senate Bill S5570

Extends certain provisions relating to the empire state economic development fund until 2015

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 21 / May / 2013
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 04 / Jun / 2013
    • 1ST REPORT CAL.1115
  • 05 / Jun / 2013
    • 2ND REPORT CAL.
  • 10 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 11 / Jun / 2013
    • PASSED SENATE
  • 11 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 11 / Jun / 2013
    • REFERRED TO ECONOMIC DEVELOPMENT
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Summary

Extends certain provisions relating to the economic development fund until 2015.

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Bill Details

Versions:
S5570
Legislative Cycle:
2013-2014
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act

Sponsor Memo

BILL NUMBER:S5570

TITLE OF BILL: An act to amend the urban development corporation act,
in relation to extending certain provisions relating to the empire
state economic development fund

Purpose: This bill would extend the effectiveness of the Empire State
Economic Development Fund (the "EDF") for two years.

Summary of Provisions:

Section 1 of this bill would amend subdivision 3 of Section 16-m of
the Urban Development Corporation Act (the "UDC Act"), L. 1968 c. 174,
to extend the authority of the Urban Development Corporation ("UDC")
to disburse funds from the EDF until July 1, 2015.

Section 2 of the bill would make the act effective immediately.

Existing Law: The EDF was created in 1996 with the adoption of
Section 16-i of the UDC Act, L. 1996 c. 309 § 105. After annual
extensions through 2001, this section of the UDC Act expired and was
replaced in 2002 by Section 16-m of the UDC Act, L. 2002 c, 84 pt. N.
Like its predecessor, Section 16-m contained a sunset provision that
was serially extended through the 2012-2013 fiscal year. Section 16-m
is currently set to expire on July 1, 2013.

Prior Legislative History:

Section 1.6-m of the UDC Act was previously extended by L. 2003 c. 62
pt. M1 § 5; L. 2004 c. 59 pt. W § 1; L. 2005 c. 59 pt. O § 1; L. 2005
c. 756 § 4; L. 2007 c. 57 pt. O § 3; L. 2008 c. 59 pt. KK § 1; and L.
2012 c. 58 pt. S § 1.

Statement in Support: This bill would provide for the smooth
administration of the EDF, UDC's primary-economic development program.
Because it is often not possible for UDC to disburse all of the
funding appropriated to the EDF during any given fiscal year, the
Enacted Budget frequently provides for reappropriations to the EDF.
The expiration of the provisions of the UDC Act providing the
authority to make grants and other types of financial assistance with
funds appropriated to the EDF has the unintended effect of eliminating
UDC's authority to properly disburse reappropriated funds as well as
its authority to commit new program funding.

In addition to reappropriating approximately $83,708,000 of
undisbursed funding from prior years, the 2013-2014 Enacted Budget
appropriates $31,180,000 in new funding to the EDF. Extending the
sunset date of Section 16-m of the UDC Act will permit UDC to use
these funds to fulfill prior commitments made through the EDF and to
make new assistance available to businesses and other stakeholders
throughout the State without interruption.

Fiscal Implications: Enactment of this bill is necessary to implement
the 2013-14 Enacted Budget, which includes new appropriations and
reappropriations to support the EDF.

Effective Date: This bill would take effect immediately.


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

                                  5570

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 21, 2013
                               ___________

Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel-
  opment)  --  read  twice  and  ordered printed, and when printed to be
  committed to the Committee on Corporations,  Authorities  and  Commis-
  sions

AN  ACT  to  amend the urban development corporation act, in relation to
  extending certain provisions relating to  the  empire  state  economic
  development fund

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

  Section 1. Subdivision 3 of section 16-m of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part S of chapter 58 of  the
laws of 2012, is amended to read as follows:
  3.  The  provisions  of this section shall expire, notwithstanding any
inconsistent provision of subdivision 4 of section 469 of chapter 309 of
the laws of 1996 or of any other law, on July 1, [2013] 2015.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10822-01-3

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