§ 16-h. The JOBS Now program is hereby created. 1. Funds of this
program, within available appropriations, shall be available to any
regional partnership, as provided in section 3154 of the public
authorities law, eligible business expansion or attraction project: (a)
Job creation grants. Proceeds from a job creation grant shall be used by
an eligible business to pay any tax liability resulting from any tax
imposed by the state or a local government that the business owes for
any taxable period beginning on or after the date in which the job
creation grant was awarded. A job creation grant shall equal a portion,
as determined by the urban development corporation, of the New York
state income tax that is withheld on the employees that were hired as a
result of the expansion or attraction project not to exceed one million
five hundred thousand dollars;

(b) Worker training grants. Worker training grants, that are completed
pursuant to eligible expansion and attraction projects, may receive
partial or total reimbursement of the costs associated with such
programs through a worker training grant if such training programs
include, but are not limited to skills training and upgrading,
productivity enhancement and total product/service quality improvements;

(c) Capital loans and grants. Capital loans and grants may be awarded
if the proceeds are used for the acquisition or improvements of land,
infrastructure and buildings and the acquisition of machinery and
equipment;

(d) Interest subsidy grants. Interest subsidy grants may be awarded if
the proceeds of such grants are used to offset debt service costs which
are associated with loans supplied to the business by a private lending
institution; and

(e) Working capital loan and loan guarantees. Working capital loans
may be awarded if the proceeds are used to cover capital-related
expenses such as, but not limited to, accounts receivable, inventory,
and other expenses required to upgrade and reconfigure the competitive
position of the project applicant.

2. To be eligible for a loan or grant from the JOBS Now program, a
regional partnership, as provided in section 3154 of the public
authorities law, or a business expansion or attraction project must
result in the creation of at least 100 new, permanent, full-time private
sector jobs. Not more than twenty-five percent of funds appropriated for
this program shall be allocated for projects that create less than 300
jobs. At least seventy-five percent of funds appropriated for this
program shall be allocated to projects that create at least 300 jobs.
Provided, however, a regional partnership, as provided in section 3154
of the public authorities law, shall be able to aggregate the total
number of jobs created among more than one eligible business in order to
meet the job creation amounts in this subdivision. Provided further,
however, that such aggregation shall be within similar industry
clusters.

3. Applications for assistance pursuant to this section shall be
reviewed and evaluated in consultation with local government officials
and regional economic development offices pursuant to eligibility
requirements and criteria set forth in rules and regulations promulgated
by the corporation. The corporation shall develop and use a standard
application project form.

4. The corporation shall, on or before March 1, 1997, submit a report
to the governor, the temporary president of the senate and the speaker
of the assembly on the operation and accomplishments of the assistance
provided pursuant to this section, including a complete inventory of
projects financed pursuant to this section.