NY S05245

Establishes 10 regional industrial development agencies (IDAs) to replace the existing municipal-based IDA system, with one agency per region: Long Island, New York City, Mid-Hudson, Southern Tier, Capital Region, Mohawk Valley, North Country, Central Region, Finger Lakes, and Western Region

Requires all existing municipal industrial development agencies to consolidate into their corresponding regional entity based on geographic location

Expands agency board membership to at least 15 members appointed by county governing bodies in proportion to population, with each county guaranteed at least one representative

Repeals Title 2 of Article 18-A of the general municipal law, which previously governed the creation and organization of individual municipal industrial development agencies

Takes effect 180 days after becoming law, with immediate authorization to develop implementing rules and regulations