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

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Bill Title: Establishes a single industrial development agency in each region of the state.

Spectrum: Partisan Bill (Democrat 1-0)

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

Download: New_York-2021-A09144-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         9144--A

                   IN ASSEMBLY

                                    January 31, 2022
                                       ___________

        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on  Local  Governments  --  committee  discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee

        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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13793-02-2
        A. 9144--A                          2

     1  the  agency, then the corporate existence of such agency shall thereupon
     2  terminate and it shall thereupon be deemed to be and shall be dissolved.
     3    (c)  On  or  before  March  first of each year, the secretary of state
     4  shall prepare a list of agencies which failed to file a  certificate  in
     5  accordance  with  provisions of paragraph (a) of this subdivision within
     6  the preceding calendar year and transmit a copy  of  such  list  to  the
     7  state  comptroller  and  the  commissioner of the department of economic
     8  development. On or before March first of each year the  commissioner  of
     9  the  department of economic development shall prepare a list of agencies
    10  which have dissolved pursuant to paragraph (b) of  this  subdivision  or
    11  have  ceased  to  exist  pursuant to section eight hundred eighty-two of
    12  this chapter and shall transmit a copy of such list to the  state  comp-
    13  troller.]  There  is hereby established ten regional industrial develop-
    14  ment agencies, one for each of the following regions of the state:
    15    (i) Long Island (which consists of Suffolk and Nassau counties);
    16    (ii) the city of New York (which consists of Bronx, New York,  Queens,
    17  Brooklyn, and Richmond counties);
    18    (iii)  the  Mid-Hudson  region  (which  consists  of Sullivan, Ulster,
    19  Dutchess, Orange, Putnam, Westchester, and Rockland counties);
    20    (iv) the Southern tier (which consists of Steuben, Schuyler, Tompkins,
    21  Chemung, Tioga, Chenango, Broome, and Delaware counties);
    22    (v) the Capital region (which consists of Warren, Washington,  Sarato-
    23  ga, Schenectady, Rensselaer, Albany, Columbia, and Greene counties);
    24    (vi)  the  Mohawk  valley (which consists of Oneida, Herkimer, Fulton,
    25  Montgomery, Otsego, and Schoharie counties);
    26    (vii) the North country (which  consists  of  Clinton,  Franklin,  St.
    27  Lawrence, Jefferson, Lewis, Hamilton, and Essex counties);
    28    (viii) the Central region (which consists of Oswego, Cayuga, Onondaga,
    29  Madison, and Cortland counties);
    30    (ix)  the  Finger  Lakes  region  (which  consists of Orleans, Monroe,
    31  Wayne, Genesee, Wyoming, Livingston, Ontario, Seneca,  and  Yates  coun-
    32  ties); and
    33    (x)  the  Western region (which consists of Niagara, Erie, Chautauqua,
    34  Cattaraugus, and Allegany counties).
    35    (b) Any municipal industrial development agency established under  the
    36  former  title  two  of  this article shall consolidate into the regional
    37  entity where such municipal industrial development agency was located.
    38    2. An agency shall be a corporate governmental agency, constituting  a
    39  public  benefit corporation. Except as otherwise provided by special act
    40  of the legislature, an agency shall consist of not less than [three  nor
    41  more than seven] fifteen members who shall be appointed by the governing
    42  body  of each [municipality and who] county within the agency in propor-
    43  tion to the population within that regional jurisdiction of that agency,
    44  provided that each county should be entitled to at least one  member.  A
    45  member  shall  serve  at  the pleasure of the appointing authority. Such
    46  members may include representatives of local government, school  boards,
    47  organized  labor  and  business.  A member shall continue to hold office
    48  until his or her successor is appointed and has qualified. The  [govern-
    49  ing  body  of  each  municipality] appointed members shall designate the
    50  first chairman and file with the secretary of  state  a  certificate  of
    51  appointment  or  reappointment of any member. Such members shall receive
    52  no compensation for their services but shall be entitled to  the  neces-
    53  sary  expenses,  including traveling expenses, incurred in the discharge
    54  of their duties.
    55    3. A majority of the members of an agency shall constitute a quorum.
        A. 9144--A                          3

