August 2012 - Empire State Development - New York State

Grantee Contact:
ESD Project No.:
Mark Peterson, President & CEO
100 Chestnut Street, Suite 1910
Rochester, NY 14604
Phone: (585) 530-6200
Fax: (585) 546-8477
X764
Project Team: Origination Robert McNary
Project Management
Edward Muszynski
Contractor & Supplier Diversity Vikas Gera
Environmental
Soo Kang
C. Financial Terms and Conditions
1. Upon execution of the grant disbursement agreement, the Grantee shall pay a
commitment fee of 1% of the $200,000 working capital grant ($2,000).
2. The Grantee will be obligated to advise ESD of any 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. Equity is defined as cash injected into the project
by the Grantee or by investors, and should be auditable through financial statements
or accounts, if so requested by ESD. Equity cannot be borrowed money secured by
the assets in the project.
4. Up to $200,000 will be disbursed in arrears to the Grantee during the course of the
project, no more frequently than quarterly, and in proportion to ESD’s funding share,
upon documentation of eligible project costs, assuming that all project approvals have
been completed and funds are available. Payment will be made as reimbursement
upon presentation to ESD of an invoice and such other supporting documentation as
ESD may reasonably require, including program reports. Expenses must be incurred
on or after April 10, 2012, to be considered eligible project costs. All disbursements
must be requested by April 1, 2014.
IV.
Statutory Basis – Economic Development Purposes Fund
The project was authorized in the 2011-2012 New York State budget and reappropriated in the
2012-2013 New York State budget. No residential relocation is required as there are no
families or individuals residing on the site.
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