Loading chat...
NY S04096
Bill
Status
1/31/2025
Primary Sponsor
Kevin Parker
Click for details
AI Summary
-
Requires industrial development agencies to document the fair market value of all development assistance, including property conveyed below market price and in-kind benefits, before providing financial assistance
-
Prohibits "increasing the tax base" as an acceptable public purpose for development assistance; allows job retention as a purpose only if job loss is imminent and demonstrable
-
Mandates development assistance agreements include specific goals for job creation, wage levels, and a 5-year commitment to continue operations at the assisted site
-
Requires recipients who fail to meet agreement goals to repay the development assistance plus interest, with the repayment potentially prorated for partial goal fulfillment
-
Bars recipients who fail to meet development assistance agreement terms from receiving additional assistance for 5 years or until repayment obligations are satisfied
Legislative Description
Establishes additional procedures to be followed by industrial development agencies prior to making loans; includes goals to be achieved by project such as job creation, continuance of business or industry, and public purpose to be attained.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/7/2026