Section 1840-C. Purposes of the authority

The purposes of the authority
  shall be to assist, promote, encourage, develop and advance the  general
  prosperity  and  economic  welfare  of  the people of Nassau and Suffolk
  counties through the development of employment opportunities in any area
  of Nassau and Suffolk counties by:
    1. Assisting in  the  financing  of  the  cost  of  projects  for  the
  construction,  acquisition or improvement of any new, existing or former
  eligible business facility, as such term is defined in subdivision eight
  of section eighteen hundred forty-a of  this  title,  by  means  of  the
  financing  provisions  pursuant  to  section eighteen hundred forty-d of
  this title.
    2. Assisting in the  financing  of  machinery  and  equipment  for  an
  eligible  business facility by means of the financing provision pursuant
  to section eighteen hundred forty-d of this title.
    3.  Advancing  the  development  of  eligible   business   enterprises
  throughout  the  bi-county  region,  including  those  defined  as small
  business concerns under the act of  congress  entitled  "Small  Business
  Investment Act of 1958."
    4.  Developing  an  overall  economic  development  plan  which  shall
  describe goals of the authority  and  specific  action  planned  by  the
  authority  pursuant  to  subdivision  five  of  section eighteen hundred
  forty-d of this title and which shall include  the  tax  abatement  plan
  pursuant to section eighteen hundred forty-t of this title.
    In  carrying  out  the  purposes of this section and in exercising the
  powers granted under this  act,  the  authority  shall  be  regarded  as
  performing an essential governmental function.