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

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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-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6230--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by  Sens.  GALLIVAN,  AKSHAR, BOYLE, BRESLIN, CROCI, GRIFFO,
          O'MARA, SEWARD -- read twice and ordered printed, and when printed  to
          be  committed  to  the Committee on Local Government -- recommitted to
          the Committee on Local Government in accordance with  Senate  Rule  6,
          sec.  8  --  committee  discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        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. Subdivision 14 of section 854 of the general municipal law,
     2  as added by chapter 356 of the laws of  1993,  is  amended  to  read  as
     3  follows:
     4    (14)  "Financial assistance" - shall mean the proceeds of bonds issued
     5  by an agency, the proceeds of a loan made by an agency, the proceeds  of
     6  a  grant  made  by  an agency however excluding such proceeds of a grant
     7  made by an agency for services or support rendered  consistent  with  an
     8  agency's   corporate   purposes,  equity  funding,  straight-leases,  or
     9  exemptions from taxation claimed by a project occupant as a result of an
    10  agency taking title, possession or control (by lease, license or  other-
    11  wise)  to  the property or equipment of such project occupant or of such
    12  project occupant acting as an agent of an agency.
    13    § 2. Subdivisions 16 and 17 of section 858 of  the  general  municipal
    14  law,  as  renumbered  by chapter 356 of the laws of 1993, are renumbered
    15  subdivisions 19 and 20 and three new subdivisions  16,  17  and  18  are
    16  added to read as follows:
    17    (16)  To  make  loans  to any private or public corporation, any legal
    18  entity or person provided said loan is memorialized  in  an  appropriate
    19  loan  agreement  and further provided that the loan proceeds are used in
    20  furtherance of the agency's corporate purposes;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11693-03-8
        S. 6230--A                          2
     1    (17) To make grants to any private or public  corporation,  any  legal
     2  entity  or  person provided said grant is memorialized in an appropriate
     3  grant agreement and further provided that the grant proceeds are used in
     4  furtherance of the agency's corporate purposes;
     5    (18)  To  provide  seed  and early-stage equity funding to any private
     6  corporation or any legal entity, in accordance with a plan to be  devel-
     7  oped by the agency, located within, or to be located within, the munici-
     8  pality for whose benefit the agency was created and that is in the seed,
     9  early  stage  or venture stage of development and that has the potential
    10  to generate additional economic activity in  New  York  state  provided,
    11  however,  that  equity  funding  is  used in furtherance of the agency's
    12  corporate purposes and further provided that funds received by the bene-
    13  ficiary private corporation or legal entity shall  be  returned  if  the
    14  beneficiary  private corporation or legal entity leaves the municipality
    15  for whose benefit the agency was created within a period of time  to  be
    16  established by the agency;
    17    §  3.  This  act shall take effect on the ninetieth day after it shall
    18  have become a law.