21 CRR-NY 4202.6NY-CRR
21 CRR-NY 4202.6
21 CRR-NY 4202.6
4202.6 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 and 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 competitive 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.
21 CRR-NY 4202.6
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, 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 Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.