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Senate Bill S1893

2011-2012 Legislative Session

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

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Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

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2011-S1893 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Amd ยง100, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3307
2013-2014: S952
2015-2016: S555
2017-2018: S3628
2019-2020: S4612
2021-2022: S5021
2023-2024: S6198
2025-2026: S4240

2011-S1893 (ACTIVE) - Summary

Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

2011-S1893 (ACTIVE) - Sponsor Memo

2011-S1893 (ACTIVE) - Bill Text download pdf 

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

                                  1893

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 14, 2011
                               ___________

Introduced by Sens. OPPENHEIMER, DIAZ, KRUEGER, PARKER -- read twice and
  ordered  printed, and when printed to be committed to the Committee on
  Commerce, Economic Development and Small Business

AN ACT to amend the economic development law, in relation  to  including
  among  the  commissioner's duties a mandate to include in all economic
  development  subsidy  agreements  provisions  allowing  the  state  to
  recover  previously issued awards from fund recipients in the event of
  relocation outside the state

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

  Section  1.  Subdivision 19 of section 100 of the economic development
law is amended by adding a new paragraph (c) to read as follows:
  (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
FER MONEY OF THE STATE TO A RECIPIENT THROUGH  AN  ECONOMIC  DEVELOPMENT
PROGRAM  OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE BY
A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
OUTSIDE THE STATE WITHIN FIVE YEARS FROM  THE  DATE  OF  RECEIVING  SUCH
AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
  S  2.  This act shall take effect immediately, but shall apply only to
economic development awards made after such date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06218-01-1

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