CAPITAL PROJECTS

state urban development corporation act, provided, however, that for purposes of this program, the term project, as defined in subdivision six of section three of such act shall be restricted to any land use improvement project or industrial project.

Provided, further, that such plan or undertaking shall be restricted to: (i) facilities for which the eventual use shall be designed and intended for manufacturing, warehousing, research and other industrial purposes; (ii) facilities for which the eventual use shall be designed and intended for commercial, retail or office purposes provided that such facilities are located or are planned in neighborhoods which have an existing residential project which was assisted by the state, or a federal agency, municipality or public corporation. In addition, the corporation is hereby authorized, for purposes of this appropriation only, to provide assistance through the creation of one or more minority bonding guarantee or escrow funds, to enable minority contractors and subcontractors to meet project performance bonding requirements. Such assistance shall apply to a project undertaking of the corporation or a subsidiary. The corporation shall establish criteria for the guarantee and escrow funds which shall include detailed provisions for eligibility. The corporation shall make findings consistent with a land use improvement project or an industrial project, and shall make additional findings consistent consistent with the distressed area criteria established by the corporation and approved by the director of the budget.

Such distressed area criteria, for purposes of this program shall include levels of labor force activity, economic activity, population and any other provisions deemed appropriate by the corporation to establish eligibility for projects. The corporation shall make available the distressed area criteria and shall develop a list of areas and such list may be amended from time to time provided that any such list shall meet the requirements of such criteria. No appropriation provided herein, except for purposes of the minority bonding guarantee and escrow funds shall be made available to the corporation until such time as the distressed area criteria established by the corporation receives the approval of the director of the budget, who shall file such approval with the department of audit and control and copies thereof with the senate finance committee and the assembly ways and means committee. [For purposes of the minority bonding guarantee and escrow funds, no] No appropriation shall be made available to the corporation until such time as the distressed area criteria and the criteria for the guarantee and escrow funds established by the corporation receives the approval of the director of the budget, who shall file such approval with the department of audit and control and copies thereof with the senate finance committee and the assembly ways and means committee. The corporation shall provide for the repayment of an amount equal to the total amount expended and any interest earned by the corporation therein and the corporation shall deposit such repayment, interest and all other payments made pursuant to any contract or agreement entered into by the corporation in respect to a project described herein, provided that such repayment shall not continue after the useful life of a project. Except, however, that the corporation may make grants to projects using funds appropriated for this program

CAPITAL PROJECTS

The

and that the repayment provision may not apply to such grants. total value of grants made by the corporation shall not exceed twenty-five percent of the funds appropriated herein. The corporation shall make arrangements under which the project is undertaken to provide for annual real property taxes, or payments in lieu of real property taxes on the real property included in the project which together, unless the taxing jurisdiction so agrees, at least equal the average annual real property taxes which were paid with respect to such real property for three years prior to the acquisition of such project by the corporation or a subsidiary thereof or any other public corporation. If such taxing jurisdiction agrees to an amount less than the amount specified herein, then the corporation and the state, for purposes of the project described herein, shall not be required to meet the provisions of section twenty-six of the New York state urban development corporation act. The director of the budget shall not issue any certificate of approval of availability until the New York state urban development corporation has entered into a written agreement with the director of the budget providing for repayment by such corporation to the state of New York of an amount equal to the [the] total amount expended by the state from this appropriation, and any interest earned by the corporation there in except as provided herein, on terms which may include interest thereon at a rate per annum to be determined by the director of the budget, and a copy of such agreement shall be filed with the state comptroller, the chairman of the senate finance committee, and the chairman of the assembly ways and means committee. Notwithstanding the provisions of section forty-a of the state finance law and any other general or special law, such written agreement shall not require repayment at any times or on any terms inconsistent with the provisions of the New York state urban development corporation act, or the New York state project finance agency act. Notwithstanding any inconsistent provisions of any general or special law, no funds shall be available for the purposes specified herein without approval of the New York state public authorities control board.

The

state comptroller is hereby authorized to receive from the corporation reimbursement of moneys expended from this appropriation and to deposit the same to the credit of the capital projects fund. Amounts available for an economic development targeted job development project account established by the urban development corporation [(91018460)] (91018461). (re. $9,500,000)

Industrial Innovation Purpose

The appropriation made by chapter 54, section 1, of the laws of 1984, is amended and reappropriated to read as follows:

For industrial innovation program, to provide assistance to a specific project in accordance with the provisions of the New York state urban development corporation act, provided, however, that for purposes of this program, the term project shall be restricted to any land use improvement project, industrial project or civic project, where civic project shall be restricted to educational or public service facilities.

CAPITAL PROJECTS

Provided, further, further, that such plan or undertaking shall be restricted to (i) facilities which engage in or will engage in the innovative application of advanced technology to products and/or services; (ii) high technological industrial incubator space, where such space shall be for rental to business concerns which are in their formative stages and involve the development, application and production of new technological products and processes; (iii) in the case of existing manufacturing plant such funds may be used for capital improvements designed to improve productivity through the application of advanced technology; and (iv) high risk targeted investments projects.

No funds shall be made available from this appropriation until a capital expenditure plan established by the corporation is submitted and approved by the director of the budget, with copies thereof filed with the senate finance committee and assembly ways and means committee. Such capital expenditure plan shall include, among other information, the following: (i) a listing and status of all projects under construction and projects under review; (ii) construction schedules of all current projects; (iii) cash flow expenditure projections for for each project; and (iv) financial analysis of all projects. The plan may be amended from time to time subject to the approval of the director of the budget, with copies of such amendments submitted to the senate finance committee and assembly assembly ways and means.

