Bill Text: NY A09144 | 2021-2022 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Establishes a single industrial development agency in each region of the state.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2022-03-07 - print number 9144a [A09144 Detail]

Download: New_York-2021-A09144-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          9144

                   IN ASSEMBLY

                                    January 31, 2022
                                       ___________

        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on Local Governments

        AN ACT to amend the general municipal law, in relation  to  establishing
          regional  industrial  development  agencies;  and  to  repeal  certain
          provisions of such law relating thereto

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Section 856 of the general municipal law, as added by chap-
     2  ter 1030 of the laws of 1969, paragraph (c) of subdivision 1 as added by
     3  chapter  692 of the laws of 1989 and subdivision 2 as amended by chapter
     4  356 of the laws of 1993, is amended to read as follows:
     5    § 856.  [Organization]  Establishment  and  organization  of  regional
     6  industrial  development  agencies.  1. (a) [Upon the establishment of an
     7  industrial development agency by special act  of  the  legislature,  the
     8  governing  body  of  the  municipality  for whose benefit such agency is
     9  established shall file within six months after the effective date of the
    10  special act of the legislature establishing such agency  or  before  the
    11  first  day of July, nineteen hundred sixty-nine, whichever date shall be
    12  later, in the office of the secretary of state,  a  certificate  setting
    13  forth: (1) the date of passage of the special act establishing the agen-
    14  cy;  (2)  the name of the agency; (3) the names of the members and their
    15  terms of office, specifying which member is the chairman; and (4)  facts
    16  establishing the need for the establishment of an agency in such munici-
    17  pality.
    18    (b)  Every  such agency shall be perpetual in duration, except that if
    19  (1) such certificate is not filed with the secretary of state within six
    20  months after the effective date of the special act  of  the  legislature
    21  establishing  such  agency  or  before  the  first day of July, nineteen
    22  hundred sixty-nine, whichever date shall be later,  or  if  (2)  at  the
    23  expiration  of ten years subsequent to the effective date of the special
    24  act, there shall be outstanding no bonds or other  obligations  thereto-
    25  fore  issued  by  such agency or by the municipality for or in behalf of
    26  the agency, then the corporate existence of such agency shall  thereupon
    27  terminate and it shall thereupon be deemed to be and shall be dissolved.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13793-01-1

