§ 28-06 Disbursements.
RCNY § 28-06
(a)General. The agency may disburse syndication funds from the escrow account pursuant to these rules and applicable laws.
(b)Written comment.
(1)Notice to public. At such time as the agency proposes to execute an EDA with a community group, the agency shall place an advertisement in The City Record and such other publication as the agency shall deem appropriate, which advertisement shall include, at a minimum: (i) a description of the program, (ii) a description of the proposed project, (iii) the designated community group(s) or other proposed recipient of the syndication funds, (iv) where and when the public may inspect the proposed EDA, and (v) where and when members of the public may comment in writing on any action described in the advertisement and/or EDA.
(2)Notice to borough president. Prior to or simultaneously with publication of the advertisement required pursuant to 28 RCNY § 28-06(b)(1), the agency shall mail copies of the advertisement and proposed EDA to the following officials or their designees: (i) the borough president in the borough in which the project is located, (ii) the community board in the community district in which the project is located, and (iii) such other public officials or agencies as the agency shall deem appropriate.
(3)Submission of written comments. The agency shall impose a deadline for submission of written comments, which shall be a reasonable time after the advertisement first appears, but in no event less than fourteen (14) calendar days.
(4)Review of written comments. After the deadline for submission of written comments, the agency shall review the written comments received by it and shall determine whether such comments raise substantive issues which require further consideration. If the agency concludes that further consideration is required, the agency shall convene a public hearing in accordance with 28 RCNY § 28-06(c). If the agency concludes that further consideration is not required, the agency shall either (i) approve the proposed EDA, (ii) approve the proposed EDA with modifications, or (iii) disapprove the proposed EDA. If the agency approves the proposed EDA, the agency may, but shall not be required to, proceed with the execution of the EDA. If the agency approves the proposed EDA with modifications, the agency may, but shall not be required to, proceed with the execution of the modified EDA, and no additional public comment procedure shall be required concerning such modifications. If the agency disapproves the proposed EDA, the agency shall thereafter either (i) resume negotiations with the community group on a new or modified EDA, or (ii) terminate the conditional designation of the community group.
(c)Public hearing. If the agency determines, based upon the written comments received by it, that further consideration of the proposed action(s) is required, the agency shall convene a public hearing in accordance with this 28 RCNY § 28-06(c).
(d)Unencumbered funds. The agency may disburse unencumbered funds in any manner permitted by law and these rules, including, without limitation, the following methods: (1) New community group. The agency may select a new community group and make disbursements to it in accordance with these rules; (2) Agency project. The agency may prepare a scope of work and EDA for a project and/or disburse unencumbered funds for the performance of such project to the agency rather than to a community group; (3) Tax levy. The agency may apply unencumbered funds toward the cost of providing city services in the borough of the development which generated such syndication funds; and (4) Best interests of the city. The agency may utilize unencumbered funds in any other manner deemed by the agency to be in the best interests of the city, including, but not limited to, disbursement of such unencumbered funds into the general fund of the city.
(e)Non-escrowed syndication funds. Where developers and community groups entered into agreements which provided for the payment of syndication funds directly from the developers to the community groups, the agency shall seek to enforce these rules to the extent practicable. Where the respective agreements provide the agency with sufficient authority to do so, the agency may (1) order developers to thereafter make all payments of syndication funds to the city rather than directly to community groups, and (2) order community groups to surrender all syndication funds in their possession to the city. Any syndication funds so obtained or recovered shall be deposited into the escrow account and made subject to the requirements of these rules.
