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Assembly Bill A5963

2009-2010 Legislative Session

Relates to requirements for financial assistance through the urban development corporation

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Archive: Last Bill Status - In Assembly Committee

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2009-A5963 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง37, UDC Act

2009-A5963 (ACTIVE) - Summary

Relates to requirements for financial assistance through the urban development corporation; provides that UDC requirements for the receipt of financial assistance shall include job creation levels and the UDC shall monitor compliance.

2009-A5963 (ACTIVE) - Bill Text download pdf 

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

                                  5963

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2009
                               ___________

Introduced  by  M.  of A. SCHIMMINGER, AUBRY, BENJAMIN, COLTON, FARRELL,
  KELLNER, RAMOS, KAVANAGH -- Multi-Sponsored by -- M. of A.  GORDON  --
  read  once  and referred to the Committee on Economic Development, Job
  Creation, Commerce and Industry

AN ACT to amend the New York state urban development corporation act, in
  relation to applications for financial assistance  through  the  urban
  development corporation

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

  Section 1. Subdivision 6 of section 37 of section 1 of chapter 174  of
the  laws  of  1968,  constituting  the New York state urban development
corporation act, as added by chapter 732 of the laws of 1990, is amended
to read as follows:
  (6) Upon approval of an  application  for  financial  assistance,  the
corporation  shall inform the recipient of all steps which must be taken
in order to receive the promised assistance. The requirements imposed by
the corporation shall be pursuant to [statute or] rules adopted pursuant
to the state administrative procedure act, AND SHALL INCLUDE THE  NUMBER
OF  JOBS TO BE CREATED AND/OR RETAINED AND, WHERE APPLICABLE, THE AMOUNT
TO BE INVESTED BY THE RECIPIENT.   THE  CORPORATION  SHALL  MONITOR  THE
RECIPIENT'S  PROGRESS  IN  MEETING  THE REQUIREMENTS FOR A PERIOD OF NOT
LESS THAN FIVE YEARS FOLLOWING THE RECEIPT OF THE FULL AMOUNT OF  FINAN-
CIAL ASSISTANCE.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08892-01-9

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