§ 16-Q — The upstate regional blueprint fund

New York § 16-Q

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

§ 16-q. The upstate regional blueprint fund. 1. The upstate regional\nblueprint fund is hereby created. The upstate empire state development\ncorporation is authorized to provide financial, product development, or\nother assistance from such fund to eligible entities as set forth in\nthis subdivision to support the upstate revitalization fund, and in\nsupport of such projects that focus on: intellectual capital capacity\nbuilding; investment products; applied research and development;\nopportunities for foreign investment and international export; and\ninfrastructure requirements to attract new businesses or expand existing\nbusinesses. For-profit businesses, not-for-profit corporations, public\nbenefit corporations, municipalities, and research and academic\ninstitutions shall be eligible to apply for such activities under this\nsubdivision including, but not limited to, the following:\n (a) Support for projects identified through region-wide collaborative\nefforts as part of the overall growth strategy for the local economy,\nincluding but not limited to smart growth and energy efficiency\ninitiatives.\n (b) Support for the attraction or expansion of a business, including,\nbut not limited to, those primarily engaged in activities identified as\na strategic industry, and minority-owned and women-owned business\nenterprises as defined by subdivisions (c) and (g) of section nine\nhundred fifty-seven of the general municipal law.\n (c) Support for land acquisition and/or the construction, acquisition\nor expansion of buildings, machinery and equipment associated with a\nproject.\n (d) Support for projects identified as a city by city or regional\nblueprint priority.\n 2. Applications for assistance pursuant to this section shall be\nreviewed and evaluated pursuant to eligibility requirements and criteria\nset forth in rules and regulations promulgated by the upstate chairman,\nand subject to approval by the board of directors of the upstate empire\nstate development corporation. Approval of project applications shall be\nmade by the upstate chairman, subject to approval by the board of\ndirectors of the upstate empire state development corporation.\n 3. Priority in granting assistance generally will be given to projects\n(a) with significant private financing or matching funds through other\npublic entities, (b) likely to produce a high return on public\ninvestment, (c) with existence of significant support from the local\nbusiness community, local government, community organizations, academic\ninstitutions and other regional parties, (d) with significant regional\nbreadth or likely to have wide regional impact, (e) with cost benefit\nanalysis that demonstrates sustainable job creation and investments, (f)\nlocated in distressed areas using economic criteria developed by the\nupstate empire state development corporation, which may include but not\nbe limited to land value, employment, private investment, economic\nactivity, and population, or (g) whose application is submitted by\nmultiple entities, both public and private.\n 4. The upstate empire state development corporation shall provide such\nassistance in a geographically proportionate manner throughout upstate\nbased on qualified applications received pursuant to this section.\n 5. Assistance may be in the form of loans, grants, or monies\ncontributing to projects for which the corporation or a subsidiary acts\nas developer. (i) The corporation may act as developer in the\nacquisition, renovation, construction, leasing or sale of development\nprojects authorized pursuant to this act in order to stimulate private\nsector investment within the affected community. (ii) In acting as a\ndeveloper, the corporation may borrow for purposes of this subdivision\nfor approved projects in which the lender's recourse is solely to the\nassets of the project, and may make such arrangements and agreements\nwith community-based organizations and local development corporations as\nmay be required to carry out the purposes of this section. (iii) Prior\nto developing any such project, the corporation shall secure a firm\ncommitment from entities, independent of the corporation, for the\npurchase or lease of such project. (iv) Projects authorized under this\nsubdivision whether developed by the corporation or a private developer,\nmust be located in distressed communities, for which there is a\ndemonstrated demand within the particular community.\n 6. Eligible applicants shall include, but not be limited to, business\nimprovement districts, local development corporations, economic\ndevelopment organizations, institutions of higher education, incubators,\ntechnology parks, private firms, municipalities, counties, regional\nplanning councils, tourist attractions, and community facilities.\n 7. The corporation shall submit a report to the director of the\nbudget, the temporary president of the senate, the speaker of the\nassembly, the minority leader of the senate and the minority leader of\nthe assembly on the investments and accomplishments of the upstate\nregional blueprint fund. Such report shall include, but not be limited\nto, information on the number of jobs created and retained, levels of\nprivate sector investment, economic benefit to the state and local\neconomies and types of industries invested in. Such report shall be\nsubmitted by July 1, 2009 and July first every year thereafter.\n 8. The corporation shall submit a report to the director of the\nbudget, the temporary president of the senate, the speaker of the\nassembly, the minority leader of the senate and the minority leader of\nthe assembly evaluating the economic and social benefits of the upstate\nregional blueprint fund. Such evaluation shall be prepared by an entity\nor entities independent of the corporation which shall be selected\nthrough a request for proposal process. Such evaluation shall be\nsubmitted by October 1, 2009 and October first every year thereafter.\n 9. The corporation is hereby authorized to promulgate rules and\nregulations in accordance with the state administrative procedure act as\nare necessary to fulfill the purposes of this section.\n