Assembly Bill A5921

2015-2016 Legislative Session

Establishes additional procedures to be followed by industrial development agencies prior to making development loans

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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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2015-A5921 (ACTIVE) - Details

See Senate Version of this Bill:
S1585
Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Add §859-c, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1918
2011-2012: S3393
2013-2014: S3118
2017-2018: A7411, S3096
2019-2020: A5162, S4373
2021-2022: S4671
2023-2024: S5279

2015-A5921 (ACTIVE) - Summary

Establishes additional procedures to be followed by industrial development agencies prior to making loans; includes goals to be achieved by project such as job creation, continuance of business or industry, and public purpose to be attained.

2015-A5921 (ACTIVE) - Bill Text download pdf 

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

                                  5921

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              March 9, 2015
                               ___________

Introduced by M. of A. BLAKE, RODRIGUEZ -- read once and referred to the
  Committee on Local Governments

AN  ACT  to  amend  the general municipal law, in relation to industrial
  development agencies

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

  Section  1.  The  general  municipal  law  is  amended by adding a new
section 859-c to read as follows:
  S 859-C. ADDITIONAL PROCEDURES FOR FINANCIAL ASSISTANCE. 1.  PRIOR  TO
PROVIDING  FINANCIAL  ASSISTANCE, THE AGENCY SHALL FOLLOW CERTAIN PROCE-
DURES WHICH MUST INCLUDE AT LEAST ALL OF THE FOLLOWING:
  (A) A DESCRIPTION OF THE DEVELOPMENT ASSISTANCE, INCLUDING THE  AMOUNT
AND  TYPE.  THE  DESCRIPTION  MUST  INCLUDE THE FAIR MARKET VALUE OF THE
DEVELOPMENT ASSISTANCE TO THE RECIPIENT, INCLUDING THE VALUE OF  CONVEY-
ING  ANY  PROPERTY  AT  LESS  THAN A FAIR MARKET PRICE AND INCLUDING ANY
OTHER IN-KIND BENEFITS TO THE PERSON RECEIVING THE  DEVELOPMENT  ASSIST-
ANCE.
  (B)  A  STATEMENT  SPECIFYING  THE  PUBLIC PURPOSE FOR THE DEVELOPMENT
ASSISTANCE. THE PUBLIC PURPOSE SPECIFIED IN THE  DEVELOPMENT  ASSISTANCE
AGREEMENT MAY NOT BE INCREASING THE TAX BASE. JOB RETENTION MAY BE SPEC-
IFIED  IN  THE DEVELOPMENT ASSISTANCE AGREEMENT AS A PUBLIC PURPOSE ONLY
IF JOB LOSS BY THE PERSON RECEIVING THE DEVELOPMENT ASSISTANCE IS  IMMI-
NENT AND DEMONSTRABLE.
  (C) THE GENERAL GOALS FOR THE DEVELOPMENT ASSISTANCE.
  (D) GOALS FOR THE NUMBER OF JOBS TO BE CREATED BY THE PERSON RECEIVING
THE  DEVELOPMENT  ASSISTANCE DURING THE TWO YEARS FOLLOWING THE DATE THE
DEVELOPMENT ASSISTANCE IS GRANTED. THE GOALS MAY INCLUDE SEPARATE  GOALS
FOR  THE NUMBER OF PART-TIME JOBS AND FULL-TIME JOBS, AND IN CASES WHERE
JOB LOSS IS IMMINENT AND DEMONSTRABLE, SEPARATE GOALS FOR THE NUMBER  OF
JOBS RETAINED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06838-01-5

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