Section 3153. Capital investments innovation fund

1. Creation and purposes.
  The  capital  investments  innovation  fund  is  hereby  created for the
  purpose of providing loans, grants or a combination thereof through  the
  regional  partnerships authorized pursuant to section thirty-one hundred
  fifty-four  of  this  title  for  economic  development  projects   that
  facilitate job growth and business expansion in New York state. However,
  nothing shall preclude the foundation, one or multiple partnerships from
  joining  together  to  advance and receive grants, loans or combinations
  thereof for projects authorized under  this  section.  Such  fund  shall
  provide  financing  for  programs  that improve the business climate and
  enhance economic competitiveness across New York state's regions.
    2. Eligible projects. (a) Projects  eligible  for  capital  investment
  fund  financing  may  include, but not be limited to, those that enhance
  innovation or increase competitiveness in  emerging  or  high-technology
  industries, and other industries.
    (b)  Capital  investment innovation funds may be utilized for projects
  which include, but may not be limited to, the following: the development
  of industrial facilities and parks, manufacturing  facilities,  business
  parks  and  incubators,  office  facilities  and  parks,  warehouse  and
  distribution  facilities,   and,   high-technology   and   biotechnology
  research, development and related commercialization facilities.
    (c)  Projects  intended  primarily  for  the  development of retail or
  personal service facilities shall not be eligible.
    3. Eligible costs. Capital investment innovation funds may be utilized
  for purposes including but not limited to the following:  infrastructure
  development,  including  water,  sewer,  highway,  rail access, electric
  power, gas and telecommunications; energy efficiency improvements;  site
  acquisition, site investigation, site clearance, building demolition and
  site  preparation;  construction,  reconstruction,  and renovation, and,
  machinery and equipment.
    4. Project cost. Total project cost shall be a minimum of two  hundred
  fifty  thousand  dollars, unless the board determines that circumstances
  merit a waiver of such minimum threshold. At  least  two-thirds  of  the
  project cost shall consist of private sector, local, or federal funding.
  However,  those  projects  which  offer  exceptional  opportunities  for
  long-term private sector job creation and retention may be eligible  for
  a waiver of this requirement.
    5.  Applications.  Applications  may be submitted to the foundation by
  the  regional  partnerships  on  behalf  of  municipalities,   nonprofit
  organizations,  businesses,  special  districts,  institutions of higher
  education, or other organizations. The foundation  may  provide  grants,
  loans  or  combinations  thereof, provided that projects be evaluated on
  the basis of the amount of  economic  impact  on  New  York  state,  the
  feasibility   of   business   plans  and  long-term  sustainability,  as
  determined by the foundation, in consultation with the urban development
  corporation.
    6.  Program  rules  and  regulations.  Following   consultation   with
  appropriate  state  and  local  agencies  and  other  organizations, the
  foundation shall promulgate rules and regulations for the award  of  the
  capital  investments  innovation  fund  financing  through  the regional
  partnerships, provided however, that the foundation board shall  oversee
  the  distribution  of  all funds appropriated to the capital investments
  innovation fund program.