Section 187*2. Economic development power allocations

(a) Any municipality
  or municipal agency may, alone or jointly with  others,  file  with  the
  board  an  application  for  an economic development power allocation on
  behalf of a business. Such  applications  shall  be  in  such  form  and
  contain  such information, exhibits and supporting data as the board may
  prescribe.  The board shall issue a determination as to the  sufficiency
  of  an  application  or  reapplication within twenty days of the receipt
  thereof.  The applicant shall be entitled to timely review and action on
  the application by the board.
    (b) Any applicant authorized to file with the board an application for
  economic development power may also apply for, purchase  and  receive  a
  bulk  allocation  of  economic  development  power  for  the  purpose of
  entering into contracts with eligible  businesses.  In  making  such  an
  application,  the  applicant shall indicate the estimated number of jobs
  created  or  retained  as  a  result  of  the  allocation  of   economic
  development  power. The board, in acting upon such an application, shall
  consider, and apply,  as  appropriate,  the  criteria  and  requirements
  provided  for  in  sections  one  hundred  eighty-four  and  one hundred
  eighty-five  of  this  article.  All  such  applications  for   economic
  development  power  shall  include  a  specified  period  of  time to be
  approved by the board in which the  applicant  shall  execute  contracts
  with  businesses  for  the  use of the power from its bulk allocation of
  economic development power. If the applicant fails to contract  for  the

  full amount of the bulk allocation within that specified period of time,
  the uncontracted for portion of the bulk allocation shall be withdrawn.
    (c)  The  board  shall  review  the  applications  received  and shall
  determine the applications which best meet the  criteria  and  it  shall
  recommend  such  applications to the power authority of the state of New
  York with such terms and conditions as it deems appropriate. Except  for
  allocations  subject  to subdivision (g) of this section and section one
  hundred eighty-five of this article, each allocation recommended by  the
  board shall be to serve new electrical demand at facilities at which new
  jobs  are  created.  Such  terms and conditions shall include reasonable
  provisions providing for the  partial  or  complete  withdrawal  of  the
  economic  development power in the event the recipient fails to maintain
  mutually agreed levels of employment and power utilization.
    (d) Allocations shall be  recommended  only  to  or  for  the  use  of
  businesses which normally utilize a minimum peak electric demand of four
  hundred  kilowatts.  At  least  one  half  of  all  allocations shall be
  recommended for applicants within the geographic areas  served  by  Long
  Island Lighting Company, Consolidated Edison Company of New York, Orange
  and  Rockland  Utilities,  Incorporated, Central Hudson Gas and Electric
  Corporation and that part of Westchester, Putnam and  Dutchess  counties
  served  by  New  York  State  Electric and Gas Corporation. No more than
  fifty percent of the  available  economic  development  power  shall  be
  recommended  for  allocation  to  applicants  located  within  a  single
  municipality except upon the unanimous recommendation of the board.
    (e) Recommendation for an allocation  of  economic  development  power
  shall qualify an applicant to enter into a contract for purchase of such
  power  from the power authority of the state of New York pursuant to the
  terms  and  conditions  of  the  recommendation.  Contracts  between  an
  applicant and a business receiving an allocation of economic development
  power  shall  be  subject  to the approval of the power authority of the
  state of New York. Such contracts and allocations shall provide that the
  local distributor of electric service will provide customer and  billing
  services upon mutually agreed terms and conditions.
    (f)   Upon   approval  or  denial  of  any  application  for  economic
  development power, the board shall issue in writing a statement  of  its
  findings  and  conclusions  with  respect  to  such  application and the
  reasons for its approval or denial.
    (g) Within cities of a population of  one  million  or  more  and  the
  counties  of  Dutchess,  Nassau,  Orange,  Putnam, Rockland, Suffolk and
  Westchester, an economic development power allocation may be recommended
  for the purpose of job retention by  unanimous  approval  of  the  board
  applying   the  criteria  developed  pursuant  to  section  one  hundred
  eighty-four of this article  and  when  an  applicant  on  behalf  of  a
  business  within  such  city or county demonstrates to the board (a) the
  business' plans to relocate out of state resulting  in  the  loss  of  a
  substantial number of jobs and its commitment to new investments in real
  property of at least twelve and one-half percent of the effective market
  value   or  to  relocate  within  such  city  or  county  to  comparable
  facilities, upon receiving an economic development allocation,  and  (b)
  that  the  applicant  or  the  business  first  has  made  the  greatest
  practicable use of all other potential assistance and  means,  including
  but  not  limited  to other low cost power and/or energy, tax and energy
  cost abatement measures and administrative steps to  make  possible  the
  business'  new  investment  or  relocation.  For  the  purposes  of this
  subdivision, effective market value  for  special  assessing  units,  as
  defined  in  article  eighteen  of  the  real property tax law, shall be
  determined by dividing the assessed value of the property on the  latest
  completed  assessment  roll  by the latest class ratio applicable to the

  class in which the property is classified, and for all  other  assessing
  units,  effective  market  value  shall  be  determined  by dividing the
  assessed value of the property on the latest completed  assessment  roll
  by  the  final  state  equalization rate or special equalization rate as
  promulgated by the state board of real  property  services  pursuant  to
  article twelve of the real property tax law.
    * NB Effective May 15, 2010