1840-C - Purposes of the authority. - New York Statutes

§ 1840-c. Purposes of the authority. The purposes of the authority shall be to assist, promote, encourage, develop and advance the general prosperity and economic welfare of the people of Nassau and Suffolk counties through the development of employment opportunities in any area of Nassau and Suffolk counties by: 1. Assisting in the financing of the cost of projects for the construction, acquisition or improvement of any new, existing or former eligible business facility, as such term is defined in subdivision eight of section eighteen hundred forty-a of this title, by means of the financing provisions pursuant to section eighteen hundred forty-d of this title. 2. Assisting in the financing of machinery and equipment for an eligible business facility by means of the financing provision pursuant to section eighteen hundred forty-d of this title. 3. Advancing the development of eligible business enterprises throughout the bi-county region, including those defined as small business concerns under the act of congress entitled "Small Business Investment Act of 1958." 4. Developing an overall economic development plan which shall describe goals of the authority and specific action planned by the authority pursuant to subdivision five of section eighteen hundred forty-d of this title and which shall include the tax abatement plan pursuant to section eighteen hundred forty-t of this title. In carrying out the purposes of this section and in exercising the powers granted under this act, the authority shall be regarded as performing an essential governmental function.