Assembly Bill A5162

2019-2020 Legislative Session

Establishes additional procedures to be followed by industrial development agencies prior to making development loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A5162 (ACTIVE) - Details

See Senate Version of this Bill:
S4373
Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Add §859-c, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1918
2011-2012: S3393
2013-2014: S3118
2015-2016: A5921, S1585
2017-2018: A7411, S3096
2021-2022: S4671
2023-2024: S5279

2019-A5162 (ACTIVE) - Summary

Establishes additional procedures to be followed by industrial development agencies prior to making loans; includes goals to be achieved by project such as job creation, continuance of business or industry, and public purpose to be attained.

2019-A5162 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5162
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2019
                                ___________
 
 Introduced  by  M. of A. BLAKE, COOK, ORTIZ, MOSLEY, RODRIGUEZ, STECK --
   Multi-Sponsored by -- M. of A. LAWRENCE -- read once and  referred  to
   the Committee on Local Governments
 
 AN  ACT  to  amend  the general municipal law, in relation to industrial
   development agencies

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  general  municipal  law  is  amended by adding a new
 section 859-c to read as follows:
   § 859-C. ADDITIONAL PROCEDURES FOR FINANCIAL ASSISTANCE. 1.  PRIOR  TO
 PROVIDING  FINANCIAL  ASSISTANCE, THE AGENCY SHALL FOLLOW CERTAIN PROCE-
 DURES WHICH MUST INCLUDE AT LEAST ALL OF THE FOLLOWING:
   (A) A DESCRIPTION OF THE DEVELOPMENT ASSISTANCE, INCLUDING THE  AMOUNT
 AND  TYPE.  THE  DESCRIPTION  MUST  INCLUDE THE FAIR MARKET VALUE OF THE
 DEVELOPMENT ASSISTANCE TO THE RECIPIENT, INCLUDING THE VALUE OF  CONVEY-
 ING  ANY  PROPERTY  AT  LESS  THAN A FAIR MARKET PRICE AND INCLUDING ANY
 OTHER IN-KIND BENEFITS TO THE PERSON RECEIVING THE  DEVELOPMENT  ASSIST-
 ANCE.
   (B)  A  STATEMENT  SPECIFYING  THE  PUBLIC PURPOSE FOR THE DEVELOPMENT
 ASSISTANCE. THE PUBLIC PURPOSE SPECIFIED IN THE  DEVELOPMENT  ASSISTANCE
 AGREEMENT MAY NOT BE INCREASING THE TAX BASE. JOB RETENTION MAY BE SPEC-
 IFIED  IN  THE DEVELOPMENT ASSISTANCE AGREEMENT AS A PUBLIC PURPOSE ONLY
 IF JOB LOSS BY THE PERSON RECEIVING THE DEVELOPMENT ASSISTANCE IS  IMMI-
 NENT AND DEMONSTRABLE.
   (C) THE GENERAL GOALS FOR THE DEVELOPMENT ASSISTANCE.
   (D) GOALS FOR THE NUMBER OF JOBS TO BE CREATED BY THE PERSON RECEIVING
 THE  DEVELOPMENT  ASSISTANCE DURING THE TWO YEARS FOLLOWING THE DATE THE
 DEVELOPMENT ASSISTANCE IS GRANTED. THE GOALS MAY INCLUDE SEPARATE  GOALS
 FOR  THE NUMBER OF PART-TIME JOBS AND FULL-TIME JOBS, AND IN CASES WHERE
 JOB LOSS IS IMMINENT AND DEMONSTRABLE, SEPARATE GOALS FOR THE NUMBER  OF
 JOBS RETAINED.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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