NY S05279

Requires industrial development agencies to follow specific procedures before providing financial assistance, including describing the assistance amount, type, and fair market value.

Mandates development assistance agreements specify a public purpose (excluding increasing tax base alone) and requires job retention claims to be based on imminent, demonstrable job loss.

Establishes goals for job creation and wages within two years of assistance, with separate tracking for part-time, full-time, and retained jobs where applicable.

Requires recipients to continue operations at assisted sites for at least five years and obligates them to repay assistance plus interest (calculated using GDP implicit price deflator) if goals are not met.

Prohibits recipients who fail to meet agreement terms from receiving additional development assistance for five years or until repayment obligations are satisfied, whichever comes first.