§ 3.07. State financial assistance for improvement, expansion or\nrehabilitation of existing buildings. 1. Any other provision of any\nother law to the contrary notwithstanding, state financial assistance\nmay be provided for up to fifty percent of the approved costs (excluding\nfeasibility studies, plans or similar activities) of eligible projects\nfor the rehabilitation of existing buildings, including leasehold\nimprovements, by an eligible nonprofit cultural organization, as\nprovided herein. Such financial assistance may be in the form of grants\nand/or loans.\n 2. A nonprofit cultural organization may submit an application for\nstate financial assistance for eligible projects as provided herein. The\ncouncil, after review of the programmatic and fiscal needs and resources\nof the project and the organization, shall make a determination, subject\nto the restrictions, limitations, responsibilities and requirements of\nthis section, as to the amount of state financial assistance in the form\nof a grant and/or state financial assistance in the form of a loan, or\nany combination thereof, that the organization may receive, provided,\nhowever, that subject to the requirements established herein:\n (a) Any financial assistance in the form of a grant may be provided\nfor any amount from funds appropriated specifically therefor up to and\nincluding the amount of fifty thousand dollars.\n (b) Any financial assistance in the form of a loan may be provided\nfrom the arts capital revolving fund established pursuant to section\nninety-seven-z of the state finance law for any amount up to and\nincluding the amount of one hundred thousand dollars, provided that\ninterest in any such loan shall not exceed a maximum of ten or a minimum\nof three percent per annum.\n (c) Any combined financial assistance in the form of a grant and a\nloan may be provided for an amount up to and including the amount of one\nhundred fifty thousand dollars and may include any amount of state\nfinancial assistance in the form of a grant and any amount of state\nfinancial assistance in the form of a loan, as shall be determined by\nthe council subject to the provisions of paragraphs (a) and (b) of this\nsubdivision and the requirements, duties and responsibilities imposed by\nthis section.\n (d) Nothing contained herein shall be deemed to require approval of a\ntotal of fifty thousand dollars in state financial assistance in the\nform of a grant, or approval of a total of one hundred thousand dollars\nin state financial assistance in the form of a loan, or to prevent the\ncouncil from approving a loan or any combination of a grant and loan in\nany amount, subject only to the limitation on such financial assistance\nimposed by paragraphs (a) and (b) of this subdivision, and the council's\ndetermination of the programmatic and fiscal needs and resources of the\nproject and the organization, and other requirements of this section,\nirrespective of the amount of state financial assistance in the form of\na grant and/or state financial assistance in the form of a loan\nrequested or suggested by the applicant.\n (e) The council may contract with outside entities to effect the\npurposes of this paragraph and to disburse loans and receive payments on\nsuch loans.\n 3. (a) For the purposes of this section, organizations or eligible\norganizations shall mean nonprofit cultural organizations which received\nfunding from the council in each of the three previous state fiscal\nyears and which own a condominium or a building or a part of a building\nor which own shares representing a cooperative interest in a building or\nwhich have entered into a lease-purchase agreement to own a building or\nwhich lease a building or space in it, and which operate a program\ntherein, provided that evidence of such ownership, lease or\nlease-purchase agreement shall be provided by the eligible organization\nin such manner and form as is satisfactory to the council. Nothing\ncontained
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