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NY A05215
Bill
Status
3/7/2023
Primary Sponsor
Monica Wallace
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AI Summary
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Expands eligible project types for industrial development agencies to include "civic facilities" (medical, educational, recreational, municipal, and senior housing facilities) and continuing care retirement communities, with restrictions limiting county and NYC agencies only to provide such assistance.
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Increases minimum IDA board size from three to five members and requires agencies to maintain complete hearing records, provide them to members seven days before voting, and post records on agency websites for transparency.
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Establishes written financial assistance agreements required for projects receiving over $100,000, limited to five-year terms (renewable for five additional years), with specified contents including job projections, financing details, and recapture penalties for violations or workforce relocations.
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Creates project application criteria based on strategic objectives, job creation, financial viability, economic benefits, and legal compliance, with annual public review and submission to the Authorities Budget Office.
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Extends bond issuance charges to not-for-profit corporations issuing bonds on behalf of the state or political subdivisions, and requires all financial assistance agreements to include prevailing wage requirements for construction work.
Legislative Description
Relates to the purposes and powers of industrial development agencies and to improving the accountability and transparency of such agencies; makes conforming changes to the general municipal law; extends the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivisions; relates to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof.
Last Action
referred to local governments
1/3/2024