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Who cares
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Sponsors
2 Co-sponsors
3 Multi-sponsors
History
- Held for consideration in ways and means
- Referred to ways and means
- Referred to ways and means
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8874
Title of bill
An act to amend the state finance law, in relation to restricting state borrowing where the purpose or effect of such borrowing would aid in the relocation of any enterprise, business or similar activity from an economically challenged neighborhood
Purpose or general idea of bill
The general purpose is to insure that the state not be a party to moving businesses or other enterprises away from areas that are already economically disadvantaged and thereby caus- ing that area to become more economically disadvantaged.
Summary of specific provisions
Section one of the bill would add a new section 55-a to the state finance law. The new section would restrict state borrowing and debt for the purpose of moving a business or other enterprise from an economically challenged area as one with a minimum population of 2,000 based on census tracts, and a minimum of 20% poverty rate in the area. Section three of the bill states that the act shall take effect immediately.
Justification
State bonds issued to finance the moves of certain busi- nesses to alternative sites can have negative and even devastating ramifications for an economically disadvantaged neighborhood. For one, it could jeopardize many ongoing efforts to encourage businesses to stay and seek new opportunities in economically challenged areas. It could also hinder the endeavors to convince the federal government to provide assistance on the grounds that our city and state are committed to the revitalization of depressed neighborhoods.
The bill would insure that the state act in the best interests of the people, especially in cases when the people directly affected are disad- vantaged. For many low-income communities, there is a great need to revitalize the neighborhood by providing access to businesses which stimulate the economy.
Prior legislative history
First introduced in 1994.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.