Bill Text: NY S06230 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the powers of the New York state industrial development agency.

Spectrum: Moderate Partisan Bill (Republican 8-1)

Status: (Introduced - Dead) 2018-06-04 - PRINT NUMBER 6230A [S06230 Detail]

Download: New_York-2017-S06230-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6230
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by Sen. GALLIVAN -- 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 the powers  of
          the New York state industrial development agency
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivisions 16 and 17 of section 858 of the general munic-
     2  ipal law, as renumbered by chapter 356 of the laws of 1993,  are  renum-
     3  bered  subdivisions  19  and 20 and three new subdivisions 16, 17 and 18
     4  are added to read as follows:
     5    (16) To provide loans to any private  or  public  corporation  or  any
     6  legal  entity  provided said loan is memorialized in an appropriate loan
     7  agreement and further provided that the loan proceeds are used in furth-
     8  erance of the agency's corporate purposes;
     9    (17) To provide grants to any private or  public  corporation  or  any
    10  legal entity provided said grant is memorialized in an appropriate grant
    11  agreement  stipulating the services to be provided in furtherance of the
    12  agency's corporate purposes;
    13    (18) Notwithstanding any other law, to provide  seed  and  early-stage
    14  equity  funding  to  any  private  corporation  or  any legal entity, in
    15  accordance with a plan to be developed by the agency, located within, or
    16  to be located within, the municipality for whose benefit the agency  was
    17  created  and that is in the seed, early stage or venture stage of devel-
    18  opment and that has the potential to generate additional economic activ-
    19  ity in New York state provided, however,  that  funds  received  by  the
    20  beneficiary private corporation or legal entity shall be returned if the
    21  beneficiary  private corporation or legal entity leaves the municipality
    22  for whose benefit the agency was created within a period of time  to  be
    23  established by the agency;
    24    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11693-02-7