        A. 9144                             2

     1    (c)  On  or  before  March  first of each year, the secretary of state
     2  shall prepare a list of agencies which failed to file a  certificate  in
     3  accordance  with  provisions of paragraph (a) of this subdivision within
     4  the preceding calendar year and transmit a copy  of  such  list  to  the
     5  state  comptroller  and  the  commissioner of the department of economic
     6  development. On or before March first of each year the  commissioner  of
     7  the  department of economic development shall prepare a list of agencies
     8  which have dissolved pursuant to paragraph (b) of  this  subdivision  or
     9  have  ceased  to  exist  pursuant to section eight hundred eighty-two of
    10  this chapter and shall transmit a copy of such list to the  state  comp-
    11  troller.]  There  is hereby established ten regional industrial develop-
    12  ment agencies, one for each of the following regions of the state:
    13    (i) Long Island (which consists of Suffolk and Nassau counties);
    14    (ii) the city of New York (which consists of Bronx, New York,  Queens,
    15  Brooklyn, and Richmond counties);
    16    (iii)  the  Mid-Hudson  region  (which  consists  of Sullivan, Ulster,
    17  Dutchess, Orange, Putnam, Westchester, and Rockland counties);
    18    (iv) the Southern tier (which consists of Steuben, Schuyler, Tompkins,
    19  Chemung, Tioga, Chenango, Broome, and Delaware counties);
    20    (v) the Capital region (which consists of Warren, Washington,  Sarato-
    21  ga, Schenectady, Rensselaer, Albany, Columbia, and Greene counties);
    22    (vi)  the  Mohawk  valley (which consists of Oneida, Herkimer, Fulton,
    23  Montgomery, Otsego, and Schoharie counties);
    24    (vii) the North country (which  consists  of  Clinton,  Franklin,  St.
    25  Lawrence, Jefferson, Lewis, Hamilton, and Essex counties);
    26    (viii) the Central region (which consists of Oswego, Cayuga, Onondaga,
    27  Madison, and Cortland counties);
    28    (ix)  the  Finger  Lakes  region  (which  consists of Orleans, Monroe,
    29  Wayne, Genesee, Wyoming, Livingston, Ontario, Seneca,  and  Yates  coun-
    30  ties); and
    31    (x)  the  Western region (which consists of Niagara, Erie, Chautauqua,
    32  Cattaraugus, and Allegany counties).
    33    (b) Any municipal industrial development agency established under  the
    34  former  title  two  of  this article shall consolidate into the regional
    35  entity where such municipal industrial development agency was located.
    36    2. An agency shall be a corporate governmental agency, constituting  a
    37  public  benefit corporation. Except as otherwise provided by special act
    38  of the legislature, an agency shall consist of not less than [three  nor
    39  more than] seven members who shall be appointed by the governing body of
    40  each  municipality  in a county under the jurisdiction of the agency and
    41  who shall serve at  the  pleasure  of  the  appointing  authority.  Such
    42  members  may include representatives of local government, school boards,
    43  organized labor and business. A member shall  continue  to  hold  office
    44  until  his or her successor is appointed and has qualified. The [govern-
    45  ing body of each municipality] appointed  members  shall  designate  the
    46  first  chairman  and  file  with the secretary of state a certificate of
    47  appointment or reappointment of any member. Such members  shall  receive
    48  no  compensation  for their services but shall be entitled to the neces-
    49  sary expenses, including traveling expenses, incurred in  the  discharge
    50  of their duties.
    51    3. A majority of the members of an agency shall constitute a quorum.
    52    4.  Any  one or more of the members of an agency may be an official or
    53  an employee of [the] a municipality in a county under  the  jurisdiction
    54  of the agency. In the event that an official or an employee of the muni-
    55  cipality  shall  be  appointed  as a member of the agency, acceptance or
    56  retention of such appointment shall not be deemed a forfeiture of his or

