§ 197-c. General powers and duties of the board. 1. The board shall establish written procedures relating to the activities of the board. The board shall also establish procedures through written policies or standards for reviewing applications for fund benefits and which shall provide for a review of applications for fund benefits no less frequently than twice each year. The board shall not make any recommendations for an allocation of fund benefits prior to establishing the procedures provided for in this subdivision.

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2. The board, or a member designated by the board, shall receive all applications from, or on behalf of, eligible applicants for fund benefits. Applications shall be in a form and contain such information, data and exhibits as the board may prescribe and to which the authority has consented.

3. The board may request from the authority an analysis of any application for fund benefits along with any recommendations, and any such additional information and assistance as is reasonably necessary for the board to perform its duties.

4. The board shall review applications submitted for fund benefits. The board shall make an initial determination of whether the application is made by an eligible applicant and proposes an eligible project. In the case of an application by an eligible applicant that proposes an eligible project, the board shall review the application using the following criteria:

(i) whether the eligible project would occur in the absence of an award of fund benefits;

(ii) the extent to which an award of fund benefits will result in new capital investment in the state by the eligible applicant and the extent of such investment;

(iii) other assistance the eligible applicant may receive to support the eligible project;

(iv) the type and cost of buildings, equipment and facilities to be constructed, enlarged or installed if the eligible applicant were to receive an award of fund benefits;

(v) the eligible applicant's payroll, salaries, benefits and number of jobs at the eligible project for which an award of fund benefits is requested;

(vi) the number of jobs that will be created or retained within St. Lawrence county and any other parts of the state in relation to the requested award of fund benefits, and the extent to which the eligible applicant will agree to commit to creating or retaining such jobs as a condition to receiving an award of fund benefits;

(vii) whether the eligible applicant is at risk of closing or curtailing facilities or operations in St. Lawrence county and other parts of the state, relocating facilities or operations out of St. Lawrence county and other parts of the state, or losing a significant number of jobs in St. Lawrence county and other parts of the state, in the absence of an award of fund benefits;

(viii) the significance of the eligible project that would receive an award of fund benefits to the economy of the area in which such eligible project is located; and

(ix) for new, expanded and/or rehabilitated facilities, the extent to which the eligible applicant will commit to implement or otherwise make tangible investments in energy efficiency measures as a condition to receiving an award of fund benefits.

In addition, the board shall consider the extent to which an award of fund benefits would be consistent with the strategies and priorities of any regional economic development council having responsibility for the region in which the eligible project would be located. The board is also authorized to solicit the views of organizations that have an interest in economic development in St. Lawrence county regarding such matters as proposed funding strategies and priorities, and applications for fund benefits.

5. The board shall issue a written statement of its findings and recommendations for each application reviewed.

6. The board may recommend to the authority the allocation of fund benefits to eligible applicants for eligible projects which the board finds are consistent with the applicable criteria in subdivision four of this section. The board may include within its recommendations recommended terms and conditions, including, but not limited to, reasonable provision for the allocation of fund benefits over time as the eligible applicant achieves milestones towards project completion, the partial or complete withdrawal or return of fund benefits where the recipient has failed to achieve or maintain mutually agreed upon commitments, or such other terms and conditions as the board deems advisable.

7. A recommendation by the board that an eligible applicant receive an award of fund benefits shall be a prerequisite to an award of fund benefits by the authority. The authority shall award fund benefits to an applicant upon a recommendation of the board; provided, however, that upon a showing of good cause, the authority shall have discretion as to whether to adopt the board's recommendation, or to award benefits in a different amount than recommended by the board. In addition, the authority shall be authorized to establish the terms and conditions that will apply to any award of fund benefits.

8. Allocations of fund benefits shall only be made on the basis of net earnings that have been deposited in the northern New York economic development fund. No award of fund benefits shall encumber future net earnings or net earnings that have been received but not deposited in the northern New York economic development fund.

9. Upon making an allocation of fund benefits, the authority shall be authorized to enter into an agreement with the eligible applicant which provides the terms and conditions that the authority determines will be applicable to the award of fund benefits taking into account the recommendations made by the board.