NY S04042

Requires at least one representative of a local labor organization to serve on industrial development agency (IDA) boards, changing from discretionary "may include" to mandatory "shall include" representation.

Expands public hearing notice requirements to include school board presidents, superintendents, state senators, and assembly members representing affected tax jurisdictions subject to proposed financial assistance or payments in lieu of taxes (PILOTs).

Mandates IDAs make printed meeting agendas available to the public and board members at least three days in advance, with posting on the agency website if one exists.

Requires IDAs to submit annual financial reports and audits to overlapping school district boards and superintendents within ninety days after the end of each fiscal year.

Adds "payments in lieu of taxes" (PILOTs) language throughout the law to clarify that PILOT agreements are subject to the same prerequisites, application requirements, and uniform criteria as other financial assistance programs.