(b) Improvements pursuant to this section may be made for the following purposes:

(i) construction, reconstruction, improvement, reconditioning and preservation of capital facilities where the service life of the project is at least ten years, and related engineering services provided, however, that for pavement management projects the service life of the project shall be at least five years;

(ii) purchase of airport equipment, including navigational aids, acquisition of land and easements; and

(iii) technical assistance for airports including, but not limited to, preparation of studies to attract, retain or improve air carrier or air cargo services including low fare commercial service air carrier services, airport business plans, activities to inform the general public or public and private organizations of the availability and economic impact of the airport and the aviation services at the airport on the community.

(c) Assistance pursuant to this section shall be provided pursuant to contract with the commissioner. Contracts for capital improvements shall insure the availability to the public of any airport improved hereunder for the useful life of such improvement as defined in section sixty-one of the state finance law. The commissioner shall establish standards governing the form, content and submission of applications for participation in this program. Such standards shall include, but not be limited to, the requirement that, with respect to applications submitted by owners of privately-owned airports, the commissioner shall make a determination that a request submitted by such owners will serve a public purpose and such applications are accompanied by a resolution from the governing body of the county in which such privately-owned airport is located formally endorsing the project for which assistance is requested. The commissioner shall not approve an application for a grant or loan unless the applicant can demonstrate commitment of sufficient funds to provide the match set forth in paragraph (d) of this subdivision. All loans shall be repaid within ten years and bear such rate of interest as shall be established therefor by the commissioner upon the issuance of the loan; provided, however, such rate shall not exceed six percent per annum. Payments on all loans shall be made to the department and credited to the airport improvement and revitalization fund established pursuant to section eighty-eight-d of the state finance law.

(d) Matching ratios. (i) Capital grants and loans. State assistance for the program shall cover the following share of the project cost: for general aviation airports and commercial service airports with less than fifty thousand annual enplanements, up to ninety percent; for commercial service airports with fifty thousand or more but less than seven hundred thousand annual enplanements, up to eighty percent; and for commercial service airports with annual enplanements of seven hundred thousand or more, up to seventy percent.

(ii) Technical assistance. Technical assistance may be up to eighty percent of the project cost. Funding for technical assistance shall be limited to general aviation airports and commercial service airports with less than two hundred fifty thousand annual enplanements, provided, however, that such funding may be granted to general aviation airports and commercial service airports, regardless of the number of annual enplanements, for the preparation of studies to attract, retain or improve low fare commercial service air carrier services. The entire cost of regional or statewide studies conducted by or on behalf of the department may be funded.

(e) Funds for assistance pursuant to this section shall be from the airport improvement and revitalization fund established pursuant to section eighty-eight-d of the state finance law. No funds shall be paid pursuant to this section unless the applicant for assistance provides for the required non-state funded share of the costs of a project.

(f) No grant or loan to any eligible applicant shall exceed the sum of one million five hundred thousand dollars, and no part of any such grant or loan shall be used for salaries or for services regularly provided by the applicant for administrative costs in connection with such grant or loan.

(g) On or before May first each year, the commissioner shall submit a report on the immediately preceding fiscal year to the governor, temporary president of the senate and speaker of the assembly showing the total funds available for assistance pursuant to this section, itemization of assistance provided, and the repayments of loans.

(h) No provision of this section shall be deemed to make any applicant ineligible for assistance otherwise available pursuant to section fourteen-h or fourteen-k of this article.

(i) The commissioner may promulgate rules and regulations for the implementation of this section.