Section 16-m - [Expires 7/1/2025] The empire state economic development fund1.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 building, commercial strips, downtown areas or business districts;(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;(i) Assistance to eligible entities set forth in section 16-l of this act to support value-added small businesses in the agricultural and agribusiness industries that promote fruit production, fruit processing, or wineries and which increase or retain employment opportunities in such industries or in the related tourism industry;(j) Assistance to local or regional organizations to facilitate financing for the come home to New York program pursuant to article 9-A of the economic development law;(k) Assistance for regional partnership proposals, as provided in subdivision 12 of section 3154 of the public authorities law; (l)[Multiple versions] Loans, loan guarantees, interest subsidies and grants including interest subsidy grants to businesses, local and regional economic development corporations, not-for-profit corporations, regional marketing organizations, agricultural cooperatives organized pursuant to the cooperative corporations law, and other local or regional organizations to finance transportation and distribution projects that facilitate distribution and sales of New York farm products by farmers and associations of farmers to food and food services buyers and processors, such as restaurants, schools, food retailers, farmers' markets, colleges and other institutional operations especially in urban and other communities where there has been a lack of availability of such products. 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. (l)[Multiple versions] Assistance to biosciences research institutions and organizations on a competitive basis to develop curriculum and administer bioscience specific training programs for current and prospective industry employees, in consultation with the division of science, technology and innovation established pursuant to article 18 of the economic development law. For the purposes of this paragraph, the term biosciences research shall include, but not be limited to, the basic, applied, or translational research that leads to the development of therapeutics, diagnostics, or devices, to improve human health or agriculture and that require federal drug administration approval;(m) Assistance to businesses that conduct basic, applied or translational research that leads to the development of products that improve human health or agriculture and that require approval by the federal food and drug administration, in order to create or expand facilities, in accordance with good manufacturing practice regulations, that will create or retain more than fifty jobs. For purposes of this paragraph, good manufacturing practice regulations refers to those regulations promulgated by the United States Food and Drug Administration under the authority of the Federal Food, Drug and Cosmetic Act.(n) Loans, loan guarantees, interest subsidies and grants to businesses, municipalities, industrial development agencies and local and regional economic development corporations, not-for-profit corporations, business improvement districts, regional marketing authorities and agricultural cooperatives organized pursuant to the cooperative corporations law, and other entities for the construction, reconstruction, improvement, expansion or rehabilitation of wholesale regional farmers' markets or food hubs that facilitate the sale and promotion of farm products grown or produced in New York state. For the purposes of this paragraph a wholesale regional farmers' market or food hub is a market, business or organization that actively manages the aggregation, distribution and marketing of source-identified food products primarily from local or regional producers to satisfy wholesale, retail and institutional demand for such products.
(o) Assistance to eligible entities pursuant to article five-A of the cooperative corporations law to provide financing in the form of loans, loan guarantees, and interest subsidy grants to subsidize loans from federally chartered instrumentalities and state and private lending institutions to facilitate the creation of worker cooperatives that promote continuation of existing micro-businesses either as a part of a preexisting business succession of ownership plan or as alternative option if a business is being offered for sale or transfer by the current owner or the heirs or estate of a deceased owner. For the purposes of this section, a micro-business shall be defined as a business with five or less full-time or full-time equivalent employees. All eligible entities shall be required to submit a business plan with their application requesting assistance.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 corporation:(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 activity within a municipality or region of the state or would enhance or help to maintain the economic viability of family farms;(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, on July 1, 2021.N.Y. Urban Development Corporation Act Law § 16-m
Amended by New York Laws 2024, ch. 58,Sec. Z-1, eff. 4/20/2024.Amended by New York Laws 2023, ch. 58,Sec. JJ-1, eff. 5/3/2023.Amended by New York Laws 2022, ch. 804,Sec. 1, eff. 12/28/2022.Amended by New York Laws 2022, ch. 58,Sec. Z-1, eff. 4/9/2022, op. 7/1/2021.Amended by New York Laws 2021, ch. 58,Sec. K-1, eff. 7/1/2021.Amended by New York Laws 2020, ch. 58,Sec. EE-1, eff. 4/3/2020.Amended by New York Laws 2017, ch. 58,Sec. M-1, eff. 4/1/2017.Amended by New York Laws 2016, ch. 58,Sec. F-1, eff. 4/12/2016.Amended by New York Laws 2015, ch. 58,Sec. M-1, eff. 4/13/2015.