N.Y. Public Authorities Law 1803 – Purposes of the authority
§ 1803. Purposes of the authority. The purposes of the authority shall be:
Terms Used In N.Y. Public Authorities Law 1803
- Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
- Eligible business facility: shall mean any type of business facility to be used or occupied by any person in an enterprise deemed to offer a reasonable likelihood for promoting the creation or retention of job opportunities in the state, and includes, but is not limited to, industrial or manufacturing plants, facilities for research and development purposes, facilities for conducting wholesale, receiving and distributing operations, facilities for conducting office operations, warehousing operations, or any other operation dealing in the exchange of goods, wares, services or other types of property of any type or description. See N.Y. Public Authorities Law 1801
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Plant: shall mean real property, the buildings, improvements and structures thereon and the fixtures thereon other than machinery or equipment used by a project occupant in its operations. See N.Y. Public Authorities Law 1801
- Pollution control facilities: shall mean real or personal property having to do with, or the end purpose of which, is the control, abatement or prevention of land, sewer, water, air, thermal, radiational, noise or general environmental pollution resulting from the operation of an industrial, manufacturing or research plant. See N.Y. Public Authorities Law 1801
- Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
- Small business: means a business which is independently owned and operated, and which is not dominant in the field of operation. See N.Y. Public Authorities Law 1695
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1801
1. To assist, promote, encourage, develop and advance the general prosperity and economic welfare of the people of the state and to improve their standard of living.
2. To improve employment opportunities in any area of the state by assisting in financing of:
(a) the cost of projects for the construction, acquisition, rehabilitation or improvement of any new, existing or former (i) industrial or manufacturing plant, (ii) building used for research and development, or (iii) other eligible business facility within the state, including the acquisition of real property therefor, by means of loans to non-profit local development corporations not to exceed forty percent of the cost of such project, the repayment of which shall be secured by a mortgage which shall not be a junior encumbrance thereon by more than fifty percent of such cost, and by means of the guarantees of the loans made by banking organizations which guaranty shall not exceed eighty percent of the cost of the project, provided, however, that such loans may be in excess of forty percent but shall not exceed sixty percent of the cost of such project for loans in economically distressed areas and to companies in need of special assistance pursuant to the provisions of subdivision seven of section eighteen hundred twenty-three of this chapter.
(b) the purchase of machinery and equipment for use within the state, by means of loans to non-profit local development corporations not to exceed forty percent of the cost of such purchase which shall be secured by a security interest in such project, and by means of the guarantee of loans made by banking organizations which guaranty shall not exceed eighty percent of the cost of the project, provided, however, that such loans may be in excess of forty percent but shall not exceed sixty percent of the cost of such project for loans in economically distressed areas and to companies in need of special assistance pursuant to the provisions of subdivision seven of section eighteen hundred twenty-three of this chapter.
3. To advance the development of industrial, manufacturing, research and development, or other eligible business enterprises throughout the state, including those defined as small business concerns under the act of congress entitled "Small Business Investment Act of 1958".
4. To assist in financing the cost of projects for the construction, acquisition, rehabilitation or improvement of pollution control facilities, by means of loans of pollution control funds to non-profit local development corporations not to exceed ninety percent of the cost of any such project.
In carrying out the purposes of this section and in exercising the powers granted under this act, the authority shall be regarded as performing an essential governmental function.