Title UDA, Urban Development Corporation Act 174/68

§ 1. Short title. This act shall be known and may be cited as the "New York state urban development corporation act".

§ 10. Findings of the corporation. Notwithstanding any other provision of this act, the corporation shall not be empowered to undertake the acquisition, construction, reconstruction, rehabilitation or improvement of a project unless the corporation finds: (a) in the case of a re…

§ 11. Construction contracts. (1) Construction contracts let by the corporation shall be in conformity with the applicable provisions of section one hundred thirty-five of the state finance law, provided, however, that construction contracts let by subsidiaries of the corporatio…

§ 12. Subsidiaries: how created. (1) The corporation shall have the right to exercise and perform its powers and functions through one or more subsidiary corporations. The corporation by resolution may direct any of its directors, officers or employees to organize a subsidiary c…

§ 13. Acquisition of real property. The corporation, upon making a finding that it is necessary or convenient to acquire any real property for its immediate or future use, may acquire such property in any lawful manner, pursuant to the provisions of the eminent domain procedure …

§ 13-a. Conveyance of state lands. The commissioner of general services shall have power, in his discretion, from time to time to grant and convey to the corporation, upon such terms and conditions including consideration as the commissioner of general services may fix and deter…

§ 14. Acquisition of real property from a municipality or an urban renewal agency. (1) Notwithstanding anything to the contrary contained in article fifteen or article fifteen-A of the general municipal law or in any general, special or local law applicable to the sale of real p…

§ 15. Special provisions relating to residential projects. (1) Notwithstanding any provision of law to the contrary, whenever a residential project is owned by or leased to a subsidiary which is a limited profit housing company, or is sold or leased to a limited profit housing c…

§ 16. Cooperation with municipalities. (1) In effectuating the purposes of this act, the corporation and community advisory committees created pursuant to section four of this act shall work closely, consult and cooperate with local elected officials and community leaders at the…

§ 16-a. Regional revolving loan program. (1) The corporation shall establish a fund to be known as the "regional revolving loan trust fund" and shall pay into such fund any monies made available to the corporation for such fund from any source. The monies held in or credited to …

§ 16-aa. Life sciences initiatives program. The life sciences initiatives program is hereby established for the purpose of attracting new life sciences technologies, to promote critical public and private sector investment in emerging life sciences fields in New York state, and …

§ 16-b. Job retention and defense industry working capital loan program. (1) Program established. The corporation shall establish the job retention and defense industry working capital loan program for the purpose of establishing an economic development working capital revolving…

§ 16-c. Minority- and women-owned business development and lending program. (1) Minority- and women-owned business development and lending program. (a) There is hereby created a minority- and women-owned business development and lending program for the purpose of providing finan…

§ 16-d. Urban and community development program. (1) Definitions. For the purposes of this section: (a) "Business improvement district" shall mean a special assessment district established pursuant to article nineteen-A of the general municipal law. (b) "Business district" or "c…

§ 16-dd. Community development revolving loan program. 1. Definitions. As used in this section, the following terms shall have the following meanings: (a) "Community development financial institution" means an organization whose principal office is located in this state, which h…

§ 16-e. Regional economic development partnership program. (1) For the purposes of this section, the following words and terms shall have the following meanings: (a) "Business development project". A project involving an industrial, manufacturing, commercial, research and develo…

§ 16-ee. Loans to social and economic equity applicants. The corporation is authorized, on the recommendation of the state cannabis control board, to provide low interest or zero-interest loans to qualified social and economic equity applicants and to provide funds necessary for…

§ 16-f. Bonding guarantee assistance program. (1) Program created. There is hereby created a state bonding guarantee assistance program to enable small businesses, and minority-owned and women-owned business enterprises, certified as a minority-owned or women-owned business ente…

§ 16-ff. COVID-19 pandemic small business recovery grant program. 1. Definitions. As used in this section, the following terms shall have the following meanings: (a) "Small business" shall mean a business which is resident in this state, independently owned and operated, not dom…

§ 16-g. Child care facilities construction program. 1. Definitions. For the purposes of this section: (a) "Child care facilities construction project" shall mean a project for the establishment, expansion, and development of licensed not-for-profit child day care centers which a…

* § 16-gg. Small business seed funding grant program. 1. Definitions. As used in this section, the following terms shall have the following meanings: (a) "Small business" shall mean a business which is resident in this state, independently owned and operated, not dominant in its…

* § 16-gg. Division of Broadband Access. 1. Statement of Legislative\nfindings and purpose. The legislature hereby finds and declares that:\naccess to high-speed, reliable, and affordable broadband is essential\nfor education, economic growth, and full participation in civic lif…

§ 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 creati…

* § 16-i. 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,…

§ 16-ii. Empire AI consortium reports. Beginning May first, two thousand twenty-seven, and annually thereafter, the corporation shall prepare and publish on its website, an annual report on the empire AI research institute at the university of Buffalo. Such report shall include …

