(a) In order to be eligible for benefits in the Economic Transformation and Facility Redevelopment Program, a participant must satisfy the following criteria:

(b) A business entity that is primarily operated as a retail business is not eligible to participate in the Economic Transformation and Facility Redevelopment Program if their application is for any facility or business location that will be primarily used in making retail sales to customers who personally visit such facilities. A business entity that is engaged in offering professional services licensed by the State or by the courts of this State is not eligible to participate in the Economic Transformation and Facility Redevelopment Program. In addition, a business entity that is or will be principally operated as a real estate holding company or landlord for retail businesses shall not be eligible to participate in the Economic Transformation and Facility Redevelopment Program. For purposes of this paragraph, professional services licensed by the courts of this State shall include lawyers registered with the NYS Office of Court Administration. Provided however that the commissioner may determine that such a business entity described in the preceding three sentences may be eligible to participate at the site of a closed facility if it is pursuant to an adaptive reuse plan for a substantial portion of such facility and that the adaptive reuse plan is consistent with the strategic plan of the Regional Economic Development Council and has been recommended by the Regional Economic Development Council to the commissioner.

(c) A business entity must continue to satisfy the employment requirements in paragraph (a)(1) of this section in each year in which it claims the economic transformation and facility redevelopment tax credits. Prior to claiming the economic transformation and facility redevelopment tax credits in the final year of its five year benefit period, a business entity must demonstrate to the commissioner that it has created the jobs and made the qualified investments necessary to meet a benefit-cost ratio of at least 10 to 1.

(d) A business entity seeking certification at the site of a closed facility must agree to limit its claim for the economic transformation and facility redevelopment investment tax credit to the amount indicated in the preliminary schedule of benefits.