NY S03014 | 2009-2010 | General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 7 2011 - 25% progression, died in committee
Action: 2011-02-07 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
Pending: Senate Corporations, Authorities and Commissions Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 7 2011 - 25% progression, died in committee
Action: 2011-02-07 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
Pending: Senate Corporations, Authorities and Commissions Committee
Text: Latest bill text (Introduced) [HTML]
Summary
20 21 (A) "AUTHORITY" SHALL MEAN THE NEW YORK STATE ENERGY RESEARCH AND 22 DEVELOPMENT AUTHORITY AS DEFINED IN SECTION 1851 OF THE PUBLIC AUTHORI- 23 TIES LAW. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06306-01-1 S. 3014 2 1 (B) "ECONOMICALLY DISTRESSED AREAS" SHALL MEAN AREAS AS DETERMINED BY 2 THE CORPORATION, MEETING CRITERIA INDICATIVE OF ECONOMIC DISTRESS, 3 INCLUDING CONSIDERATION OF UNEMPLOYMENT RATE; RATE OF EMPLOYMENT CHANGE; 4 NUMBERS AND PERCENTAGES OF LOW-INCOME PERSONS; PER CAPITA INCOME AND PER 5 CAPITA REAL PROPERTY WEALTH; SUCH OTHER INDICATORS OF DISTRESS AS THE 6 CORPORATION SHALL DETERMINE. ECONOMICALLY DISTRESSED AREAS MAY INCLUDE 7 DESIGNATIONS SUCH AS CITIES, MUNICIPALITIES, BLOCK NUMBERING AREAS, AND 8 CENSUS TRACTS. 9 (C) "LOAN FUND" SHALL MEAN THE SMALL BUSINESS ENERGY LOAN FUND ESTAB- 10 LISHED PURSUANT TO THIS SECTION. 11 (D) "SMALL BUSINESSES" SHALL MEAN BUSINESSES WHICH MEET THE FOLLOWING 12 CRITERIA: (I) INDEPENDENTLY OWNED AND OPERATED, AND NOT DOMINANT IN 13 THEIR FIELD, (II) HEADQUARTERED IN NEW YORK STATE, WITH PRINCIPAL BUSI- 14 NESS OPERATIONS LOCATED IN NEW YORK STATE, AND (III) EMPLOYS ONE HUNDRED 15 OR LESS PERSONS. 16 2. (A) THE CORPORATION, WITH THE ASSISTANCE OF THE AUTHORITY, SHALL 17 ESTABLISH A SMALL BUSINESS ENERGY LOAN FUND TO PROVIDE ZERO OR LOW 18 INTEREST LOANS AND LOAN INTEREST RATE REDUCTIONS TO SMALL BUSINESSES IN 19 ECONOMICALLY DISTRESSED AREAS FOR ENERGY EFFICIENCY PROJECTS AND 20 ADVANCED ENERGY TECHNOLOGIES. 21 (B) IN ORDER TO BE ELIGIBLE TO PARTICIPATE IN THIS LOAN PROGRAM, SMALL 22 BUSINESSES IN ECONOMICALLY DISTRESSED AREAS MUST HAVE AN ENERGY AUDIT 23 PROVIDED THROUGH THE AUTHORITY'S ENERGY AUDIT PROGRAM THAT HELPS SMALL 24 BUSINESSES MAKE INFORMED ELECTRICAL ENERGY DECISIONS AND IMPLEMENT ENER- 25 GY EFFICIENCY STRATEGIES. TECHNOLOGIES IDENTIFIED IN SUCH AUDIT SHALL 26 BECOME ELIGIBLE TECHNOLOGIES FOR WHICH MONIES FOR THE LOAN FUND MAY BE 27 AVAILABLE. 28 3. (A) THE CORPORATION SHALL, WITHIN AVAILABLE APPROPRIATIONS, PROVIDE 29 FINANCIAL ASSISTANCE FROM THE LOAN FUND TO ELIGIBLE SMALL BUSINESSES IN 30 ECONOMICALLY DISTRESSED AREAS. 31 (B) THE CORPORATION IS AUTHORIZED TO PROVIDE ZERO OR LOW INTEREST 32 LOANS FROM THE LOAN FUND FOR ELIGIBLE IMPROVEMENTS. TO BE ELIGIBLE FOR 33 SUCH LOANS, A SMALL BUSINESS IN AN ECONOMICALLY DISTRESSED AREA SHALL 34 IDENTIFY AN ELIGIBLE IMPROVEMENT PROJECT AND PROVIDE NECESSARY DOCUMEN- 35 TATION. 