Section 1840-O. Determination of qualified applicant

1. The authority shall
  in  its  sole  discretion determine those applicants who are financially
  responsible  and  presumptively  able  to  comply  with  the  terms  and
  conditions  of  any  loan,  lease, sale or other agreement to be entered
  into with the authority or a local development corporation in respect to
  a project. In making its determination, the authority shall consider all
  information reasonably available to it, including information as to  the
  business  reputation  of the applicant, 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
  payment under such loan, lease, sale or other agreement out of projected
  current income.
    2.  No  loan,  lease,  sale  or  other  agreement shall be made by the
  authority under the provisions of this title with respect to any project
  unless: (a) the qualified applicant or the local development corporation
  has  obtained  firm  commitments  satisfactory  to  the  authority  from
  responsible  financial  sources, for the total project cost, pursuant to
  subdivision nineteen of section eighteen hundred forty-a of this  title;
  and
    (b)  the  qualified applicant or the local development corporation has
  obtained a firm commitment satisfactory to the authority to  use,  lease
  or  purchase the project after construction, acquisition, rehabilitation
  or improvement is completed; and
    (c) the qualified applicant or the local development  corporation  has
  made  adequate  provisions satisfactory to the authority for the payment
  of the cost of construction, acquisition, rehabilitation or improvement,
  and the maintenance and upkeep of such project; and
    (d) the authority approves the terms of the use, lease or sale and  is
  satisfied  that  the applicant may reasonably be expected to comply with
  the terms thereof; and
    (e) such project is secured by a mortgage, loan agreement, contract or
  such other instrument deemed necessary or convenient.
    Provided further, that the authority in any loan, lease, sale or other
  agreement with respect to a project shall  be  in  compliance  with  the
  purposes of the authority, pursuant to all applicable provisions of this
  title.
    3.  No  funds of the authority shall be used in respect to any project
  if the completion thereof would result in the  removal  of  an  eligible
  business  facility of the project occupant from one area of the state to
  another area of the state or in the abandonment of one or more plants or
  facilities of the project occupant located within  the  state  provided,
  however,  that  neither  restriction  shall apply if the authority shall
  determine on the basis of the application before it that the project  is
  reasonably  necessary  to  discourage the project occupant from removing
  such other plant or facility to a  location  outside  the  state  or  is
  reasonably necessary to preserve the competitive position of the project
  occupant in its respective industry.
    4.  No  funds of the authority shall be used in respect to any project
  if the authority would be required to operate, service or  maintain  the
  project pursuant to any loan, lease, sale or other agreement except upon
  foreclosure.
    5.  No  funds  of the authority shall be used for a project unless the
  applicant shows to the satisfaction of the authority that funds equal to
  the amount of the proposed assistance on the construction,  acquisition,
  rehabilitation  or  improvement  from  the  authority are not reasonably
  available from other sources at a comparable rate of interest.

    6. No funds of the authority shall be used in violation of any further
  restrictions imposed by general rule or regulation of the  authority  in
  relation  to assisted projects and the authority is hereby authorized to
  adopt rules and regulations containing such restrictions as it may  deem
  necessary or appropriate to effectuate its corporate purposes.
    7.  No  funds  of  the  authority  shall  be used in violations of any
  further restrictions imposed  by  the  state  or  counties  pursuant  to
  section eighteen hundred forty-h of this title.
    8.  No  provision of this title shall prevent the inclusion in a loan,
  lease or other agreement relating to an assisted project of a  provision
  granting  the  project  occupant the right to purchase such project upon
  such terms and conditions as the authority may approve.