Section 187 - Economic development power allocations(a) Any municipality or municipal agency may, alone or jointly with others, file with the board an application for an economic development power allocation on behalf of a business. Such applications shall be in such form and contain such information, exhibits and supporting data as the board may prescribe. The board shall issue a determination as to the sufficiency of an application or reapplication within twenty days of the receipt thereof. The applicant shall be entitled to timely review and action on the application by the board.(b) Any applicant authorized to file with the board an application for economic development power may also apply for, purchase and receive a bulk allocation of economic development power for the purpose of entering into contracts with eligible businesses. In making such an application, the applicant shall indicate the estimated number of jobs created or retained as a result of the allocation of economic development power. The board, in acting upon such an application, shall consider, and apply, as appropriate, the criteria and requirements provided for in sections one hundred eighty-four and one hundred eighty-five of this article. All such applications for economic development power shall include a specified period of time to be approved by the board in which the applicant shall execute contracts with businesses for the use of the power from its bulk allocation of economic development power. If the applicant fails to contract for the full amount of the bulk allocation within that specified period of time, the uncontracted for portion of the bulk allocation shall be withdrawn.(c) The board shall review the applications received and shall determine the applications which best meet the criteria and it shall recommend such applications to the power authority of the state of New York with such terms and conditions as it deems appropriate. Except for allocations subject to subdivision (g) of this section and section one hundred eighty-five of this article, each allocation recommended by the board shall be to serve new electrical demand at facilities at which new jobs are created. Such terms and conditions shall include reasonable provisions providing for the partial or complete withdrawal of the economic development power in the event the recipient fails to maintain mutually agreed levels of employment and power utilization.(d) Allocations shall be recommended only to or for the use of businesses which normally utilize a minimum peak electric demand of four hundred kilowatts. At least one half of all allocations shall be recommended for applicants within the geographic areas served by Long Island Lighting Company, Consolidated Edison Company of New York, Orange and Rockland Utilities, Incorporated, Central Hudson Gas and Electric Corporation and that part of Westchester, Putnam and Dutchess counties served by New York State Electric and Gas Corporation. No more than fifty percent of the available economic development power shall be recommended for allocation to applicants located within a single municipality except upon the unanimous recommendation of the board.(e) Recommendation for an allocation of economic development power shall qualify an applicant to enter into a contract for purchase of such power from the power authority of the state of New York pursuant to the terms and conditions of the recommendation. Contracts between an applicant and a business receiving an allocation of economic development power shall be subject to the approval of the power authority of the state of New York. Such contracts and allocations shall provide that the local distributor of electric service will provide customer and billing services upon mutually agreed terms and conditions.(f) Upon approval or denial of any application for economic development power, the board shall issue in writing a statement of its findings and conclusions with respect to such application and the reasons for its approval or denial.(g) Within cities of a population of one million or more and the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester, an economic development power allocation may be recommended for the purpose of job retention by unanimous approval of the board applying the criteria developed pursuant to section one hundred eighty-four of this article and when an applicant on behalf of a business within such city or county demonstrates to the board (a) the business' plans to relocate out of state resulting in the loss of a substantial number of jobs and its commitment to new investments in real property of at least twelve and one-half percent of the effective market value or to relocate within such city or county to comparable facilities, upon receiving an economic development allocation, and (b) that the applicant or the business first has made the greatest practicable use of all other potential assistance and means, including but not limited to other low cost power and/or energy, tax and energy cost abatement measures and administrative steps to make possible the business' new investment or relocation. For the purposes of this subdivision, effective market value for special assessing units, as defined in article eighteen of the real property tax law, shall be determined by dividing the assessed value of the property on the latest completed assessment roll by the latest class ratio applicable to the class in which the property is classified, and for all other assessing units, effective market value shall be determined by dividing the assessed value of the property on the latest completed assessment roll by the final state equalization rate or special equalization rate as promulgated by the commissioner of taxation and finance pursuant to article twelve of the real property tax law.N.Y. Economic Development Law § 187