§ 1826. The project occupant. The project occupant must be found by the authority to be financially responsible and presumptively able to comply with the terms and conditions of any lease, mortgage or other agreement made by it with the authority or a local development corporation in respect of the project. In making this finding, the authority shall consider all information reasonably available to it, including information as to the business reputation of the project occupant, the character and ability of its management, the adequacy of its financial resources, the market demand for its products, the adequacy of its distribution methods, its past earnings and the likelihood that it can successfully meet any required payments under such lease, mortgage or other agreement out of current income.

Terms Used In N.Y. Public Authorities Law 1826

  • Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
  • Project occupant: shall mean the business enterprise which proposes to use a project after construction, acquisition, rehabilitation or improvement. See N.Y. Public Authorities Law 1801
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