        A. 9144                             3

     1  her municipal office or employment, or incompatible therewith or  affect
     2  his  or  her tenure or compensation in any way. [The term of office of a
     3  member of an agency who is an official or an  employee  of  the  munici-
     4  pality when appointed as a member thereof by special act of the legisla-
     5  ture  creating  the industrial development agency shall terminate at the
     6  expiration of the term of his municipal office.]
     7    § 2. Subdivisions 1, 4 and 11 of section 854 of the general  municipal
     8  law,  subdivision 1 as added by chapter 1030 of the laws of 1969, subdi-
     9  vision 4 as amended by section 5 of part X of chapter 59 of the laws  of
    10  2021 and subdivision 11 as added by chapter 803 of the laws of 1980, are
    11  amended to read as follows:
    12    (1)  "Agency"  or  "IDA"--shall mean [an Industrial Development Agency
    13  created pursuant to this act] the regional industrial development agency
    14  established in each region of the state, pursuant to subdivision one  of
    15  section eight hundred fifty-six of this title.
    16    (4)  "Project"  -  shall mean any land, any building or other improve-
    17  ment, and all real and personal properties located within the  state  of
    18  New York and within or outside or partially within and partially outside
    19  the  [municipality]  region  for  whose  benefit the agency was created,
    20  including, but not limited to, machinery, equipment and other facilities
    21  deemed necessary or desirable in  connection  therewith,  or  incidental
    22  thereto,  whether  or  not now in existence or under construction, which
    23  shall be suitable for manufacturing, warehousing, research,  commercial,
    24  renewable  energy  or  industrial  purposes  or other economically sound
    25  purposes identified and called for to implement a state designated urban
    26  cultural park management plan as provided  in  title  G  of  the  parks,
    27  recreation  and  historic preservation law and which may include or mean
    28  an industrial pollution control facility, a recreation facility,  educa-
    29  tional or cultural facility, a horse racing facility, a railroad facili-
    30  ty,  a  renewable  energy  project  or  an  automobile  racing facility,
    31  provided, however, no agency shall use its funds  or  provide  financial
    32  assistance  in  respect  of  any project wholly or partially outside the
    33  [municipality] region for whose benefit the agency was  created  without
    34  the  prior  consent  thereto  by the governing body or bodies of all the
    35  [other] municipalities in which a part or parts of the  project  is  and
    36  the corresponding agency for such region, or is to be, located, and such
    37  portion  of  the  project located outside such [municipality] region for
    38  whose benefit the agency  was  created  shall  be  contiguous  with  the
    39  portion of the project inside such [municipality] region.
    40    (11)  "Railroad  facility"--shall  mean,  but shall not be limited to,
    41  railroad rights-of-way, beds, bridges, viaducts,  tracks,  switches  and
    42  rolling  stock and any other attendant structure, equipment, facility or
    43  property necessary or appropriate to railroading conducted  in  conjunc-
    44  tion  with  industrial,  [commerical]  commercial, manufacturing, recre-
    45  ational or warehousing operations; provided, however, that (i) no agency
    46  shall itself operate  a  railroad  facility  for  freight  or  passenger
    47  service,  but  may lease or otherwise make such facility available to an
    48  operator, subject to an agreement for the maintenance and  operation  of
    49  such  facility for freight or passenger service, provided that passenger
    50  service does not constitute the primary purpose of the railroad  facili-
    51  ty;  (ii)  prior  to  undertaking  any  project  involving  acquisition,
    52  construction, reconstruction,  improvement,  maintenance,  equipping  or
    53  furnishing  of a railroad facility, an agency shall submit its plans for
    54  the proposed project to the commissioner of transportation; the  commis-
    55  sioner  shall,  within sixty days of his or her receipt of the proposal,
    56  submit an analysis of the financial and operational feasibility  of  the

