NY A00540

Establishes the Empire Revolving Bridge Loan Fund within the New York State Urban Development Corporation to provide short-term financing for significant economic development projects.

Authorizes the corporation to issue bonds or notes with net proceeds not exceeding $500 million to fund the program, with repayment of principal and interest earnings returning to the fund.

Defines eligible projects as those costing minimum $20 million, creating at least 300 new full-time jobs, and meeting green building standards (LEED Gold or higher, Green Globes 3 Globes or higher) or universal design principles.

Sets loan terms at no more than three years with interest rates equal to the corporation's all-in true interest cost, secured by a lien on collateral, with optional one-year extensions up to a maximum of four years total (or ten years if funds are available in a special account).

Requires annual reporting to the Governor and legislative committees on loan applications, approvals, sponsors, job creation, and fund balance; applicants must pay a $1,000 application fee and a closing fee not to exceed 1% of the loan amount.