NY S08960

Agencies must develop and implement policies to return all or part of financial assistance (including tax exemptions) when projects show material shortfalls in job creation/retention or violate project agreement terms, unless factors beyond agency control caused the shortfall.

Returned tax exemption amounts must be redistributed to affected tax jurisdictions unless otherwise agreed.

Prohibits tax exemptions for projects already in development at the time of application, except where environmental contamination requiring significant cost increases is discovered or municipality reassesses property resulting in over 50% tax increase.

Prohibits use of agency funds, financial incentives, and subsidies for projects already in development, with the same exceptions for environmental contamination or property tax reassessment over 50%.

Defines "in development" as a project where active construction, including building foundations or structure erection, has commenced, and requires project applicants to disclose any financial assistance offers from out-of-state economic development corporations.