        A. 9144                             4

     1  proposed  project,  along  with any recommendations for modification for
     2  improving the project's viability, to  the  agency,  the  governor,  the
     3  commissioner  of  commerce,  the  temporary president of the senate, the
     4  speaker  of  the  assembly and the governing body of the municipality in
     5  which the [agency] proposed project is  located;  and  (iii)  no  agency
     6  shall  enter into any contract for the acquisition, construction, recon-
     7  struction, improvement, maintenance, equipping or furnishing of a  rail-
     8  road  facility  until  fifteen days after the submission of the analysis
     9  and recommendations of the commissioner of transportation,  or  seventy-
    10  five  days  after  submission  of the agency's plan to the commissioner,
    11  whichever is earlier.
    12    § 3. The opening paragraph and subdivisions 6, 7 and 8 of section  858
    13  of  the  general  municipal  law,  the  opening  paragraph as amended by
    14  section 6 of part X of chapter 59 of the laws of 2021, subdivision 6  as
    15  added  by  chapter 1030 of the laws of 1969, subdivision 7 as amended by
    16  chapter 559 of the laws of 2021 and subdivision 8 as amended by  chapter
    17  356 of the laws of 1993, are amended to read as follows:
    18    The purposes of the agency shall be to promote, develop, encourage and
    19  assist  in the acquiring, constructing, reconstructing, improving, main-
    20  taining, equipping and furnishing industrial,  manufacturing,  warehous-
    21  ing,  commercial,  research,  renewable energy and recreation facilities
    22  including  industrial  pollution  control  facilities,  educational   or
    23  cultural facilities, railroad facilities, horse racing facilities, auto-
    24  mobile  racing facilities, renewable energy projects and continuing care
    25  retirement communities, [provided, however, that, of  agencies  governed
    26  by  this  article, only agencies created for the benefit of a county and
    27  the agency created for the benefit of the city  of  New  York  shall  be
    28  authorized  to provide financial assistance in any respect to a continu-
    29  ing care retirement community,] and thereby  advance  the  job  opportu-
    30  nities, health, general prosperity and economic welfare of the people of
    31  the  state  of  New  York and to improve their recreation opportunities,
    32  prosperity and standard of  living;  and  to  carry  out  the  aforesaid
    33  purposes, each agency shall have the following powers:
    34    (6) With the consent of [the] a municipality under the jurisdiction of
    35  the agency, to use agents, employees and facilities of the municipality,
    36  paying  the  municipality  its  agreed proportion of the compensation or
    37  costs;
    38    (7) To appoint officers, agents  and  employees,  to  prescribe  their
    39  qualifications  and to fix their compensation and to pay the same out of
    40  funds of the agency, provided, however, that an elected officer of [the]
    41  a municipality under the jurisdiction of the agency may not serve  as  a
    42  compensated officer, agent or employee of the agency;
    43    (8)  (a)  To  appoint  an  attorney, who may be the counsel of [the] a
    44  municipality under the jurisdiction of the agency, and to fix the attor-
    45  ney's compensation for services which shall be payable to the  attorney,
    46  and  to retain and employ private consultants for professional and tech-
    47  nical assistance and advice;
    48    (b) An attorney acting as bond counsel for a project  must  file  with
    49  the  agency  a  written  statement in which the attorney identifies each
    50  party to the transaction which such attorney represents. If bond counsel
    51  provides any legal services to parties other than the agency the written
    52  statement must describe the nature of legal services  provided  by  such
    53  bond  counsel to all parties to the transaction, including the nature of
    54  the services provided to the agency.
    55    § 4. Paragraphs (b) and (e) of subdivision 1 and subdivisions 2 and  3
    56  of  section 859 of the general municipal law, paragraph (b), the opening

        A. 9144                             5

     1  paragraph of paragraph (e) and subparagraph  (v)  of  paragraph  (e)  of
     2  subdivision  1  as amended by chapter 357 of the laws of 1993, paragraph
     3  (e) of subdivision 1 and subdivision 3 as added  and  subdivision  2  as
     4  amended  by  chapter  356  of  the  laws of 1993, are amended to read as
     5  follows:
     6    (b) Within ninety days following the close of its  fiscal  year,  each
     7  agency  [or  authority]  shall  prepare  a  financial statement for that
     8  fiscal year in such form as may be prescribed by the state  comptroller.
     9  Such  statement  shall  be  audited  within such [ninety day] ninety-day
    10  period by an independent certified public accountant in accordance  with
    11  government accounting standards established by the United States general
    12  accounting office. The audited financial statement shall include supple-
    13  mental  schedules  listing all straight-lease transactions and bonds and
    14  notes issued, outstanding or retired during  the  applicable  accounting
    15  period  whether  or not such bonds, notes or transactions are considered
    16  obligations of the agency. For each issue of bonds or notes such  sched-
    17  ules  shall  provide  the name of each project financed with proceeds of
    18  each issue, and whether the project occupant is a not-for-profit  corpo-
    19  ration,  the  name  and address of each owner of each project, the esti-
    20  mated amount of tax exemptions authorized for each project, the  purpose
    21  for  which each bond or note was issued, date of issue, interest rate at
    22  issuance and if variable the range of interest rates applicable, maturi-
    23  ty date, federal tax status of each issue, and an estimate of the number
    24  of jobs created and retained by each project.  For  each  straight-lease
    25  transaction,  such schedules shall provide the name of each project, and
    26  whether the project occupant is a not-for-profit corporation,  the  name
    27  and  address  of each owner of each project, the estimated amount of tax
    28  exemptions authorized for each project, the purpose for which each tran-
    29  saction was made, the method of financial  assistance  utilized  by  the
    30  project,  other  than  the  tax exemptions claimed by the project and an
    31  estimate of the number of jobs created and retained by each project.
    32    (e) If an agency [or authority] shall fail to  file  or  substantially
    33  complete,  as  determined by the state comptroller, the financial state-
    34  ment required by this  section,  the  state  comptroller  shall  provide
    35  notice  to the agency [or authority]. The notice shall state the follow-
    36  ing:
    37    (i) that the failure to file a financial statement as  required  is  a
    38  violation  of  this section, or in the case of an insufficient financial
    39  statement, the manner in which  the  financial  statement  submitted  is
    40  deficient;
    41    (ii)  that  the  agency  [or authority] has thirty days to comply with
    42  this section or provide an adequate written  explanation  to  the  comp-
    43  troller  of  the  agency's [or authority's] reasons for the inability to
    44  comply; and
    45    (iii) that the agency's [or authority's] failure to provide either the
    46  required financial statement or an adequate explanation will  result  in
    47  the notification [of the chief executive officer of the municipality for
    48  whose  benefit  the agency or authority was created] of [the] such agen-
    49  cy's noncompliance with this section. Where such agency  [or  authority]
    50  has  failed  to file the required statement, the comptroller shall addi-
    51  tionally notify the agency [or authority] that continued failure to file
    52  the required statement may result in loss of the agency's  [or  authori-
    53  ty's] authority to provide exemptions from state taxes.
    54    (iv)  If an agency [or authority] after thirty days has failed to file
    55  the required statement or the explanation  in  the  manner  required  by
    56  subparagraph (i) of this paragraph, or provides an insufficient explana-

