1827 - Loans for multi-tenant facilities. - New York Statutes

§ 1827. Loans for multi-tenant facilities. When in the judgment of the authority a need exists for additional space for industrial, manufacturing, research and development use or other eligible business facilities in an area of the state, it may make a loan to a local development corporation or issue a loan guarantee to a banking organization to assist in financing a project for a business enterprise which proposes to lease the project to two or more tenants to be used for manufacturing, industrial or research and development purposes, or to be used as an eligible business facility, provided that the authority shall make a finding in lieu of the findings referred to in section eighteen hundred twenty-six, that such business enterprise is financially responsible and presumptively able to comply with any lease, mortgage or other agreement made by it with the authority, banking organization or a local development corporation in connection with the project.