Fillable GreatRate / GreatRebate Program Application (monroe county)

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GreatRate / GreatRebate Program Application (monroe county)

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U.S.A. forms for monroe county

BROWSE MONROE COUNTY (NY) FORMS

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C
ompany Data
Name:
Address (Non-Residential):
City/Town: State: Zip Code:
Company Contact: Title:
E-mail Address:
Phone: Website:
Description of Business:
Type of Business: Sole Proprietorship Partnership Corporation LLC Other
Tax ID#
Ownership
Name Percentage
Name Percentage
Name Percentage
EMPLOYMENT - As of Date:
Total Monroe County Total New York State
Full-Time Employees (At least 30 hours/week;
does not include seasonal or temporary employees)
Part-Time Employees
Full-Time Equivalent Employees (FTEs)
Total calculated as Full-time plus (Part-time/2)
Program is not available to retail, professional service firms or not-for-profit businesses
Program requires a minimum of $50,000 purchase of qualified equipment
All equipment purchased must be used exclusively in Monroe County
If you are applying for the GreatRate program (financed purchase); complete pages 2, 3, 5 and 6
If you are applying for the GreatRebate program (cash purchase); complete pages 2, 4 and 5
Revised 4/14
For office use only: 2602-0___-______
GreatRate / GreatRebate Program Application
MONROE COUNTY INDUSTRIAL DEVELOPMENT CORPORATION
CityPlace * 50 West Main Street * Suite 8100 * Rochester, NY 14614-1218
Phone: (585)753-2000 * Fax: (585)753-2002
monroecounty.gov
1
a. Equipment Information:
(Attach additional pages if required)
Equipment to be purchased:
Equipment Make: Equipment Model:
Serial Number: Cost: $
b. Company projection for new full-time jobs within one year of
Application Date
c. Is the equipment to be purchased subject to sales tax ?
Yes No
If yes, your company MAY be eligible to receive a sales tax exemption through the County of
Monroe Industrial Development Agency (COMIDA) EquiPlus Program. Project must meet a minimum
of 2:1 benefit to inclentive ratio as determined by COMIDA Analyze Program.
The EquiPlus program is available to applicants of either the GreatRate or GreatRebate
Program. If your company would like to apply, there is a fee of 1/2% of the total cost of
equipment (regardless of subsidy amount) plus a $750 legal fee (COMIDA Attorney). The
request will be reviewed at the monthly COMIDA meeting held the third Tuesday of each month
unless otherwise specified. Equipment purchases cannot be paid for until approved by the
COMIDA board. All equipment must be purchased in connection with a Monroe County
facility and/or project. EquiPlus cannot be used for passenger or personal vehicles.
Would you like to include the EquiPlus program as part of your GreatRate/GreatRebate
application? Yes No
d. Will the equipment purchase be made from a local vendor ?
A local vendor is defined as a business located within the following nine (9) county region:
Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, Yates
Yes No
If yes, please state the vendor information below:
(Attach additional pages if required)
Vendor Name:
Vendor Address:
Vendor Phone #
_
___/____/_____ext.______
__
Vendor website:
GreatRate / GreatRebate Program Application
2
GreatRate Job Creation Requirement Worksheet
A. Number of full-time equivalent (FTE) employees in Monroe County (from page 1): A.
B. Item A x 10% (round up to whole number) B.
C. Loan/Lease amount subsidized up to a maximum of $300,000, C.
divided by $75,000 (round up to whole number). Result must be a
minimum of 1 to a maximum of 4.
D.
Item B OR
C (whichever is less)
D.
E.
Subsidy Target (A+D)
E.
Average Salary of Existing Employee(s):
$
Expected Salaries of New Employee(s):
High $ Avg $ Low $
GreatRate Terms and Conditions
The GreatRate Interest Subsidy Program provides an interest subsidy on a fixed rate
loan or a capital lease used to purchase machinery or equipment provided the company meets the
subsidy target as detailed below. If the equipment purchase is made from a local vendor, the
interest subsidy will be 4%; otherwise it will be 3% (see definition of local vendor on page 2).
Note: Rate cannot be subsidized below 1%.
Loan or Capital Lease subsidy amount: $50,000 to a maximum of $300,000 of the loan or
capital lease amount.
Loan or Capital Lease Term: Loan must be fully amortizing. Lease must be a capital lease.
Subsidy Term: Subsidy period will be for up to five (5) years or the term of the loan, whichever is
less, provided subsidy target is attained in year one and maintained in subsequent years.
Loan or Capital Lease Interest rate: Interest rate must be fixed for the term of the GreatRate
subsidy.
GreatRate Job Creation Terms:
The loan or lease must result in the creation of one (1) full-time equivalent job for every $75,000
in amount subsidized OR
an increase of 10% in the employee base, whichever is less.
Job creation must occur in Monroe County within 12 months of loan/lease closing. If the
company has met the subsidy targe
t
within one (1) year and maintained the base employment, the
first subsidy payment will be paid. For the remainder of the GreatRate subsidy the company will
be surveyed annually. If in the subsequent survey years, the subsidy target is not maintained,
no further subsidies will be paid.
GreatRate Additional Terms:
In order to qualify for the 4% subsidy rate, the applicant must provide satisfactory proof of
purchase from local vendor(s).
Company will receive GreatRate subsidy payments upon MCIDC's receipt of certification from
the participating lender that the company is complying with the terms of the loan or lease.
If the company relocates outside Monroe County during the subsidy period or within two (2)
years after the final payment, the subsidy must be paid back in full
.
GreatRate Interest Subsidy Program Application
3
0
GreatRebate Job Creation Requirement Worksheet
A. Number of full-time equivalent (FTE) employees in Monroe County (from page 1): A.
B. Item A x 10% (round up to whole number) B.
C. Minimum of two FTE C. 2
D.
Item B OR
C whichever is less
D.
E.
Subsidy Target (A+D)
E.
Average Salary of Existing Employee(s):
$
Expected Salaries of New Employee(s):
High $ Avg $ Low $
GreatRebate Terms and Conditions
The GreatRebate Program provides businesses with a rebate on equipment purchased with cash of at least
$50,000 provided the company meets its subsidy targe
t
as detailed below. If the equipment purchase is made