        A. 9144                             6

     1  tion,  the  comptroller shall notify the [chief executive officer of the
     2  municipality for whose benefit the agency or authority was  created  and
     3  the]  agency  of [the] such agency's [or authority's] noncompliance with
     4  this  section.  Such  notice  from  the  state comptroller shall further
     5  delineate in what respect the agency [or authority] has failed to comply
     6  with this section. If the agency [or authority] has failed to  file  the
     7  required  statement,  the notice shall additionally state that continued
     8  failure to file the required statement may result in loss of  the  agen-
     9  cy's [or authority's] authority to provide exemptions from state taxes.
    10    (v) If, thirty days after notification of the [chief executive officer
    11  of  the  municipality  for  whose  benefit  the  agency or authority was
    12  created of the] agency's [or authority's] noncompliance, the agency  [or
    13  authority]  fails  to file the required statement, the comptroller shall
    14  notify the [chief executive officer of the municipality for whose  bene-
    15  fit  that agency or authority was created and the] agency [or authority]
    16  that if such report is not provided within sixty days, that  the  agency
    17  [or  authority]  will no longer be authorized to provide exemptions from
    18  state taxes.
    19    (vi) If, sixty days after the notification  required  by  subparagraph
    20  (v)  of  this  paragraph,  the comptroller has not received the required
    21  statement, the agency [or authority] shall not offer  financial  assist-
    22  ance  which  provides  exemptions  from state taxes until such financial
    23  statement is filed and the comptroller shall so notify  the  agency  [or
    24  authority  and the chief executive officer of the municipality for whose
    25  benefit  the  agency  was  created].  Provided,  however,  that  nothing
    26  contained  in  this paragraph shall be deemed to modify the terms of any
    27  existing agreements.
    28    2. On or before September first of each year, the commissioner of  the
    29  department  of  economic  development  shall  prepare  and submit to the
    30  governor, speaker of the assembly, majority leader of  the  senate,  and
    31  the  state  comptroller, a report setting forth a summary of the signif-
    32  icant trends in operations and financing by the agencies  [and  authori-
    33  ties];  departures  from  acceptable practices by agencies [and authori-
    34  ties]; a compilation by type of  the  bonds  and  notes  outstanding;  a
    35  compilation  of all outstanding straight-lease transactions; an estimate
    36  of the total number of jobs created and retained by agency [or  authori-
    37  ty]  projects;  and  any  other  information which in the opinion of the
    38  commissioner bears upon the discharge  of  the  statutory  functions  of
    39  agencies [and authorities].
    40    3.  On or before April first, nineteen hundred ninety-six, the commis-
    41  sioner shall submit to the director of the division of the  budget,  the
    42  temporary  president  of  the  senate,  the speaker of the assembly, the
    43  chairman of the senate finance committee, the chairman of  the  assembly
    44  ways  and  means  committee, the chairman of the senate local government
    45  committee, the chairman of the senate committee  on  commerce,  economic
    46  development  and  small business, the chairman of the assembly committee
    47  on commerce, industry and economic  development,  the  chairman  of  the
    48  assembly  local  governments  committee and the chairman of the assembly
    49  real property taxation committee an  evaluation  of  the  activities  of
    50  industrial  development agencies [and authorities] in the state prepared
    51  by an entity independent of the department. Such evaluation shall  iden-
    52  tify  the  effect of agencies [and authorities] on: (a) job creation and
    53  retention in  the  state,  including  the  types  of  jobs  created  and
    54  retained; (b) the value of tax exemptions provided by such agencies [and
    55  authorities];  (c)  the  value  of  payments  received  in lieu of taxes
    56  received by municipalities and school districts as a result of  projects

