§ 16-R — The downstate revitalization fund

§ 16-r. The downstate revitalization fund. 1. The downstate\nrevitalization fund is hereby created. The corporation is authorized,\nwithin available appropriations, to provide financial, project\ndevelopment, or other assistance from such fund to eligible entities as\nset forth in this subdivision for the purposes of supporting investment\nin distressed communities in the downstate region, and in support of\nsuch projects that focus on: encouraging business, community, and\ntechnology-based development, and supporting innovative programs of\npublic and private cooperation working to foster new investment, job\ncreation and small business growth. For-profit businesses,\nnot-for-profit corporations, public benefit corporations,\nmunicipalities, and research and academic institutions shall be eligible\nto apply for such activities under this subdivision including, but not\nlimited to, the following:\n (a) Support for projects identified through collaborative efforts as\npart of the overall growth strategy for the local economy, including but\nnot limited to smart growth and energy efficiency initiatives.\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 located in an investment zone as defined by\nparagraph (i) of subdivision (d) of section 957 of the general municipal\nlaw.\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 corporation.\nApproval of project applications shall be made by the chairman and\nsubject to approval by the board of directors of the corporation. Grants\nand loans awarded under this section shall be awarded on a competitive\nbasis, in response to requests for proposals, and through direct\napplications accepted at other times at the discretion of the\ncorporation.\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) deemed likely to increase\nthe community's economic and social viability, (e) with cost benefit\nanalysis that demonstrates sustainable job creation and investments, (f)\nlocated in distressed areas using economic criteria developed by the\ncorporation, which may include but not be limited to land value,\nemployment, private investment, economic activity, and population, or\n(g) whose application is submitted by multiple entities, both public and\nprivate.\n 4. Applications for support or assistance under this subdivision shall\nbe made in a form and manner as determined by the corporation, and\napplicants shall be required to meet the criteria and requirements\ndetermined by the corporation pursuant to this act, which will focus on\nthe potential of the project or program to stimulate or enhance economic\ndevelopment in the area or employment opportunities in the distressed\ncommunities and regions.\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 downstate\nrevitalization fund. Such report shall include, but not be limited to,\ninformation 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\ndownstate revitalization fund. Such evaluation shall be prepared by an\nentity or entities independent of the corporation which shall be\nselected through a request for proposal process. Such evaluation shall\nbe submitted 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