36 (C) (I) THE CORPORATION IS AUTHORIZED TO PROVIDE LOAN INTEREST RATE 37 REDUCTIONS FROM THE LOAN FUND FOR ELIGIBLE IMPROVEMENTS. TO BE ELIGIBLE 38 FOR AN INTEREST RATE REDUCTION, A SMALL BUSINESS IN AN ECONOMICALLY 39 DISTRESSED AREA SHALL: (1) IDENTIFY AN ELIGIBLE IMPROVEMENT PROJECT AND 40 PROVIDE NECESSARY DOCUMENTATION, AND (2) RECEIVE A LOAN COMMITMENT FROM 41 A PARTICIPATING LENDER, INCLUDING BANKS, CREDIT UNIONS, COMMUNITY DEVEL- 42 OPMENT FINANCIAL INSTITUTIONS, AND FARM CREDIT ASSOCIATIONS. 43 (II) THE CORPORATION IS AUTHORIZED TO BUY DOWN THE PARTICIPATING LEND- 44 ER'S INTEREST RATE BY UP TO FOUR HUNDRED BASIS POINTS OR FOUR PERCENT 45 THROUGH THE LOAN FUND. SUCH INTEREST RATE REDUCTIONS SHALL BE AVAILABLE 46 FOR THE LESSER OF TEN YEARS OR THE LIFE OF THE LOAN. 47 (D) LOANS PROVIDED BY THE CORPORATION OR ISSUED BY A PARTICIPATING 48 LENDER SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS. 49 4. ENERGY EFFICIENCY IMPROVEMENTS ELIGIBLE FOR ZERO OR LOW INTEREST 50 LOANS OR LOAN INTEREST RATE REDUCTIONS THROUGH THE LOAN FUND SHALL 51 INCLUDE, BUT NOT BE LIMITED TO: 52 (A) PRE-QUALIFIED MEASURES THAT ARE PROVEN COST EFFECTIVE INVESTMENTS 53 WHICH REDUCE ENERGY USE; 54 (B) CUSTOM MEASURES THAT PAY FOR THEMSELVES IN TEN YEARS THROUGH 55 REDUCED ENERGY USE; S. 3014 3 1 (C) PROCESS IMPROVEMENT MEASURES THAT REDUCE MANUFACTURING ENERGY USE 2 ON A COST-PER-UNIT BASIS; AND 3 (D) RENEWABLE TECHNOLOGIES THAT USE THE SUN, WIND, WATER OR GROUND TO 4 GENERATE HEAT OR POWER. 5 5. APPLICATIONS FOR ASSISTANCE PURSUANT TO THIS SECTION SHALL BE 6 REVIEWED AND EVALUATED BY THE CORPORATION IN COOPERATION WITH THE 7 AUTHORITY PURSUANT TO ELIGIBILITY REQUIREMENTS AND CRITERIA SET FORTH IN 8 THE RULES AND REGULATIONS PROMULGATED BY THE CORPORATION. 9 6. THE CORPORATION AND THE AUTHORITY SHALL SUBMIT AN ANNUAL WRITTEN 10 REPORT TO THE SPEAKER OF THE ASSEMBLY AND THE TEMPORARY PRESIDENT OF THE 11 SENATE IDENTIFYING THE NUMBER OF BUSINESSES ASSISTED THROUGH THE LOAN 12 FUND PROGRAM, AND THE TYPES OF IMPROVEMENTS IMPLEMENTED AND ENERGY COST 13 SAVINGS REALIZED BY THE SMALL BUSINESSES ASSISTED BY THIS PROGRAM. 14 S 3. Paragraph (k) of subdivision 1 of section 16-m of section 1 of 15 chapter 174 of the laws of 1968, constituting the New York state urban 16 development corporation act, as added by section 4 of part FF of chapter 17 59 of the laws of 2006, is amended and a new paragraph (l) is added to 18 read as follows: 19 (k) Assistance for regional partnership proposals, as provided in 20 subdivision 12 of section 3154 of the public authorities law[.]; 21 (L) LOANS, LOAN GUARANTEES, INTEREST SUBSIDY GRANTS AND DIRECT GRANTS 22 TO SMALL BUSINESSES UNDER SECTION SIXTEEN-U OF THIS ACT FOR ENERGY EFFI- 23 CIENCY PROJECTS AND ADVANCED ENERGY TECHNOLOGIES. 24 S 4. This act shall take effect immediately, provided, however, that 25 the amendments to section 16-m of the urban development corporation act 26 made by section three of this act shall not affect the expiration of 27 such section and shall expire and be deemed repealed therewith. Go to top Contact Webmaster