§ 3153. Capital investments innovation fund. 1. Creation and purposes.
The capital investments innovation fund is hereby created for the
purpose of providing loans, grants or a combination thereof through the
regional partnerships authorized pursuant to section thirty-one hundred
fifty-four of this title for economic development projects that
facilitate job growth and business expansion in New York state. However,
nothing shall preclude the foundation, one or multiple partnerships from
joining together to advance and receive grants, loans or combinations
thereof for projects authorized under this section. Such fund shall
provide financing for programs that improve the business climate and
enhance economic competitiveness across New York state's regions.

2. Eligible projects. (a) Projects eligible for capital investment
fund financing may include, but not be limited to, those that enhance
innovation or increase competitiveness in emerging or high-technology
industries, and other industries.

(b) Capital investment innovation funds may be utilized for projects
which include, but may not be limited to, the following: the development
of industrial facilities and parks, manufacturing facilities, business
parks and incubators, office facilities and parks, warehouse and
distribution facilities, and, high-technology and biotechnology
research, development and related commercialization facilities.

(c) Projects intended primarily for the development of retail or
personal service facilities shall not be eligible.

3. Eligible costs. Capital investment innovation funds may be utilized
for purposes including but not limited to the following: infrastructure
development, including water, sewer, highway, rail access, electric
power, gas and telecommunications; energy efficiency improvements; site
acquisition, site investigation, site clearance, building demolition and
site preparation; construction, reconstruction, and renovation, and,
machinery and equipment.

4. Project cost. Total project cost shall be a minimum of two hundred
fifty thousand dollars, unless the board determines that circumstances
merit a waiver of such minimum threshold. At least two-thirds of the
project cost shall consist of private sector, local, or federal funding.
However, those projects which offer exceptional opportunities for
long-term private sector job creation and retention may be eligible for
a waiver of this requirement.

5. Applications. Applications may be submitted to the foundation by
the regional partnerships on behalf of municipalities, nonprofit
organizations, businesses, special districts, institutions of higher
education, or other organizations. The foundation may provide grants,
loans or combinations thereof, provided that projects be evaluated on
the basis of the amount of economic impact on New York state, the
feasibility of business plans and long-term sustainability, as
determined by the foundation, in consultation with the urban development
corporation.

6. Program rules and regulations. Following consultation with
appropriate state and local agencies and other organizations, the
foundation shall promulgate rules and regulations for the award of the
capital investments innovation fund financing through the regional
partnerships, provided however, that the foundation board shall oversee
the distribution of all funds appropriated to the capital investments
innovation fund program.