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History
- Print number 1129a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
- Reported and committed to finance
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the New York state urban development corporation act, in relation to establishing an urban and community development program
Purpose
To codify the Urban and community Development Program that exists only in appropriations language and to eliminate redundant and &lplicative language.
Summary of provisions
Section 2 of the bill adds new definition to the Urban Development corporation Act, including definitions for economically distressed areas, highly distressed areas and commercial strips.
section 3 adds a new paragraph 16-t to the UDC Act, establishing the Urban and Community Development Program, which consists of an urban and community:
* Main street revitalization program (subdivision 4), which provides matching funds for management support to not-for-profit corporations involved in commercial revitalization activities;
* Development assistance program (subdivision 5), which provides grants for a variety of activities conducted by a not-for-profit corporation, including architectural design studies, feasibility and planning studies, and identification of opportunities;
* Project development programs (subdivision 6) which provide project development loans to implement projects for which no other funds of the corporation are available, including projects identified through the development zones and highly distressed communities. This program also directs UDC to provide projects development assistance with the UDC acting as project developer in projects with an estimated cost of $1 million to $3 million and located in economic development zones or highly distressed areas. UDC is authorized to provide up to 60 percent of project costs in this instance;
* Training and technical assistance program (subdivision 7) to assist small communities and not-for-profit corporations in planning and implementing economic development strategies and programs. UDC would provide technical assistance and training and would be authorized to enter into contracts with statewide and regional economic development organizations to train and educate local economic development officials.
Justification
The Urban and Community Development Programs, which currently exist only in appropriations language, has built on the traditional UDC involvement with area development and its power to act as developer. The UDC has a long history of experience with commercial revitalization activities and is the state's lead agency in this regard. The latter is particularly important because commercial revitalization activities have not been given the attention that they deserve by state development agencies and authorities.
Fiscal implications
Unknown.
Legislative history
2009-10: S.1129 - Referred to Corporations, Authorities and Commissions 2007-08: S.2930 - Referred to corporations, Authorities and Commissions 2005-06: S.1464 - Referred to Corporations, Authorities and Commissions
2003-04: S.1003 - Referred to Corporations, Authorities and Commissions 2001-02: S.1481 - Referred to Corporations, Authorities and Commissions
Effective date
This act shall take effect on the first of April next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.