§ 3153 — Capital investments innovation fund

§ 3153. Capital investments innovation fund. 1. Creation and purposes.\nThe capital investments innovation fund is hereby created for the\npurpose of providing loans, grants or a combination thereof through the\nregional partnerships authorized pursuant to section thirty-one hundred\nfifty-four of this title for economic development projects that\nfacilitate job growth and business expansion in New York state. However,\nnothing shall preclude the foundation, one or multiple partnerships from\njoining together to advance and receive grants, loans or combinations\nthereof for projects authorized under this section. Such fund shall\nprovide financing for programs that improve the business climate and\nenhance economic competitiveness across New York state's regions.\n 2. Eligible projects. (a) Projects eligible for capital investment\nfund financing may include, but not be limited to, those that enhance\ninnovation or increase competitiveness in emerging or high-technology\nindustries, and other industries.\n (b) Capital investment innovation funds may be utilized for projects\nwhich include, but may not be limited to, the following: the development\nof industrial facilities and parks, manufacturing facilities, business\nparks and incubators, office facilities and parks, warehouse and\ndistribution facilities, and, high-technology and biotechnology\nresearch, development and related commercialization facilities.\n (c) Projects intended primarily for the development of retail or\npersonal service facilities shall not be eligible.\n 3. Eligible costs. Capital investment innovation funds may be utilized\nfor purposes including but not limited to the following: infrastructure\ndevelopment, including water, sewer, highway, rail access, electric\npower, gas and telecommunications; energy efficiency improvements; site\nacquisition, site investigation, site clearance, building demolition and\nsite preparation; construction, reconstruction, and renovation, and,\nmachinery and equipment.\n 4. Project cost. Total project cost shall be a minimum of two hundred\nfifty thousand dollars, unless the board determines that circumstances\nmerit a waiver of such minimum threshold. At least two-thirds of the\nproject cost shall consist of private sector, local, or federal funding.\nHowever, those projects which offer exceptional opportunities for\nlong-term private sector job creation and retention may be eligible for\na waiver of this requirement.\n 5. Applications. Applications may be submitted to the foundation by\nthe regional partnerships on behalf of municipalities, nonprofit\norganizations, businesses, special districts, institutions of higher\neducation, or other organizations. The foundation may provide grants,\nloans or combinations thereof, provided that projects be evaluated on\nthe basis of the amount of economic impact on New York state, the\nfeasibility of business plans and long-term sustainability, as\ndetermined by the foundation, in consultation with the urban development\ncorporation.\n 6. Program rules and regulations. Following consultation with\nappropriate state and local agencies and other organizations, the\nfoundation shall promulgate rules and regulations for the award of the\ncapital investments innovation fund financing through the regional\npartnerships, provided however, that the foundation board shall oversee\nthe distribution of all funds appropriated to the capital investments\ninnovation fund program.\n