21 CRR-NY 4216.8NY-CRR
21 CRR-NY 4216.8
21 CRR-NY 4216.8
4216.8 Commercial revitalization revolving loan trust fund—definitions.
For the purposes of this section and section 4216.9 of this Part, the following terms shall have the following meanings:
(a) Administering corporation shall mean a representative administering corporation or a nonrepresentative administering corporation.
(b) Administrative costs shall mean the costs incurred by an administering corporation, following its selection by the corporation to administer the trust fund lending program, in preparing to administer and in the administering the program, including, without limitation, the costs of:
(1) preparing and printing marketing material;
(2) preparing press releases and other promotional material;
(3) developing and printing application forms;
(4) professional development and review of standard form loan documents;
(5) salaries and benefits of employees;
(6) office supplies and equipment; and
(7) expenses reasonably incurred in connection with the processing of any trust fund loan hereunder and for which reimbursement is not sought or obtained from a trust fund applicant or borrower pursuant to section 4216.9(j) of this Part.
(c) Administrative expense trust fund account shall mean each and every account established by the corporation for the benefit of an administering corporation pursuant to section 4216.9(c) of this Part.
(d) Administrative income shall mean income derived by an administering corporation from the collection from trust fund loan applicants of application fees, commitment fees and payments made to reimburse the administering corporation for expenses incurred in connection with the processing of applications for trust fund loans and the closing of trust fund loans and any other sources, provided such income is expended on administrative costs.
(e) Commercial district business enterprise shall mean a retail, professional, or commercial service business formally authorized to do business on a for-profit basis in the State, operating out of a fixed business location within a service delivery region, and having fifty or fewer full-time employees or full-time equivalent employees.
(f) Commercial district revolving loan trust fund account shall mean each and every account established by the corporation for administration by an administering corporation pursuant to section 4216.9(a) of this Part.
(g) Economic development zone means an area or community designated as such pursuant to article 18-B of the General Municipal Law of the State.
(h) Eligible trust fund project shall mean any defined business development activity undertaken by a commercial district business enterprise to help it to increase sales or employment, and to modernize, stabilize, or expand its operation, subject to the limitations of section 4216.9(f) of this Part.
(i) Enabling legislation shall mean section 16-d of the act, as amended.
(j) Minority-owned business enterprise shall mean any business enterprise which is at least 51 percent owned by, or in the case of a publicly-owned business, at least 51 percent of the stock of which is owned by, citizens or permanent resident aliens who are minority persons where such ownership is real, substantial and continuing and where such persons have the authority to independently control the day-to-day business decisions of the entity.
(k) Minority or minority person shall mean:
(1) Black persons having origins in any of the Black African racial groups, not of Hispanic origin;
(2) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American descent, of either Native-American or Hispanic origin, regardless of race;
(3) Asian and Pacific Islander persons having origins in any of the Far East, Southeast Asia, the Indian subcontinent or the Pacific Islands; and
(4) Native-American or Alaskan native persons having origins in any of the original peoples of North America.
(l) Municipality shall mean any city, county, town or village of the State.
(m) Net administrative costs shall mean the amount, if any, by which administrative costs exceed administrative income.
(n) Nonrepresentative administering corporation.
(1) The term nonrepresentative administering corporation shall mean a not-for-profit organization or municipal corporation representing a service delivery region which is not represented by a representative administering corporation that has applied to administer a commercial district revolving loan trust fund account hereunder and satisfactorily met the criteria to administer such an account.
(2) An entity shall be deemed to be a not-for-profit organization if it is a district management association for a business improvement district, a local development corporation, a community development corporation, or a not-for-profit corporation whose corporate purposes include activities designed to promote economic development.
(o) Representative administering corporation.
(1) The term representative administering corporation shall mean a not-for-profit corporation which:
(i) represents a service delivery region which has located within it an economic development zone and has represented on its board of directors one or more of the following:
(a) an economic development zone capital corporation established pursuant to section 964 of article 18-B of the General Municipal Law; or
(b) a community-based local development corporation, industrial development agency, or other not-for-profit entity that: serves a municipality in which an economic development zone is located; and as one of its primary purposes, provides services and assistance to business enterprises located or to be located in such economic development zone, including, without limitation, minority and/or women-owned business enterprises; or
(ii) represents a service delivery region which does not have an economic development zone located within it, and has represented on its board of directors selected local and community development corporations, industrial development agencies or other not-for- profit entities that provide services to community businesses, and, as one of their primary purposes, provide services and assistance to business enterprises located in central business districts or commercial strips.
