Bill Summary: S01719

• Expands eligible project types for industrial development agencies to include civic facilities (medical, educational, recreational, municipal government, public safety, and senior housing facilities) and continuing care retirement communities, with restrictions limiting the latter to county and New York City agencies only.

• Increases minimum agency board size from three to five members and requires agencies to adopt standardized project application review and approval criteria based on strategic objectives, job creation, financial viability, economic benefits, and legal compliance history.

• Establishes comprehensive financial assistance agreements requiring detailed documentation of assistance amounts, job projections, financing sources, and performance metrics, with maximum five-year terms (renewable for five additional years) and ten-year limits on loans or tax exemptions.

• Implements recapture provisions allowing agencies to recover financial assistance if projects violate state or federal law causing material community harm, or if business activities relocate outside the served area, with recaptured funds redistributed to affected tax jurisdictions.

• Extends bond issuance charge requirements to not-for-profit corporations issuing bonds on behalf of the state or its political subdivisions, and requires prevailing wage standards for construction work on assisted projects.