Other General Requirements:
A capital investment must be made that includes at least one of the following:
a. Purchase of a building
b. Building construction (may include architectural or engineering fees)
c. Rehabilitation / Remodel
d. Infrastructure updates
e. Machinery or equipment
f. Other (with UCEDA approval)
In addition to a capital investment, at least 5 new FTE job positions that had not existed
previously in Ulster County must be created. Minimum job creation must be achieved
within three years, with 2 of the job positions created within the first year.
FTE (Full Time Equivalent) equals 35 hours per week – It is calculated using the ratio
of the total number of paid hours during a period (part time, full time, or seasonal)
divided by the number of working hours in that period Mondays through Sundays.
For example: if a business has three employees who work 25 hours, 35 hours and 10
hours in a pay period –70 hours are worked. As an FTE is based on 35 hours/week,
the calculation would be 70 hours divided by 35 hours, or 2 FTE.
All new positions will be maintained in the Ellenville/Wawarsing area of Ulster
County for at least five years from the date the first person to fill each position
Businesses are required to provide annual employment reports to UCEDA for the
duration of the agreement term. The reporting should include, but not limited to,
the number of new FTE jobs created to date, titles, job descriptions, full/part time
hours for each job, employment location and sustainability plan.
If the above requirements are not fulfilled, UCEDA may subject the business to recapture.
Applications for assistance must be submitted to UCEDA and include the following (as
Business plan containing a market assessment;
Supporting documentation on cost of capital improvements, funding institutions and
use of funding;
Capital improvements that include construction require either an engineering estimate
or a minimum of two (2) quotes from a reputable contractor;
Minimum of 3 years of income tax filings;