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NY A06391
Bill
Status
4/6/2023
Primary Sponsor
Jonathan Rivera
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AI Summary
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Repeals subdivision 18 of section 854 of the general municipal law related to industrial development agency financial assistance.
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Amends section 862 of the general municipal law to remove the requirement that retail projects be located in "highly distressed areas" to qualify for financial assistance from industrial development agencies.
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Retains the existing provision allowing financial assistance for retail projects exceeding one-third of total project cost when the project would make goods or services reasonably accessible to residents who otherwise lack such retail facilities.
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Takes effect immediately upon enactment.
Legislative Description
Repeals provisions related to requiring projects be located in a highly distressed area in order to qualify for certain financial assistance from an industrial development agency.
Last Action
referred to local governments
1/3/2024