NY A11048

Expands eligible projects for industrial development agencies to include civic facilities (medical, educational, recreational, government, and senior housing), continuing care retirement communities (county and NYC agencies only), and adds restrictions on projects with pre-arranged municipal leases or purchases.

Increases IDA board membership requirement from minimum of three to five members and establishes new accountability measures including project application review criteria, financial assistance agreements with specific terms (limited to 5 years, renewable for up to 5 additional years, maximum 10 years for loans/tax exemptions), and public hearing requirements at least 30 days before providing assistance.

Adds provisions allowing agencies to recapture financial assistance for project violations of tax, labor, environmental, or contract law causing material harm, or for moving operations outside the service area; recaptured funds distributed to affected tax jurisdictions.

Requires payment in lieu of taxes to be disclosed in uniform financial assistance policies subject to affected tax jurisdictions' approval; mandates public posting of financial assistance agreements, approval criteria, hearing records, and evaluation methodologies on agency websites.

Extends bond issuance charges to not-for-profit corporations issuing bonds on behalf of the state or political subdivisions; applies similar financial assistance agreement requirements to local development corporations; requires prevailing wage rates for construction work on assisted projects.