The UCCRC is authorized to issue taxable or tax-exempt revenue bonds for qualified projects. Qualified projects include certain types of projects for the not-for-profit sector. Banks, investment bankers, insurance companies and other financial institutions selected by the applicant purchase the bonds.
Tax Exempt UCCRC Bond Financing Offers Lower Interest Rates
If your project is for a manufacturing facility, a not-for-profit facility, or an exempt facility (i.e. airport, dock or wharf, mass commuting facility, solid waste disposal facility or hazardous waste facility) as defined by the Internal Review Code, the use of tax-exempt CRC bonds could lower your interest rate by 2 to 3% per year.
Access to Public Markets
By using letter of credit-backed taxable or tax-exempt industrial development revenue bonds, companies can sell their debt in the public market without incurring the cost of registration with the Securities and Exchange Commission, allowing them to obtain affordable long-term, fixed rate financing.
Contract for Services
The UCCRC periodically receives requests for direct grant funding assistance to worthy organizations. Funding assistance provided from the fund balance of the UCCRC is not guaranteed and all requests must conform to the following legal prohibitions:
All monies must be used to fund operations or projects which would constitute a “project” under the CRC statute. Legal counsel must provide an opinion on all requests, finding the funding assistance request consistent with all applicable laws.
No funds of a CRC shall be (a) used to prevent establishment of an industrial or manufacturing plant, (b) given to any group which is attempting to prevent the establishment of an industrial or manufacturing plant or (c) used for advertising or promotional materials which contain the picture of any elected or appointed governmental official.
Requests for assistance must be submitted in writing to the Chief Executive Officer of the UCCRC. The request will be forwarded to the UCCRC Board and be reviewed at their next meeting. Upon request, applicants may be asked to present their request and answer additional questions at a regularly scheduled meeting of the UCCRC Board. Each written request must include the following information:
- Name of the organization, mission statement, officers and board members of the organization.
- Amount requested and purpose of the funding.
- A brief narrative relating this request to the goals and objectives of the UCCRC mission statement and/or the Ulster Tomorrow economic development strategy.
- Organizational budget including a complete listing of all funding sources.
- Will this be a recurring request? If necessary, how will the organization sustain funding for this project in future years?
The UCCRC must vote on all requests. At the commencement of the project or no later than one year later, applicants are asked to provide a brief narrative to the UCCRC Board describing the outcomes and/or progress of their UCCRC supported project.