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NY S03368
Bill
Status
1/27/2025
Primary Sponsor
James Skoufis
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AI Summary
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Expands industrial development agency (IDA) authority to include "civic facilities" (medical facilities, educational facilities, senior housing, public safety facilities) and requires agencies to have a minimum of 5 board members instead of 3
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Requires IDAs to adopt uniform financial assistance policies subject to approval by all affected tax jurisdictions, limits financial assistance agreements to 5 years with one 5-year renewal option, and caps loans or tax exemptions at 10 years total
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Establishes mandatory project approval criteria including strategic objectives, job creation goals, financial viability assessment, economic impact analysis, and legal compliance review, with written documentation requirements
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Creates recapture provisions allowing agencies to recover financial assistance if projects violate tax, labor, environmental, or contract laws, or relocate business activity outside the community, with recaptured funds distributed to affected tax jurisdictions
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Requires prevailing wage payment for construction workers on assisted projects and extends bond issuance charges to not-for-profit corporations issuing bonds on behalf of the state or political subdivisions
Legislative Description
Relates to the purposes and powers of industrial development agencies and to improving the accountability and transparency of such agencies; makes conforming changes to the general municipal law; extends the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivisions; relates to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/7/2026