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Before you submit your application
1
Businesses that are Corporations or Partnerships must have an Employer Identification Number (EIN). Sole proprietors may use their Social Security Number.
2
Premises Eligibility, Property and Relocation Criteria, and Expenditures for Improvements The premises must be nonresidential and must have been improved by construction or renovation. The contract or lease must be entered into after June 30, 2005, and the expenditures for improvements must also be made after June 30, 2005. The premises must also either (a) be contained in property that meets the following Property Criteria, or (b) meet the following Premises Criteria. Property Criteria The property to which the business relocates must be one of the following: Eligible for the City's Industrial Commercial incentive Program; Leased from the New York City Industrial Development Agency; Owned by the City; Leased from the Port Authority or New York State Urban Development Corporation.
3
Relocation Criteria Relocation must occur after June 30, 2005 and consist of the transfer of pre-existing business operations to eligible premises and the transfer of a minimum number of qualifying employees to these premises. The establishment of a new business will not qualify for LMREAP-SEB. The eligible business must move at least 250 employees or a sufficient number of employees to increase its payroll in the City by 25% from outside New York City to eligible premises within the eligible area. Expenditures for Improvements
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Expenditures must be in excess of 50% of the assessed value of the property for commercial properties or in excess of 25% of the assessed value for industrial properties. If the premises are leased, the lease term must extend to a date at least three years after (a) the commencement date of the lease or (b) the date of relocation – whichever is later. Expenditures for improvements: Expenditures must be made after June 30, 2005 and must total at least $25 per square foot.