        A. 9144                             7

     1  sponsored  by such entities; (d) a summary of the types of projects that
     2  received financial assistance; (e) a summary of the types  of  financial
     3  assistance  provided by the agencies [and authorities]; (f) a summary of
     4  criteria  for evaluation of projects used by agencies [and authorities];
     5  (g) a summary of tax exemption policies of agencies  [and  authorities];
     6  and  (h)  such  other factors as may be relevant to an assessment of the
     7  performance of such agencies [and authorities] in creating and retaining
     8  job opportunities for residents of the state. Such evaluation shall also
     9  assess the  process  by  which  the  agencies  [and  authorities]  grant
    10  exemptions  from state taxes and make recommendations for the most effi-
    11  cient and effective procedures for the  use  of  such  exemptions.  Such
    12  evaluation shall further include any recommendations for changes in laws
    13  governing the operations of industrial development agencies [and author-
    14  ities]  which  would  enhance  the creation and retention of jobs in the
    15  state.
    16    § 5. Paragraph (c) of subdivision 2 of  section  862  of  the  general
    17  municipal law, as added by section 1 of part J of chapter 59 of the laws
    18  of 2013, is amended to read as follows:
    19    (c)  With  respect to projects authorized pursuant to paragraph (b) of
    20  this subdivision, no project shall be approved unless the  agency  shall
    21  find  after  the public hearing required by section eight hundred fifty-
    22  nine-a of this title that undertaking the project will serve the  public
    23  purposes of this article by preserving permanent, private sector jobs or
    24  increasing  the  overall number of permanent, private sector jobs in the
    25  state. [Where the agency makes such a finding, prior to providing finan-
    26  cial assistance to the project by the agency, the chief executive  offi-
    27  cer  of  the municipality for whose benefit the agency was created shall
    28  confirm the proposed action of the agency.]
    29    § 6. Section 868 of the general municipal law,  as  added  by  chapter
    30  1030 of the laws of 1969, is amended to read as follows:
    31    §  868.  Agreements  of  the  municipality and state. The municipality
    32  where a proposed project is located is authorized to, and the state does
    33  hereby, pledge to and agree with the holders of the bonds or notes  that
    34  neither  the  municipality  nor  the  state, respectively, will limit or
    35  alter the rights, hereby vested in the  agency  to  acquire,  construct,
    36  reconstruct,  improve,  maintain,  equip  and  furnish  the  project  or
    37  projects, to establish and collect rentals, fees and other  charges  and
    38  to  fulfill  the  terms  of  any agreements made with the holders of the
    39  bonds or notes nor in any way impair the  rights  and  remedies  of  the
    40  bondholders  or  noteholders  until  the  bonds  or notes, together with
    41  interest thereon, with interest on any unpaid installments  of  interest
    42  and  all  costs and expenses in connection with any action or proceeding
    43  by or on behalf of the bondholders or  noteholders  are  fully  met  and
    44  discharged.
    45    §  7.  Section  870  of the general municipal law, as added by chapter
    46  1030 of the laws of 1969, is amended to read as follows:
    47    § 870. State and municipality not liable on bonds or notes. The  bonds
    48  or  notes and other obligations of the [authority] agency shall not be a
    49  debt of the state or of the municipality where  a  proposed  project  is
    50  located,  and  neither  the  state  nor the municipality shall be liable
    51  thereon, nor shall they be payable out of any funds other than those  of
    52  the agency.
    53    §  8.  Subdivision 1 and paragraph (d) of subdivision 3 of section 875
    54  of the general municipal law, as added by section 2 of part J of chapter
    55  59 of the laws of 2013, are amended to read as follows:

