August 2012 - Empire State Development - New York State

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DRAFT – SUBJECT TO REVIEW AND REVISION action to get the funding into the hands of small businesses over a reasonable time period. Director Miller asked if it’s possible that instead of it being a lack of demand issue, it is actually a marketing issue. Mr. Cohen stated that that may be a part of the issue and he expects that the other lenders which have been asked to prioritize those regions will be able to move the money. In any event, he added, it is a matter that ESD will track going forward. There being no further questions or comment, and upon motion duly made and seconded, the following resolution was unanimously adopted: Statewide – Small Business Revolving Loan Fund Program – Authorization to Reallocate Funds for Loans; and Authorization to Take Related Actions RESOLVED, that on the basis of the materials presented to this meeting, a copy of which is hereby ordered filed with the records of the Corporation (the “Materials), relating to the Small Business Revolving Loan Fund Program (the “Program”), the Corporation is authorized to reallocate and redeploy Program funding and to enter into loan agreements and related documentation with each borrower and in such amounts as set forth in the Materials, in order to redeploy such reallocated Program funding in an aggregate not to exceed $25 million that is entirely funded by State appropriations eligible to fund the Program; and be it further RESOLVED, that the President and Chief Executive Officer of the Corporation or his designee(s) be, and each of them hereby is, authorized to take such actions and make such modifications to the terms of each loan as he or she may deem necessary or appropriate in the administration of the loan; and be it further RESOLVED, that the provision by the Corporation of this financial assistance is expressly contingent upon: (1) the approval of the Public Authorities Control Board, if applicable; (2) receipt of all other necessary approvals; and (3) the availability of funds and the approval of the State Division of the Budget; and be it further 15
DRAFT – SUBJECT TO REVIEW AND REVISION RESOLVED, that the President and Chief Executive Officer of the Corporation or his designee(s) be, and each of them hereby is, authorized in the name and on behalf of the Corporation to execute and deliver any and all documents and to take all actions as he or she may in his or her sole discretion consider to be necessary or proper to effectuate the foregoing resolutions. * * * Mr. Lee then presented the July Discretionary Project Consent Calendar for the Directors’ consideration. Mr. Lee explained that there were four projects for consideration and he provided a brief synopsis of each of those projects. Mr. Lee explained that the first project involves a $100,000 grant to ASB Greenworld Capital, a worldwide producer of organic gardening and plant materials. Mr. Lee further noted that to meet the increased demand for its product in the New York/New England area, the Company has purchased a 54 acre site in Sullivan County and has built a new 20,000 square foot manufacturing facility. Mr. Lee added that the $3.2 million project was completed in June 2012 and is expected to create 17 jobs, six of which are already in place. Mr. Lee then noted that the second project involves an $82,000 grant to Upstate Door, Inc., a manufacturer of custom-made hardwood doors. 16
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A. Water Lilies Food MAP Capital (X
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FOR CONSIDERATION August 16, 2012 T
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municipality or region of the State
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RESOLVED, that the President and Ch
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A. New York - Restore III - Bush Te
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4. There are no families or individ
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RESOLVED, that the President and Ch
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II. Project Cost and Financing Sour
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operations in the nine-county Regio
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V. Environmental Review ESD staff h
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Regional Internal Harvesting and Ec
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A. City of Yonkers - Saw Mill River
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City of Yonkers - Saw Mill River Da
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City of Yonkers - Saw Mill River Da
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VI. Additional Requirements Pursuan
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RESOLVED, that the provision of ESD
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Community Capital Assistance Progra
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Project Cost and Financing Sources
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This Project will facilitate BNYDC
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August 16, 2012 NEW YORK HARBOR - A
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CURRENT STATUS The 38-year old Proj
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August 16, 2012 BRONX COUNTY - RIVE
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V. Contract Term, Price and Funding
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FOR INFORMATION August 16, 2012 TO:
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Subsidiary Capital Budget Summary V
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Departmental Budget Variance Report
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August 2012 - Empire State Development - New York State

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