senate Bill S7627

2013-2014 Legislative Session

Relates to requirements for economic development grants

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 21, 2014 referred to commerce, economic development and small business

S7627 - Details

See Assembly Version of this Bill:
A9863
Current Committee:
Law Section:
Economic Development Law
Laws Affected:
Amd §100, Ec Dev L; add §11-a, St Fin L

S7627 - 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.

S7627 - Sponsor Memo

S7627 - Bill Text download pdf

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

                                  7627

                            I N  S E N A T E

                              May 21, 2014
                               ___________

Introduced  by  Sen. O'BRIEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment and Small Business

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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