        A. 9144                             8

     1    1. For purposes of this section:  "state sales and  use  taxes"  means
     2  sales  and  compensating  use  taxes and fees imposed by article twenty-
     3  eight or twenty-eight-A of the tax law but excluding such taxes  imposed
     4  in  a  city  by  section eleven hundred seven or eleven hundred eight of
     5  such article twenty-eight. "IDA" means [an] a regional industrial devel-
     6  opment agency established in each region of the state by subdivision one
     7  of  section  eight  hundred  fifty-six of this [article or an industrial
     8  development authority created by  the  public  authorities  law]  title.
     9  "Commissioner" means the commissioner of taxation and finance.
    10    (d)  An  IDA  shall  prepare an annual compliance report detailing its
    11  terms and conditions described in paragraph (a) of this subdivision  and
    12  its  activities and efforts to recover, recapture, receive, or otherwise
    13  obtain state sales and use exemptions benefits  described  in  paragraph
    14  (b)  of  this  subdivision,  together with such other information as the
    15  commissioner and the commissioner of economic development  may  require.
    16  The  report required by this subdivision shall be filed with the commis-
    17  sioner, the director of the division of the budget, the commissioner  of
    18  economic  development, the state comptroller, [the governing body of the
    19  municipality for whose benefit the  agency  was  created,]  and  may  be
    20  included  with  the annual financial statement required by paragraph (b)
    21  of subdivision one of section eight hundred fifty-nine  of  this  title.
    22  Such  report  required  by this subdivision shall be filed regardless of
    23  whether the IDA is required to file such financial  statement  described
    24  by  such  paragraph  (b)  of  subdivision  one  of section eight hundred
    25  fifty-nine. The failure to file or  substantially  complete  the  report
    26  required  by  this subdivision shall be deemed to be the failure to file
    27  or substantially complete the statement required by such  paragraph  (b)
    28  of  subdivision  one  of  such section eight hundred fifty-nine, and the
    29  consequences shall be the same as provided in paragraph (e) of  subdivi-
    30  sion one of such section eight hundred fifty-nine.
    31    §  9.  Paragraph  e  of  subdivision 3 of section 859-c of the general
    32  municipal law is REPEALED.
    33    § 10. Section 861 of the general municipal law is REPEALED.
    34    § 11. Section 882 of the general municipal law is REPEALED.
    35    § 12. Title 2  of  article  18-A  of  the  general  municipal  law  is
    36  REPEALED.
    37    §  13.  This  act  shall  take effect on the one hundred eightieth day
    38  after it shall have become a law. Effective immediately,  the  addition,
    39  amendment  and/or  repeal  of  any  rule or regulation necessary for the
    40  implementation of this act on its effective date are  authorized  to  be
    41  made and completed on or before such effective date.
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