Terms Used In N.Y. Public Authorities Law 1836-B

• Agreement: means an employee ownership assistance loan agreement made pursuant to this subtitle. See N.Y. Public Authorities Law 1836-B
• Authority: means the job development authority created by section one thousand eight hundred two of this chapter. See N.Y. Public Authorities Law 1836-B
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Eligible project: means the acquisition or rehabilitation by an employee ownership association of an existing industrial or manufacturing plant located in this state for the purpose of operating it as an employee-owned enterprise. See N.Y. Public Authorities Law 1836-B
• Employee ownership association: means a corporation or other association formed by or on behalf of the employees of an industrial or manufacturing plant located in this state for the purpose of assuming ownership or control of the plant and operating it as an employee-owned enterprise or as a worker cooperative as defined in § 81 of the cooperative corporations law. See N.Y. Public Authorities Law 1836-B
• Employee-owned enterprise: means a business in which the employees are represented on the board of directors and the employees control the majority of the voting stock, or if the business is held in a trust which controls the majority of the voting stock, the trustees are elected by the employees. See N.Y. Public Authorities Law 1836-B
• Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
• Manufacturing plant: shall include a plant used in connection with making, creating, working, preparing, processing, milling, manufacturing, finishing, fashioning, fabricating, or producing in any manner, goods, wares, merchandise, metals, fabrics, materials, products or substances of any kind or nature. See N.Y. Public Authorities Law 1801
• Personal property: All property that is not real property.
• Plant: includes the site, structure, building and equipment and all real and personal property in connection therewith, whether or not in existence, and may include any road, railroad, or utility or equipment appurtenant thereto. See N.Y. Public Authorities Law 1836-B
• 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
• State: shall mean the state of New York. See N.Y. Public Authorities Law 1801