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NY S00184
Bill
Status
Introduced
1/4/2023
Primary Sponsor
Patrick Gallivan
Click for details
AI Summary
- Renumbers existing subdivision 19 of General Municipal Law section 858 to subdivision 22 and adds three new subdivisions (19, 20, and 21) to expand the New York State Industrial Development Agency's powers
- Authorizes the agency to provide loans to private or public corporations or legal entities when memorialized in a loan agreement and used to further the agency's corporate purposes
- Authorizes the agency to provide grants to private or public corporations or legal entities when memorialized in a grant agreement stipulating services to further the agency's corporate purposes
- Authorizes the agency to provide seed and early-stage equity funding to private corporations or legal entities in seed, early stage, or venture stage development located in the municipality the agency serves, with funds required to be returned if the beneficiary leaves the municipality within a timeframe established by the agency
- Takes effect immediately upon enactment
Legislative Description
Relates to the powers of the New York state industrial development agency.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024
Committee Referrals
Local Government1/4/2023
Full Bill Text
No bill text available