(2) A not-for-profit corporation shall be deemed to have represented on its board of directors an entity listed in either subparagraph (1)(i) or (ii) of this subdivision, one or more members of its board of directors is a director, officer, or designated representative of any such entity.
(3) An entity shall be deemed to have, as one of its primary purposes:
(i) the provision of services and assistance to business enterprises located or to be located in an economic development zone, including without limitation, minority and women-owned businesses; or
(ii) the provision of services and assistance to business enterprises located in central business districts or commercial strips if it can establish that it has represented or advocated the interests of such businesses before government agencies or entities, provided financing or technical assistance to such businesses, or caused financing or technical assistance to be provided to such businesses.
(4) An entity shall be deemed to be a not-for-profit entity if it is a district management association for a business improvement district, or a not-for-profit corporation whose corporate purposes include activities designed to promote economic development.
(p) Service delivery region shall mean an area of the State served by an administering corporation consisting of a single major thoroughfare, or two or more contiguous thoroughfares, located within a central business district or a commercial strip.
(q) State shall mean the State of New York.
(r) Total eligible trust fund project cost shall mean the cost required to implement and complete an eligible trust fund project.
(s) Trust fund or commercial district revolving loan trust fund shall mean the commercial revitalization revolving loan fund created pursuant to subdivision eight of the enabling legislation.
(t) Trust fund fixed asset loans shall mean secured or unsecured loans made pursuant to the Trust Fund Lending Program for:
(1) the acquisition or improvement of real property, including, without limitation, interior improvements and remodeling, building facade improvements, and signage; or
(2) the acquisition of machinery and equipment which has been or will be permanently installed. Such loans shall be made in principal sums not exceeding $20,000 and for terms as follows:
(i) if the loan finances the acquisition of real property, a period not exceeding seven years; or
(ii) if the loan finances the purchase of machinery and equipment or the improvement of real property, a period not exceeding the useful life of the machinery and equipment or improvements financed therewith, or seven years, whichever is less.
(u) Trust Fund Lending Program shall mean the program, set forth in section 4216.9 of this Part, whereby the corporation establishes commercial district revolving loan trust fund accounts and deposits into said accounts funds which are used by administering corporations selected by the corporation to make trust fund loans to commercial district business enterprises for eligible trust fund projects.
(v) Trust fund loan committee shall mean a committee composed of six or more persons experienced in business management, commercial lending or in the operation of a for-profit business, provided, however, that at least one-half of such persons shall own or manage a for- profit business in the service delivery region; at least three such persons shall be experienced in commercial lending; all such persons shall reside, have their place of business or employment, or conduct business within the service delivery region, and none of such persons shall be members of the board of directors or other governing body of the organization which has formed the committee.
(w) Trust fund loans shall mean trust fund working capital loans or trust fund fixed asset loans that are made by an administering corporation from funds deposited by the corporation into a commercial district revolving loan trust fund account.
(x) Trust fund proceeds shall mean any and all monies made available to the corporation for deposit to the trust fund, including monies appropriated by the State and any income earned by, or incremental to, the account due to the investment of same, or any repayments of monies advanced from the trust fund.
(y) Trust fund working capital loans shall mean secured or unsecured loans made pursuant to the trust fund lending program for working capital, revolving lines of credit, and seasonal inventory in principal sums not exceeding $15,000 and for terms not exceeding five years. The uses of such loan funds may include, without limitation, the upgrading of display lighting, advertising and promotion, payroll for additional staff and their training, the purchase of computers to enhance inventory control, and the purchase of display cabinets, furniture, and fixtures.
(z) Women-owned business enterprise shall mean any business enterprise which is at least 51 percent owned by, or in the case of a publicly-owned business, at least 51 percent of the common stock of which is owned by, citizens or permanent resident aliens who are women, regardless where such ownership interest is real, substantial and continuing and where such persons have the authority to independently control the day-to-day business decisions of the entity.
21 CRR-NY 4216.8
Current through September 15, 2021
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