeness, and conformance with program criteria.

(c) If the project team concludes that the proposal satisfies the necessary requirements and that program funding is available, the proposal will be submitted to the corporation's directors for adoption. The directors normally meet once a month. If the project is approved for funding and if it involves the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of any property, the corporation will schedule a public hearing in accordance with the UDC Act and will take such further action as may be required by that act. After approval by the corporation and a public hearing, if required, the project may then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month, in accordance with PACB requirements and policies. Following directors' approval, and PACB approval, if required, legal documents will be drafted by the corporation.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4242.7