Sec. 4243.5. Application and approval process

(a) An applicant for program assistance shall file an application with the corporation on a form provided by, or otherwise acceptable to, the corporation, which will elicit, or otherwise provide, information about the project and the applicant.

(1) With respect to requests for program assistance, the corporation may request:

(i) information about the applicant, including its history, ownership, size, primary products or services rendered, major customers, its market and marketing strategy;

(ii) information about the proposed project including total project cost, total assistance requested, proposed uses of the program funds, other proposed sources for funding, the number of jobs to be created and other anticipated project results, how the project will be implemented and the current status of the project;

(iii) information with respect to the site of the project and the impact, if any, on the environment and any landmark or historic properties;

(iv) a description of the need for the requested funds and a specific justification for the request for assistance;

(v) a budget breakdown of the sources and uses of funds associated with the proposed project;

(vi) letters of commitment or rejection from other financing sources; and

(vii) any and all information that the corporation may deem relevant in connection with making the following statutory determinations:

(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 business activity within a municipality or region of the State;

(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 projects exceed costs; and

(d) the project is undertaken in accordance with the memorandum of understanding executed in accordance with section 16-i of this act.

(2) In addition, depending on the nature of the project (such as acquisition of machinery and equipment; acquisition, construction or renovation of property, etc.) and the type of assistance requested, applicants may be required to provide other information about the project, including some or all of the following, as may be appropriate:

(i) a complete set of financial statements for at least the three preceding fiscal years, operating pro formas going forward three years, and current financial statements for any proposed guarantors;

(ii) a list of proposed collateral, with any available appraisals;

(iii) resumes of principal officers and a list of owners, shareholders, or partners;

(iv) a copy of any related real estate purchase option or contract for sale;

(v) a legal description and survey of the property;

(vi) a construction-to-occupancy schedule; and

(vii) copies of any preliminary architectural drawings, scope of work, cost estimates and schematics.

(b) Upon receipt of the application, the corporation shall review the application for eligibility, completeness, and conformance with the applicable requirements of the act and this Part. Applications shall be processed in full compliance with the applicable provisions of the act's section 16-i including, without limiting the foregoing, subpart 2-a of that section as it may be in effect from time to time.

(c) If the proposal satisfies the applicable requirements and program funding is available, the proposal may be presented to the corporation's directors for adoption consideration in accordance with applicable law and regulations. The directors normally meet once a month. If the project is approved for funding and if it involves the acquisition, construction, reconstruction, rehabilitation, alteration or improvement of any property, the corporation will schedule a public hearing in accordance with the act and will take such further action as may be required by the act and applicable law and regulations. After approval by the corporation and a public hearing, if required, the project may then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month, in accordance with PACB requirements and policies. Following directors' approval, and PACB approval, if required, documentation will be prepared by the corporation. Notwithstanding the foregoing, no program project shall be funded if sufficient program monies are not received by the corporation for such project.