§ 189-c. General powers and duties of the board. 1. The board shall establish procedures and guidelines relating to the activities of the board.

2. The board shall establish procedures through written policies or standards for reviewing applications for an allocation of fund benefits that shall include a review of applications no less frequently than twice each year. The board, or a member designated by the board, shall receive all applications from, or on behalf of, eligible applicants for fund benefits. Applications shall be in a form and contain such information, data and exhibits as the board, in consultation with the authority, may prescribe.

3. The board may request from the authority an analysis of any application along with any recommendations. In addition, the authority shall supply any such additional information as is reasonably necessary for the board to perform its duties.

4. In reviewing applications for fund benefits, the board shall use the criteria for eligibility for expansion, replacement and preservation power and for revitalization of industry as provided in section one thousand five of the public authorities law. In addition, the board shall consider the extent to which an award of fund benefits is consistent with any regional economic development council strategies and priorities having responsibility for the region in which the eligible project is located. The board shall issue a written statement of its findings and recommendations for each application reviewed.

5. The board shall recommend to the authority the allocation of fund benefits to eligible projects that the board finds are consistent with the applicable criteria in subdivision four of this section. The board may include within its recommendations such recommended terms and conditions as it deems appropriate, including, but not limited to, reasonable provision for the allocation of fund benefits over time as the eligible applicant achieves milestones towards project completion, the partial or complete withdrawal or return of fund benefits where the recipient has failed to achieve or maintain mutually agreed upon commitments, or such other terms and conditions as the board deems advisable. The board shall not recommend an allocation of fund benefits prior to establishing procedures for reviewing applications pursuant to subdivision two of this section.

6. A recommendation by the board that an eligible applicant receive an allocation of fund benefits shall be a prerequisite to an award of fund benefits by the authority. The authority shall award fund benefits to an applicant upon a recommendation of the board; provided, however, that upon a showing of good cause, the authority shall have discretion as to whether to adopt the board's recommendation, or to award benefits in a different amount or on different terms and conditions than those contained in the recommendation of the board. Allocations of fund benefits shall only be made on the basis of net earnings that have been deposited in the western New York economic development fund. No award of fund benefits shall encumber future net earnings or net earnings that have been received but not deposited in the western New York economic development fund.

7. Upon making an allocation of fund benefits, the authority shall include within the agreement providing for the terms and conditions applicable to such allocation all terms and conditions the authority deems appropriate, taking into account the recommendations made by the board.