NY S08961

Expands eligible project types for industrial development agencies to include civic facilities (medical, educational, recreational, municipal government, public safety, and housing for seniors age 60+), continuing care retirement communities (limited to county and NYC agencies), and adds requirements that agencies cannot assist projects with pre-arranged municipal lease or purchase agreements.

Increases IDA board membership requirement from minimum three to minimum five members and establishes new transparency requirements including public hearing at least 30 days before providing financial assistance, complete hearing records posted to agency websites, and written financial assistance agreements with specified contents available to the public.

Creates standardized project approval criteria requiring agencies to evaluate strategic objectives, job creation, financial viability, economic benefits, and legal compliance; limits financial assistance agreements to five-year initial terms (renewable for five additional years) with maximum ten-year duration for loans and tax exemptions.

Adds provisions allowing agencies to recapture financial assistance if projects violate state/federal law or relocate operations outside the served community, with recaptured funds redistributed to affected tax jurisdictions; requires prevailing wage standards for construction work on assisted projects.

Extends the state bond issuance charge to not-for-profit corporations issuing bonds on behalf of the state or political subdivisions and imposes similar financial assistance and contract requirements on local development corporations providing grants, loans, or tax exemptions.