NY A07315

Adds three new powers to the New York State Industrial Development Agency under General Municipal Law Section 858, renumbering the existing subdivision 19 to subdivision 22

Authorizes the agency to provide loans to private or public corporations and legal entities, provided the loans are documented in a loan agreement and the proceeds further the agency's corporate purposes

Authorizes the agency to provide grants to private or public corporations and legal entities, provided the grants are documented in a grant agreement stipulating the services to be provided in furtherance of the agency's purposes

Authorizes the agency to provide seed and early-stage equity funding to private corporations and legal entities located within the municipality, with potential for repayment if the beneficiary leaves the municipality within a timeframe established by the agency

Takes effect immediately upon enactment