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History
- Referred to local government
- Referred to local government
Companion bill
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Establishes additional procedures to be followed by industrial development agencies prior to making development loans
In Assembly Committee · Local Governments · Sponsor Michael Blake
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1585
Title of bill
An act to amend the general municipal law, in relation to industrial development agencies
Purpose
This bill establishes additional procedures to be followed by industrial development agencies prior to making industrial development loans.
Summary of provisions
The general municipal law is amended by adding a new section 859-c to provide additional procedures to be followed by an agency making industrial development loans which would include:
* Public purpose;
* Amount and type of assistance;
* Specific goals for job creation;
* Wage goals for jobs created;
* The financial obligation of the applicant if the goals in the agreement are not met;
* A commitment by the applicant to continue operations on any site where the assistance is used for at least five years;
* The name and address of the parent corporation, if any, of the applicant, and;
* A list of all prior development assistance provided to the applicant by other granting bodies in the preceding five years.
Additionally, the bill contains provisions related to which fiscal bodies shall approve a development agreement.
* This act shall take effect on November 1st succeeding the date on which it shall become law,
Justification
In certain instances, resources of the state which are distributed for economic development initiatives are implemented in a manner neither planned nor expected by the development agency issuing assistance. This legislation would put in place a safeguard to ensure that the intended purpose of the agreement, as consented to by both the applicant and the industrial development agency would remain intact.
Prior legislative history
2013-2014: S.3118 - Referred to Local Gov't
2011-2012: S.3393 - Referred to Local Gov't 2009-2010: S.1918 - Died in Local Gov't 2007-2008: S.4505 - Died in Local Gov't 2005-2006: S.705/A.3234 - Died in Local Gov't / Died in Local Gov't 2003-2004: S.1768/A.378 - Died in Local Gov't / Died in Local Gov't 2001-2002: S.523/A.530 - Died in Local Gov't / Died in Local Local Gov't 1999-2000: S.7875/A.9849 - Died in Local Gov't / Died in Local Gov't
Fiscal implications
Minimal.
Effective date
This act shall take effect on the first of November next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.