The LDC aproval process is governed by New York State Law and generally includes:
- The organization determines that it meets one or more of the project eligibility criteria outlined in the “Is my not-for-profit eligible?” section.
- The organization completes the online LDC Project Worksheet. Once submitted, the LDC and Office of Economic Development staff will arrange for a conference with the organization to discuss the eligibility of the project. The discussion will cover what types of benefits can be provided, the terms and conditions of a project agreement between the LDC and organization, and amount of legal and agency fees involved in executing the project.
- Following review of the project by the LDC, the organization will be invited to submit an application. Bond projects have intervening steps to preparing an application. An application fee of $500 is required when the application is submitted. Bond applications are available electronically once an organization has met with the LDC and is determined eligible for assistance.
- The application is presented to the board members of the LDC and a resolution of the board expressing the LDC’s “intent to finance” must be formally adopted. The organization requesting assistance and its legal counsel attend to the meeting to present the project and answer any questions that the board may have.
- Once such resolution expressing intent to finance has been adopted, the LDC must hold a public hearing following publication of a public notice stating the actions and benefits to be provided to the organization. Thereafter, counsels for both the LDC and project prepare the project document. Bond projects involve compiling a team necessary to execute the indentures involved in an issuance.
- Following the public hearing, project documents are completed and the LDC board must vote to authorize the issuance of its bonds.
- The LDC and the applicant meet on a closing date to sign and execute all documents.
- During the term of its LDC financing, the applicant is required to make annual reports to the LDC, detailing the amount of benefits taken and number of jobs retained or created. Organizations receiving benefits are also required to file job openings with the County’s workforce development office.