§ 16-j. Strategic training alliance program. 1. Program created. Pursuant to this section and article 24-A of the labor law there is hereby established within the corporation and the department of labor a strategic training alliance program to identify and address employer deman…

§ 16-k. Capital access program. 1. Definitions. For the purposes of this section: (a) "Financial institution", means any bank, trust company, savings bank, savings and loan association or cooperative bank chartered by the state or any national banking association, federal saving…

§ 16-l. Rural revitalization program. 1. Statement of legislative intent. The legislature finds that vast areas of rural New York state show signs of severe economic distress and lag behind the rest of the state in employment growth and income, with the gap widening with passing…

* § 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,…

* § 16-n. Restore New York's Communities Initiative. 1. Definitions. (a) For the purposes of this section "deconstruction" shall mean the careful disassembly of buildings of architectural or historic significance with the intent to rehabilitate, reconstruct the building or salva…

* § 16-n. Collection of payments in lieu of taxes pursuant to leases with respect to parcels within the Brooklyn bridge park civic project. (1) Definitions. As used in this section: (a) "tenant" shall mean any individual, partnership, trust, limited liability company, public or …

§ 16-o. The community development financial institutions program. 1. Legislative intent. The legislature hereby finds that credit, banking services, and investment capital are vital to the revitalization of communities and neighborhoods throughout the state. The legislature furt…

§ 16-p. The investment opportunity fund. 1. Definitions. For the purposes of this section, the following terms, whenever used or referred to in this section, shall apply, but not be limited to, the following meanings: (a) "Cost" as applied to a project or portion thereof finance…

§ 16-q. The upstate regional blueprint fund. 1. The upstate regional blueprint fund is hereby created. The upstate empire state development corporation is authorized to provide financial, product development, or other assistance from such fund to eligible entities as set forth i…

§ 16-r. The downstate revitalization fund. 1. The downstate revitalization fund is hereby created. The corporation is authorized, within available appropriations, to provide financial, project development, or other assistance from such fund to eligible entities as set forth in t…

§ 16-s. The upstate agricultural economic development fund and healthy food / healthy communities initiative. 1. The upstate agricultural economic development fund and healthy food / healthy communities initiative is hereby created. The corporation is authorized, within availabl…

§ 16-t. Small business revolving loan fund. 1. The small business revolving loan fund program is hereby created. The corporation is authorized, within available appropriations, to provide low interest loans to community development financial institutions, in order to provide fun…

§ 16-u. Innovate NY fund. 1. The Innovate NY fund is hereby created. The purpose of the Innovate NY fund is to make available state funds to eligible applicants to support emerging business ideas and products that result in the growth of business within the state and the concomi…

§ 16-v. New York state business incubator and innovation hot spot support act. 1. (a) The corporation is authorized, within available appropriations, to issue requests for proposals once per fiscal year to provide grants pursuant to subdivisions five and six of this section for …

§ 16-w. Beginning farmers NY fund. 1. The beginning farmers NY fund is hereby created. The purpose of the beginning farmers NY fund is to make grants to eligible applicants, to support beginning farmers and encourage them to consider farming as a career, resulting in the growth …

§ 17. Bonds and notes of the corporation. (1) Subject to the provisions of section eighteen of this act, the corporation shall have the power and is hereby authorized from time to time to issue its negotiable bonds and notes in conformity with applicable provisions of the unifor…

§ 18. Bond authorization. The corporation shall not issue bonds and notes in an aggregate principal amount exceeding one billion two hundred ninety-five million dollars, excluding (1) bonds and notes issued to refund or otherwise repay outstanding bonds and notes of the corporat…

§ 19. Security for bonds or notes; construction and acquisition of projects. (1) The principal of and interest on any bonds or notes issued by the corporation may be secured by a pledge of any revenues and receipts of the corporation and may be secured by a mortgage or other ins…

§ 2. Statement of legislative findings and purposes. It is hereby found and declared that there exists in urban areas of this state a condition of substantial and persistent unemployment and underemployment which causes hardship to many individuals and families, wastes vital hum…

§ 20. Reserve funds and appropriations. (1) The corporation may create and establish one or more reserve funds to be known as debt service reserve funds and may pay into such reserve funds (a) any moneys appropriated and made available by the state for the purposes of such funds…

§ 21. Trust funds. All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or notes or as revenues, receipts or income, shall be deemed to be trust funds to be held and applied solely as provided in the proceedings under which such b…

§ 22. Exemption from taxation. The exercise of the powers granted by this act will be in all respects for the benefit of the people of this state, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and will …

§ 23. Notes and bonds as legal investments. The notes and bonds of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carr…

§ 24. Agreement with the state. The state does hereby pledge to and agree with the holders of any bonds or notes issued under this act, that the state will not limit or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the holders…

§ 25. State's right to require redemption of bonds. Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the corporati…