§ 964. Empire zone capital corporations. (a) No more than three empire\nzone capital corporations may be established in each zone for the\npurpose of raising funds through private and public grants, donations or\ninvestments, to be used in making investments in, and loans to, business\nfirms certified pursuant to subdivision (a) of section nine hundred\nfifty-nine of this article for the purpose of encouraging the\nestablishment or expansion of businesses and the provision of additional\njob opportunities within such area. A zone capital corporation may serve\none or more zones within an economic development region or zones within\ntwo or more regions. Prior to the establishment of a zone capital\ncorporation, the zone board and the commissioner of the department of\neconomic development shall approve the formation of the proposed zone\ncapital corporation, its board of directors and management, and its\nprocedures for making, servicing and monitoring investments. In no\nevent, however, shall an empire zone capital corporation acquire an\nownership interest in any certified business firm which amounts to more\nthan twenty-five percent of the ownership interest of such certified\nbusiness firm. No loan to or investment in any business firm shall be\nmade by an empire zone capital corporation located in a zone within a\ntown with a population of more than twenty-five thousand, until such\ncorporation has accumulated at least two hundred thousand dollars in\ncapital stock. No loan or investment in any business firm shall be made\nby an empire zone capital corporation located in a zone within a town\nwith a population of less than twenty-five thousand until such\ncorporation has accumulated at least one hundred thousand dollars in\ncapital stock. A zone capital corporation shall submit to the zone board\nan annual report on its activities.\n (b) Each zone capital corporation shall establish an investment\ncommittee for the purpose of evaluating applications for loans and\nequity investments. Each committee shall be comprised of members who\npossess the requisite business and financial expertise necessary to\nevaluate applications for loans and/or equity investments.\n (c) Each empire zone capital corporation shall, to the maximum extent\nfeasible, undertake measures and procedures to ensure meaningful\nparticipation by minority-owned and women-owned business enterprises in\nthe activities and investments of such corporation. Each such\ncorporation shall additionally, to the maximum extent feasible,\nundertake measures and procedures to ensure meaningful participation by\nlocally owned business enterprises in the activities and investments of\nsuch corporation.\n (d) The total amount of tax credits available to each zone pursuant to\nsubdivision twenty of section two hundred ten, subsection (l) of section\nsix hundred six, subsection (d) of section fourteen hundred fifty-six\nand subdivision (h) of section fifteen hundred eleven of the tax law,\nshall be two million five hundred thousand dollars, (provided, however,\nthat in no event shall the credits available in any zone exceed five\nhundred thousand dollars in the case of qualified investments in\ncertified zone businesses as described in such subdivisions and\nsubsections). Apportionment of credits within a zone between capital\ninvestments in and contributions to zone capital corporations, direct\ninvestments in certified zone businesses or contributions to community\ndevelopment projects will be determined and accounted for by the local\nzone administrative board in consultation with the zone administrative\nentity, subject to regulations promulgated by the commissioner of the\ndepartment of economic development. Credits not used by a zone within\nfour years of their apportionment may, after a public hearing, be\nreallocated pursuant to regulations promulgated by the commissioner.\nCertifications under subdivision twenty of section two hundred ten,\nsubsection (l) of secti
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