Notwithstanding the provisions of any general or special law, no part of such appropriation shall be available for the purposes designated until a certificate of approval of availability shall have been issued by the director of the budget and a copy of such certificate filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee. Such certificate may be amended from time to time, subject to the approval of the director of the budget, and a copy of each such amendment shall be filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee.

The director of the budget shall not issue any certificate of approval of availability until the New York state urban development corporation has entered into a written agreement with the director of the budget providing for repayment by such corporation to the state of New York of an amount equal to the total amount expended by the state from such appropriation, on terms which may include interest thereon at a rate per annum to be determined by the director of the budget and a copy of such agreement shall be filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee, committee, provided, provided, however, that such corporation may make grants for the purposes of this appropriation subject to the approval of the director of the budget and that the repayment provision may not apply to such grants. The total value of grants made by the corporation shall not exceed twenty percent of the funds appropriated herein. Notwithstanding the provisions of section forty-a of the state finance law and any other general or special law, such written agreement shall not require repayment at any times or on any terms inconsistent with the provi

CAPITAL PROJECTS

sions of the New York state urban development corporation act, or the New York state project finance agency act.

The state comptroller is hereby authorized to receive from the corporation reimbursement of moneys expended from this appropriation and to deposit the same to the credit of the capital projects fund. Notwithstanding any inconsistent provision of general or special law, no funds shall be available for the purposes specified herein without approval of the New York State Public Authority Control Board.

The moneys hereby appropriated, when made available pursuant to a certificate of approval of availability issued by the director of the budget, shall paid from the capital projects fund on the audit and warrant of the state comptroller on vouchers requisitioned by any duly authorized officer of the corporation. (91028460)

Economic Development Purpose.

(re. $10,000,000)

By chapter 50, section 1, of the laws of 1981, and chapter 54, section 3, of the laws of 1984:

For recycling industrial building program, to provide assistance to specific projects in accordance with the provisions of the New York state urban development corporation act provided, however, that for purposes of this program, the term project, as defined in subdivision six of section three of such act, shall only apply to any land use improvement project. Provided, further, that such plan or undertaking shall be restricted to (i) facilities that were formerly used or intended for manufacturing, warehousing, research other industrial purposes, and (ii) facilities for which the eventual use shall be designed and intended primarily for manufacturing, warehousing, research or other industrial purposes and commercial purposes that are ancillary thereto. The corporation shall not use any part of the appropriation herein provided for funding a security or insurance arrangement in respect to its own or any other public corporation bonds or notes. The corporation shall make findings consistent with a land use improvement project and shall make additional findings consistent with the development of a distressed area criteria.

Such distressed area criteria shall require that projects be located in areas that have experienced a significant decline in facilities for manufacturing, warehousing, research or industrial purposes. In addition, such criteria shall include levels of labor force activity, economic activity, population and any other provisions deemed appropriate by the corporation to establish eligibility for projects. The corporation shall make available the distressed area criteria and shall develop a list of areas and such list may be amended from time to time, provided that any such list shall comply with the requirements of such criteria. No appropriation provided. herein shall be made available to the corporation until such time as the distressed area criteria established by the corporation receives the approval of the director of the budget, who shall file such approval with the department of audit and control and copies

with the senate finance committee and the assembly ways and means committee.

The

CAPITAL PROJECTS

corporation shall provide for the repayment of an amount equal to the total amount expended and any interest therein and the corporation shall deposit such repayment, interest and all other payments made pursuant to any contract or agreement entered into by the corporation in respect to a project described herein, provided that such repayment shall not continue beyond the useful life of a project. The corporation shall make arrangements under which the project is undertaken to provide for annual real property taxes, or payments in lieu of real property taxes on the real property included in the project which together, unless the taxing jurisdiction So agrees, at least equal the average annual real property taxes which were paid with respect to such real property for three years prior to acquisition of such project by the corporation or a subsidiary thereof or any other public corporation. If such taxing jurisdiction agrees to an amount less than the amount specified herein, then the corporation and the state, for purposes of the projects described herein, shall not be required to meet the provisions of section twenty-six of the New York state urban development corporation act.

The director of the budget shall not issue any certificate of approval of availability until the New York state urban development corporation has entered into a written agreement with the director of the budget providing for repayment by such corporation to the state of New York of an amount equal to the total amount expended by the state from this appropriation, on terms which may include interest thereon at a rate per annum to be determined by the director of the budget, and a copy of such agreement shall be filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee. Notwithstanding the provisions of section forty-a of the state finance law and any other general or special law, such written agreement shall not require repayment at any times or on any terms inconsistent with the provisions of the New York state urban development corporation act, or the New York state project finance agency act.

Notwithstanding any inconsistent provisions of any general or special law, no funds shall be available for the purposes specified herein without the approval of the New York state public authorities control board.

The state comptroller is hereby authorized to receive from the corporation reimbursement of moneys expended from this appropriation and to deposit the same to the credit of the general fund. Amounts available for maintenance undistributed, to an economic development recycling industrial building project account established by the urban development corporation (02490660)

(re. $1,300,000)

By chapter 728, section 1, of the laws of 1981, as amended by chapter 54, section 3, of the laws of 1982, and as reappropriated by chapter 54, section 3, of the laws of 1984, for:

The sum of forty million dollars ($40,000,000), or so much thereof as shall be necessary, is hereby appropriated from the capital projects fund to the New York state urban development corporation to be made available by the corporation to the city of Rochester for the purpose of the construction of a convention center for the city of