* § 16-m. The empire state economic development fund. 1. The empire
state economic development fund is hereby created. The corporation is
authorized, within available appropriations, to provide financial,
technical or other assistance from such fund for the following: (a)
Loans, loan guarantees and grants including interest subsidy grants to
manufacturing and non-retail service firms, for headquarters facilities
of firms engaged generally in retail industries, retail firms located in
distressed areas and to other businesses, for the purpose of developing
recreational, cultural, or historical facilities that are likely to
attract significant numbers of visitors. Loans, loan guarantees and
interest subsidy grants may be used to finance new construction,
renovation or leasehold improvements and the acquisition of land,
buildings, machinery and equipment. The proceeds of such loans, loan
guarantees and interest subsidy grants may also be used to finance
working capital;

(b) Loans, loan guarantees, and grants including interest subsidy
grants may be provided to municipalities, industrial development
agencies, not-for-profit corporations or local development corporations
for the purpose of developing federal facility sites, urban industrial
sites, industrial parks and incubator buildings; or to undertake
preliminary planning relating thereto;

(c) Grants for the purpose of creating or retaining jobs or
preventing, reducing or eliminating unemployment or underemployment
including, but not limited to, productivity assessments, export market
development plans and other projects to promote international trade;
skills training assistance including classroom instruction or on the job
training; and programs to assist economically distressed regions and
communities to identify new business opportunities, plan for new
enterprise development and manage economic development projects;

(d) Loans, loan guarantees, interest subsidies and grants to
businesses, municipalities, industrial development agencies and local
and regional economic development corporations for projects for the
purpose of attracting, retaining or permitting the expansion of
industrial, manufacturing, commercial, research and development, high
technology, tourism, agricultural or non-retail service businesses and
not-for-profit organizations which shall include, but not be limited to
basic systems and facilities on public and privately owned property
including drainage systems, sewer systems, access roads, sidewalks,
docks, wharves, water supply systems, and site clearance, preparation,
improvements and demolition. In addition, grants for preliminary
planning of projects eligible to apply for financing pursuant to this
paragraph may be provided;

(e) Grants to municipalities, not-for-profit corporations and local
and regional economic development organizations seeking to attract,
stabilize, retain or revitalize existing businesses, and to assist small
and new businesses for activities including, but not limited to, the
preparation of strategic plans for local or regional economic
development, the analysis of business sectors, marketing and promoting
regional business clusters, and feasibility studies;

(f) Loans, loan guarantees, interest subsidy grants and direct grants
for feasibility studies, surveys and reports, architectural design,
studies, and other redevelopment work for non-residential improvements
to commercial building, commercial strips, downtown areas or business
districts;

(g) Assistance to local or regional organizations to facilitate
financing for small- and medium-sized business, including minority- and
women-owned business enterprises through flexible financing programs,
including, but not limited to, loan loss reserve and revolving loan
programs, working capital loans, working capital loan guarantees, or
other flexible financing programs that leverage traditional financing;

(h) Assistance to eligible entities and organizations as set forth in
section 16-l of this act to support community economic development
programs and activities, including value-added small business growth,
agricultural, agribusiness, and forest products and those projects that
promote the family farm, increase or retain employment opportunities and
otherwise contribute to the revitalization of local rural areas which
are economically distressed;

(i) Assistance to eligible entities set forth in section 16-l of this
act to support value-added small businesses in the agricultural and
agribusiness industries that promote fruit production, fruit processing,
or wineries and which increase or retain employment opportunities in
such industries or in the related tourism industry;

(j) Assistance to local or regional organizations to facilitate
financing for the come home to New York program pursuant to article 9-A
of the economic development law;

(k) Assistance for regional partnership proposals, as provided in
subdivision 12 of section 3154 of the public authorities law;

** (l) Loans, loan guarantees, interest subsidies and grants including
interest subsidy grants to businesses, local and regional economic
development corporations, not-for-profit corporations, regional
marketing organizations, agricultural cooperatives organized pursuant to
the cooperative corporations law, and other local or regional
organizations to finance transportation and distribution projects that
facilitate distribution and sales of New York farm products by farmers
and associations of farmers to food and food services buyers and
processors, such as restaurants, schools, food retailers, farmers'
markets, colleges and other institutional operations especially in urban
and other communities where there has been a lack of availability of
such products. Loans, loan guarantees and interest subsidy grants may be
used to finance new construction, renovation or leasehold improvements
and the acquisition of land, buildings, machinery and equipment.

