(a) A business entity must submit a completed application as prescribed by the commissioner by the later of:

(b) As part of such application, each business entity must:

(c) After reviewing a business entity's completed application and determining that the business entity satisfies the requirements in section 400(4) of the Economic Development Law and will meet eligibility requirements set forth in section 401 of the Economic Development Law and section 201.2 of this Part, the department may, at the discretion of the commissioner, admit the applicant into the program and provide the applicant with a certificate of eligibility. When considering an application, the commissioner shall consider whether the project is consistent with the intent of the program, the overall cost and effectiveness of the project, and other factors including, but not limited to the total amount of investment tax credit allowed for all eligible participants at each closed facility pursuant to section 35(h) of the Tax Law. The commissioner shall consult with the Department of Taxation and Finance to determine whether the maximum investment tax credit at a closed facility has been reached or would be exceeded if an applicant were to be certified. An applicant will only be eligible to be certified if the applicant agrees to claim the amount of the investment tax credit indicated by the department in the preliminary schedule of benefits provided with the certificate of eligibility. If a participant does not start construction on or acquire a qualified investment or create at least one net new job within one year of the issuance of its certificate of eligibility, the participant will not be eligible for any of the Economic Transformation and Facility Redevelopment Program tax credits.

(d) A participant may claim tax credits pursuant to section 35 of the Tax Law commencing in the first taxable year in which the participant creates five net new jobs. A participant may claim such benefits for the next four consecutive taxable years, provided that the participant demonstrates to the Commissioner of Taxation and Finance that it continues to maintain five net new jobs. However, in no event may that benefit period start later than two years after the certificate of eligibility is issued. The participant may also be eligible for the economic transformation and facility redevelopment sales tax refund pursuant to section 35(a)(2) of the Tax Law and the real property tax exemption pursuant to section 485-p of the Real Property Tax Law.