5 CRR-NY 20.6NY-CRR
5 CRR-NY 20.6
5 CRR-NY 20.6
20.6 Threshold criteria to qualify industrial firms or purchasing groups for local buy-out assistance.
(a) The department shall qualify industrial firms or purchasing groups to apply for local buy-out assistance, based on an initial review of the following factors:
(1) the firm is potentially viable;
(2) ownership and control of the firm is to be transferred to employees, managers or other residents of New York State;
(3) the local buy out will create or retain substantial numbers of private sector jobs;
(4) the local buy out will prevent the closing, partial closing or relocation out-of-state of the firm;
(5) the purchasing group evidences leadership capabilities and cohesiveness to effectively own and operate the firm and to provide competent management;
(6) the firm appears strong enough, financially and otherwise, to survive a transition in ownership, and the buy out is likely to make the firm stronger over the long term;
(7) the purchasing group is committed to the firm's continued existence in New York State;
(8) the purchasing group evidences commitment to the growth and development of the firm and is prepared to make tangible investments in its future;
(9) the local buy out will serve the interests of employees and of the community where the firm is located; and
(10) employees and labor organizations representing employees within the firm or, in companies without labor organizations, other employee groups, support the local buy out, and they and the purchasing group are willing to work together to enhance the firm's competitive position.
5 CRR-NY 20.6
Current through October 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.