** NB There are 2 sub (l)'s

** (l) Assistance to biosciences research institutions and
organizations on a competitive basis to develop curriculum and
administer bioscience specific training programs for current and
prospective industry employees, in consultation with the division of
science, technology and innovation established pursuant to article 18 of
the economic development law. For the purposes of this paragraph, the
term biosciences research shall include, but not be limited to, the
basic, applied, or translational research that leads to the development
of therapeutics, diagnostics, or devices, to improve human health or
agriculture and that require federal drug administration approval;

** NB There are 2 sub (l)'s

(m) Assistance to businesses that conduct basic, applied or
translational research that leads to the development of products that
improve human health or agriculture and that require approval by the
federal food and drug administration, in order to create or expand
facilities, in accordance with good manufacturing practice regulations,
that will create or retain more than fifty jobs. For purposes of this
paragraph, good manufacturing practice regulations refers to those
regulations promulgated by the United States Food and Drug
Administration under the authority of the Federal Food, Drug and
Cosmetic Act.

(n) Loans, loan guarantees, interest subsidies and grants to
businesses, municipalities, industrial development agencies and local
and regional economic development corporations, not-for-profit
corporations, business improvement districts, regional marketing
authorities and agricultural cooperatives organized pursuant to the
cooperative corporations law, and other entities for the construction,
reconstruction, improvement, expansion or rehabilitation of wholesale
regional farmers' markets or food hubs that facilitate the sale and
promotion of farm products grown or produced in New York state.

For the purposes of this paragraph a wholesale regional farmers'
market or food hub is a market, business or organization that actively
manages the aggregation, distribution and marketing of source-identified
food products primarily from local or regional producers to satisfy
wholesale, retail and institutional demand for such products.

(o) Assistance to eligible entities pursuant to article five-A of the
cooperative corporations law to provide financing in the form of loans,
loan guarantees, and interest subsidy grants to subsidize loans from
federally chartered instrumentalities and state and private lending
institutions to facilitate the creation of worker cooperatives that
promote continuation of existing micro-businesses either as a part of a
preexisting business succession of ownership plan or as alternative
option if a business is being offered for sale or transfer by the
current owner or the heirs or estate of a deceased owner. For the
purposes of this section, a micro-business shall be defined as a
business with five or less full-time or full-time equivalent employees.
All eligible entities shall be required to submit a business plan with
their application requesting assistance.

2. Applications for assistance pursuant to this section shall be
reviewed and evaluated in cooperation with regional economic development
offices pursuant to eligibility requirements and criteria set forth in
rules and regulations promulgated by the corporation. Approval of
project applications shall be made only upon a determination by the
corporation:

(a) that the proposed project would promote the economic health of New
York state by facilitating the creation or retention of jobs or would
increase activity within a municipality or region of the state or would
enhance or help to maintain the economic viability of family farms;

(b) that the project would be unlikely to take place in New York state
without the requested assistance.

(c) that the project is reasonably likely to accomplish its stated
objectives and that the likely benefits of the project exceed costs; and

(d) the project is undertaken in accordance with the memorandum of
understanding executed in accordance with this section.

3. The provisions of this section shall expire, notwithstanding any
inconsistent provision of subdivision 4 of section 469 of chapter 309 of
the laws of 1996 or of any other law, on July 1, 2025.

* NB Expires July 1, 2025