§ 187. Economic development power allocations. (a) Any municipality or
municipal agency may, alone or jointly with others, file with the board
an application for an economic development power allocation on behalf of
a business. Such applications shall be in such form and contain such
information, exhibits and supporting data as the board may prescribe.
The board shall issue a determination as to the sufficiency of an
application or reapplication within twenty days of the receipt thereof.
The applicant shall be entitled to timely review and action on the
application by the board.

(b) Any applicant authorized to file with the board an application for
economic development power may also apply for, purchase and receive a
bulk allocation of economic development power for the purpose of
entering into contracts with eligible businesses. In making such an
application, the applicant shall indicate the estimated number of jobs
created or retained as a result of the allocation of economic
development power. The board, in acting upon such an application, shall
consider, and apply, as appropriate, the criteria and requirements
provided for in sections one hundred eighty-four and one hundred
eighty-five of this article. All such applications for economic
development power shall include a specified period of time to be
approved by the board in which the applicant shall execute contracts
with businesses for the use of the power from its bulk allocation of
economic development power. If the applicant fails to contract for the
full amount of the bulk allocation within that specified period of time,
the uncontracted for portion of the bulk allocation shall be withdrawn.

(c) The board shall review the applications received and shall
determine the applications which best meet the criteria and it shall
recommend such applications to the power authority of the state of New
York with such terms and conditions as it deems appropriate. Except for
allocations subject to subdivision (g) of this section and section one
hundred eighty-five of this article, each allocation recommended by the
board shall be to serve new electrical demand at facilities at which new
jobs are created. Such terms and conditions shall include reasonable
provisions providing for the partial or complete withdrawal of the
economic development power in the event the recipient fails to maintain
mutually agreed levels of employment and power utilization.

(d) Allocations shall be recommended only to or for the use of
businesses which normally utilize a minimum peak electric demand of four
hundred kilowatts. At least one half of all allocations shall be
recommended for applicants within the geographic areas served by Long
Island Lighting Company, Consolidated Edison Company of New York, Orange
and Rockland Utilities, Incorporated, Central Hudson Gas and Electric
Corporation and that part of Westchester, Putnam and Dutchess counties
served by New York State Electric and Gas Corporation. No more than
fifty percent of the available economic development power shall be
recommended for allocation to applicants located within a single
municipality except upon the unanimous recommendation of the board.

(e) Recommendation for an allocation of economic development power
shall qualify an applicant to enter into a contract for purchase of such
power from the power authority of the state of New York pursuant to the
terms and conditions of the recommendation. Contracts between an
applicant and a business receiving an allocation of economic development
power shall be subject to the approval of the power authority of the
state of New York. Such contracts and allocations shall provide that the
local distributor of electric service will provide customer and billing
services upon mutually agreed terms and conditions.

(f) Upon approval or denial of any application for economic
development power, the board shall issue in writing a statement of its
findings and conclusions with respect to such application and the
reasons for its approval or denial.

(g) Within cities of a population of one million or more and the
counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and
Westchester, an economic development power allocation may be recommended
for the purpose of job retention by unanimous approval of the board
applying the criteria developed pursuant to section one hundred
eighty-four of this article and when an applicant on behalf of a
business within such city or county demonstrates to the board (a) the
business' plans to relocate out of state resulting in the loss of a
substantial number of jobs and its commitment to new investments in real
property of at least twelve and one-half percent of the effective market
value or to relocate within such city or county to comparable
facilities, upon receiving an economic development allocation, and (b)
that the applicant or the business first has made the greatest
practicable use of all other potential assistance and means, including
but not limited to other low cost power and/or energy, tax and energy
cost abatement measures and administrative steps to make possible the
business' new investment or relocation. For the purposes of this
subdivision, effective market value for special assessing units, as
defined in article eighteen of the real property tax law, shall be
determined by dividing the assessed value of the property on the latest
completed assessment roll by the latest class ratio applicable to the
class in which the property is classified, and for all other assessing
units, effective market value shall be determined by dividing the
assessed value of the property on the latest completed assessment roll
by the final state equalization rate or special equalization rate as
promulgated by the commissioner of taxation and finance pursuant to
article twelve of the real property tax law.