NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

Grantee Contact: Diane Lantz, Executive Director
8 Dennison Parkway E, 3 rd
Floor, Suite 403
Corning, NY 14830
Phone: (607) 962-3021
Fax: (607) 936-8081
ESD Project No.: X716
Project Team: Origination Kevin McLaughlin
Project Management Robin Alpaugh
Legal Richard Dorado
Affirmative Action Denise Ross
Finance Jonevan Hornsby
Environmental Soo Kang
C. Financial Terms and Conditions
1. Upon execution of the grant disbursement agreement, the Grantee shall reimburse
ESD for all out-of-pocket expenses incurred in connection with the project. Due to the
Grantee’s exceptionally low fees and administrative charges for the Program
borrowers (i.e., not more than 0.5% of the loan amount), ESD will waive the provision
regarding payment to the Corporation by the Grantee at signing of an amount equal
the 1% of the grant amount.
2. The Grantee will demonstrate no materially adverse changes in its financial condition
prior to disbursement.
3. The Grantee will be required to contribute a minimum of 10% of the total project cost
in the form of equity contributed after the Grantee’s acceptance of ESD’s offer. Equity
is defined as cash injected into the project by the Grantee or by investors, and should
be auditable through Grantee financial statements or Grantee accounts, if so
requested by ESD. Equity cannot be borrowed money secured by the assets in the
project. Matching funds provided by Program funding recipients will be counted as
the equity contribution. Equity should be able to be verified in Quarterly and Annual
Reports. ESD generally seeks to provide no more than 20% of the financing for any
particular project; however, due to the revolving loan fund structure of Grantee’s
Program, ESD will not require this for the project.
4. Up to $2,500,000 will be disbursed to the Grantee in four installments as follows:
a) an Initial Disbursement of an amount equal to 30% of the grant ($750,000) upon
execution of a Grant Disbursement Agreement, assuming that all project approvals
have been completed and funds are available;
b) a Second Disbursement of an amount equal to 30% of the grant ($750,000) will be
disbursed upon documentation verifying disbursement of at least 75% of the first
advance ($562,500) and Grantee’s compliance with program reports and
requirements, including meeting expected goals;
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