Assembly Bill A393

2013-2014 Legislative Session

Establishes the self-sufficiency program within the New York state urban development corporation

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A393 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add ยง16-w, UDC Act
Versions Introduced in Other Legislative Sessions:
2009-2010: A5219
2011-2012: A601

2013-A393 (ACTIVE) - Summary

Establishes the self-sufficiency program within the New York state urban development corporation to promote economic development; defines terms; authorizes the urban development corporation to expedite the design, planning and construction of eligible projects; makes related provisions.

2013-A393 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   393

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
  Committee on Economic Development

AN ACT to amend the New York state urban development corporation act, in
  relation to establishing the self-sufficiency program and to authorize
  the urban development corporation to issue bonds or notes  to  provide
  for  such  program; and providing for the repeal of certain provisions
  of such act upon expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 1 of chapter 174 of the laws of 1968, constituting
the New York state urban development  corporation  act,  is  amended  by
adding a new section 16-w to read as follows:
  S  16-W. SELF-SUFFICIENCY PROGRAM. 1. IT IS HEREBY DECLARED THAT IT IS
A VITAL POLICY AND PUBLIC PURPOSE OF NEW YORK STATE TO  PROMOTE  SIGNIF-
ICANT  ECONOMIC  DEVELOPMENT  IN  NEW  YORK.  THE HISTORY OF NEW YORK IS
MARKED BY LARGE-SCALE ECONOMIC ENDEAVORS WHICH HARNESSED THE CREATIVITY,
SKILL AND VISION OF THE RESIDENTS OF NEW YORK. THE TRANSFORMING POWER OF
THESE ACCOMPLISHMENTS IS BEST EMBODIED IN THE ERIE CANAL, WHICH  CREATED
IN  ITS  WAKE  A SURGE OF ECONOMIC AND POPULATION GROWTH IN NEW YORK. IN
CONTRAST, THE LEGISLATURE HEREBY FINDS THAT THE CURRENT ECONOMIC CLIMATE
OF NEW YORK AS A WHOLE IS MARKED BY PERSISTENT DISINVESTMENT, BLIGHT AND
AGING INFRASTRUCTURE, LOSS OF OPEN SPACE, AND EMIGRATION  OF  EMPLOYMENT
OPPORTUNITIES  AND  INVESTMENT DOLLARS, AND THAT RECREATING THE ENVIRON-
MENT OF ENERGY AND RISK-TAKING THAT DROVE THE ERIE CANAL IS ESSENTIAL TO
NEW YORK'S FUTURE WELL-BEING. THE LEGISLATURE FINDS  THAT  IN  ORDER  TO
REVERSE THE TRENDS OF DECLINE, IT IS NECESSARY AND APPROPRIATE TO ESTAB-
LISH A PUBLIC/PRIVATE FINANCING MODEL TO PROMOTE ECONOMIC DEVELOPMENT IN
NEW  YORK  WHILE  MAXIMIZING LEVERAGE NEEDED TO ASSIST IN FINANCING SUCH
PROJECTS AND DO SO IN AN EXPEDITED MANNER. IT IS THE  OVERRIDING  PUBLIC
POLICY OF THIS STATE TO CREATE A NEW VEHICLE FOR FINANCING AND APPROVING

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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