N.Y.
Economic Development Law Section 190
Definitions
1.
“Feasibility study” shall mean an investigation and evaluation of the viability of an industrial firm or group of industrial firms, including those for which local buyout assistance has been requested. A feasibility study shall include, but not be limited to, an assessment of the potential profitability and prospects for job preservation and future job growth; the condition, stability and growth potential of the industry in domestic and international markets; the financial condition; essential changes and productivity improvements needed to remain viable; the quality of management and its ability to innovate and change; labor and management relations; workforce skills and training needs; whether adequate time exists to effectuate a local buyout or revitalize a firm; relations with suppliers and customers; and cooperation of the sellers.2.
“Industrial firm” shall mean a manufacturing firm involved with extracting, smelting, recovering, developing, preparing, compounding, converting, assembling or producing in any manner, minerals, raw materials, products or substances of any kind or nature, and shall include facilities related thereto for storage, warehousing or distribution, for research and development or for the discovery of new, and the refinement of known, substances, processes, and products.3.
“Local buyout” shall mean the transfer of the ownership and control of a viable industrial firm to its employees, or managers, or to other investors resident in New York state, where such transfer will create or retain substantial numbers of private sector jobs by preventing the closing, partial closing, or the relocation out-of-state of an industrial firm.4.
“Medium-sized industrial firm” shall mean an industrial firm that employs less than five hundred persons within the state on a full-time basis.5.
“Productivity assessment” shall mean an evaluation of the existing and potential productivity and profitability of an industrial firm or group of industrial firms and recommendations for productivity improvements, including, but not limited to, analysis of products, market position, financial condition, ownership structure, production processes, labor/management relations, worker skills and training needs, plant and equipment, and business strategy.6.
“Small-sized industrial firm” shall mean an industrial firm that employs one hundred or less persons within the state on a full-time basis.
Source:
Section 190 — Definitions, https://www.nysenate.gov/legislation/laws/COM/190 (updated Sep. 22, 2014; accessed Apr. 13, 2024).
