Senate Bill S3118

2013-2014 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government 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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2013-S3118 (ACTIVE) - Details

Current Committee:
Senate Local Government
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
2015-2016: S1585
2017-2018: S3096
2019-2020: S4373
2021-2022: S4671
2023-2024: S5279

2013-S3118 (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.

2013-S3118 (ACTIVE) - Sponsor Memo

2013-S3118 (ACTIVE) - Bill Text download pdf

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

                                  3118

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 30, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

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:
  S  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.
                                                           LBD06898-01-3

              

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