from a local vendor, the rebate will be $5,000; otherwise it will be $4,000 (see definition of local vendor on page 2).
GreatRebate Job Creation Terms:
The purchase of equipment must result in the creation of two (2) full-time equivalent jobs
OR an increase of 10% in the employee base (as reported on page 1), whichever is less.
Job creation must occur in Monroe County within 12 months of the equipment purchase. The
company will receive the GreatRebate at the end of the 12 month period. The 12 month period
begins from the date that MCIDC staff received proof of purchase, proof of payment in full for the
equipment and inspects to assure delivery of equipment. If the subsidy target goal is not attained
at the end of the 12 month period, the rebate will not be paid. However, if the company has not
met the subsidy target at the end of year one (1) but maintained jobs, the company will be
eligible to receive the rebate in year two (2) if they have met the subsidy targe
t
.
GreatRebate Additional Terms:
The applicant must provide satisfactory proof of purchase for all equipment purchased.
If the company relocates outside Monroe County during the initial one year period the
GreatRebate will not be paid. Additionally, if the company relocates outside Monroe Count
y
within two years after receipt of the GreatRebate, the rebate must be paid back in full.
GreatRebate Program Application
4
0
Company Certification
The undersigned company officer hereby certifies, on behalf of the company, as follows:
A. The information contained in this application, including employment information, is true and
correct. The company is aware that any material misrepresentation made in the application
constitutes an act of fraud, resulting in termination of participation in the GreatRate/GreatRebate
program and any other MCIDC sponsored program and repayment by the company of interest
subsidy/rebate granted by the GreatRate/GreatRebate program.
B. The company is aware that it may receive two concurrent interest subsidies under the
GreatRate program and two concurrent rebates under the GreatRebate program. The company
is further aware that an additional condition of eligibility for re-applying to either program is
retention of employment at the subsidy target required in the previous approval letter.
C. If using the GreatRebate program, neither financing nor leasing has been used to acquire the equipment.
D.
Company agrees to complete the required job survey. If the survey is not received within 30
days from the survey date, the subsidy/rebate will not be paid. In addition to the survey, for the
GreatRate program, MCIDC must also receive an annual certification from the participating
lender.
E. The company will maintain its primary offices and business operations at a non-residential
address in Monroe County.
F. If the company files for protection under any chapter of the Bankruptcy Code, makes an
assignment for the benefits of creditors or has any similar financing difficulty or default under
any other loan agreement, the GreatRate/GreatRebate will not be paid.
G. Equipment is generally defined as manufacturing equipment, data handling equipment,
information systems (including computers, peripheral equipment and software). All equipment
purchased must be housed in a Monroe County facility.
H. All jobs created in relation to the GreatRate/GreatRebate program must be created within Monroe
County.
I.
If a company has received a GreatRate and relocates outside Monroe County during the subsidy
period or within two (2) years after the final payment, any subsidy payment received by the
company must be paid back in full.
J.
If a company has received payment for a GreatRebate and relocates outside Monroe County
within two (2) years after receipt of the rebate, the rebate must be paid back in full.
K. The undersigned, on behalf of the company, certifies that the company and all officers which own a
minimum of 20% are current and will remain current throughout the term of this agreement on
all real property, federal, state, sales, income and withholding taxes.
L. Company understands qualification for participation in the GreatRate/GreatRebate program will
be determined by MCIDC at its sole discretion.
IN WITNESS WHEREOF, the undersigned has executed this company's certificate as of this date:
Date:
Company Name:
Name & Title (please print):
Signature:
GreatRate / GreatRebate Program Application
5
Lender Certification
Loan/Capital Lease Amount: $
Loan/Capital Lease Term:
Fixed Interest Rate:
The undersigned officer hereby certifies, on behalf of the Lender, as follows:
A. The interest rate in this application, for the loan/capital lease shown above was
calculated based upon the current interest rate that would be charged in the absence of the
program. The interest rate will be a fixed interest rate charged during the term of the
GreatRate Interest Subsidy Program.
B. In connection with the loan/capital lease that is the subject of this application, the lender will not
charge any points, origination fees, handling fees, service charges, refinancing fees, or penalties
or charges other than those normally charged by the Lender for loans or leases of the type being
made without regard to the GreatRate program. The Lender will not change terms and/or
conditions during the term of the GreatRate subsidy period.
C. Lender agrees to provide MCIDC with a copy of the loan or lease agreement and copies of the
UCC filings.
D. Lender agrees to provide MCIDC with an annual certification which evidences that the Borrower
is complying with the terms and conditions of the loan or capital lease, and that the loan or lease
is current as of certification submission.
E. The information contained in this Lender's certification is, to the best of the Lender's knowledge,
after due inquiry, true and correct. In the event the information provided is inaccurate or
misleading, MCIDC reserves the right, at its sole discretion, to terminate participation in the
GreatRate program.
IN WITNESS WHEREOF, the undersigned has executed this Lender's certificate as of this date:
Date:
Loan Officer's Name & Title (please print):
Signature:
Lending Institution:
Address:
Phone: Fax:
E-mail:
GreatRate / GreatRebate Program Application
6
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GreatRate GreatRebate Program Application (monroe county)

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Completed 22 January 2021

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