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Assembly Bill A9863

2013-2014 Legislative Session

Relates to requirements for economic development grants

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Archive: Last Bill Status - In Assembly Committee

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2013-A9863 (ACTIVE) - Details

See Senate Version of this Bill:
S7627
Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §100, Ec Dev L; add §11-a, St Fin L
Versions Introduced in 2015-2016 Legislative Session:
A2436, A8115

2013-A9863 (ACTIVE) - Summary

Establishes requirements for economic development grant recipients and specifies the steps that must be taken by the commissioner of economic development in terms of repayment.

2013-A9863 (ACTIVE) - Bill Text download pdf 

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

                                  9863

                          I N  A S S E M B L Y

                              May 27, 2014
                               ___________

Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
  tee on Economic Development

AN ACT to amend the economic development law and the state finance  law,
  in relation to economic development grant recipients

  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  ADOPT  REGULATIONS IN ACCORDANCE WITH SECTION ELEVEN-A OF THE
STATE FINANCE LAW, TO ESTABLISH THE TERMS AND CONDITIONS  OF  REPAYMENT,
INCLUDING  SPECIFYING  THE  CONDITIONS  UNDER  WHICH  REPAYMENT  MAY  BE
DEFERRED, FOLLOWING A DETERMINATION BY THE COMMISSION  OF  A  LEGITIMATE
HARDSHIP.
  S  2. The state finance law is amended by adding a new section 11-a to
read as follows:
  S 11-A. REQUIREMENTS FOR ECONOMIC DEVELOPMENT GRANT RECIPIENTS.    ANY
PERSON  OR  BUSINESS ORGANIZATION WHO RECEIVES AN AWARD OR GRANT THROUGH
AN ECONOMIC DEVELOPMENT PROGRAM, WHERE SUCH AWARD OR GRANT ALSO REQUIRES
THE CREATION OF JOBS, SHALL NOT REDUCE THE NUMBER OF EMPLOYEES WHO  WERE
EMPLOYED  WITHIN THE STATE AT THE TIME SUCH PERSON OR BUSINESS ORGANIZA-
TION ACCEPTED THE FINANCIAL ASSISTANCE FOR FIVE  YEARS  AFTER  RECEIVING
SUCH  ASSISTANCE  OR DURING THE TERM OF THE AWARD OR GRANT, WHICHEVER IS
LONGER, UNLESS THE FULL AMOUNT OF ASSISTANCE IS REPAID TO THE STATE  AND
A PENALTY EQUAL TO FIVE PERCENT OF THE TOTAL ASSISTANCE RECEIVED IS PAID
TO THE STATE. AS USED IN THIS SECTION, THE TERM "BUSINESS" SHALL INCLUDE
ANY DIVISION OF A BUSINESS OR SUBSIDIARY INSTITUTION CONTROLLED, DIRECT-
LY OR INDIRECTLY, BY ANOTHER INSTITUTION.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14726-02-4

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