     1    4. Any one or more of the members of an agency may be an  official  or
     2  an  employee  of [the] a municipality in a county under the jurisdiction
     3  of the agency. In the event that an official or an employee of the muni-
     4  cipality shall be appointed as a member of  the  agency,  acceptance  or
     5  retention of such appointment shall not be deemed a forfeiture of his or
     6  her  municipal office or employment, or incompatible therewith or affect
     7  his or her tenure or compensation in any way. [The term of office  of  a
     8  member  of  an  agency  who is an official or an employee of the munici-
     9  pality when appointed as a member thereof by special act of the legisla-
    10  ture creating the industrial development agency shall terminate  at  the
    11  expiration of the term of his municipal office.]
    12    §  2. Subdivisions 1, 4 and 11 of section 854 of the general municipal
    13  law, subdivision 1 as added by chapter 1030 of the laws of 1969,  subdi-
    14  vision  4 as amended by section 5 of part X of chapter 59 of the laws of
    15  2021 and subdivision 11 as added by chapter 803 of the laws of 1980, are
    16  amended to read as follows:
    17    (1) "Agency" or "IDA"--shall mean [an  Industrial  Development  Agency
    18  created pursuant to this act] the regional industrial development agency
    19  established  in each region of the state, pursuant to subdivision one of
    20  section eight hundred fifty-six of this title.
    21    (4) "Project" - shall mean any land, any building  or  other  improve-
    22  ment,  and  all real and personal properties located within the state of
    23  New York and within or outside or partially within and partially outside
    24  the [municipality] region for whose  benefit  the  agency  was  created,
    25  including, but not limited to, machinery, equipment and other facilities
    26  deemed  necessary  or  desirable  in connection therewith, or incidental
    27  thereto, whether or not now in existence or  under  construction,  which
    28  shall  be suitable for manufacturing, warehousing, research, commercial,
    29  renewable energy or industrial  purposes  or  other  economically  sound
    30  purposes identified and called for to implement a state designated urban
    31  cultural  park  management  plan  as  provided  in title G of the parks,
    32  recreation and historic preservation law and which may include  or  mean
    33  an  industrial pollution control facility, a recreation facility, educa-
    34  tional or cultural facility, a horse racing facility, a railroad facili-
    35  ty, a  renewable  energy  project  or  an  automobile  racing  facility,
    36  provided,  however,  no  agency shall use its funds or provide financial
    37  assistance in respect of any project wholly  or  partially  outside  the
    38  [municipality]  region  for whose benefit the agency was created without
    39  the prior consent thereto by the governing body or  bodies  of  all  the
    40  [other]  municipalities  in  which a part or parts of the project is and
    41  the corresponding agency for such region, or is to be, located, and such
    42  portion of the project located outside such  [municipality]  region  for
    43  whose  benefit  the  agency  was  created  shall  be contiguous with the
    44  portion of the project inside such [municipality] region.
    45    (11) "Railroad facility"--shall mean, but shall  not  be  limited  to,
    46  railroad  rights-of-way,  beds,  bridges, viaducts, tracks, switches and
    47  rolling stock and any other attendant structure, equipment, facility  or
    48  property  necessary  or appropriate to railroading conducted in conjunc-
    49  tion with industrial,  [commerical]  commercial,  manufacturing,  recre-
    50  ational or warehousing operations; provided, however, that (i) no agency
    51  shall  itself  operate  a  railroad  facility  for  freight or passenger
    52  service, but may lease or otherwise make such facility available  to  an
    53  operator,  subject  to an agreement for the maintenance and operation of
    54  such facility for freight or passenger service, provided that  passenger
    55  service  does not constitute the primary purpose of the railroad facili-
    56  ty;  (ii)  prior  to  undertaking  any  project  involving  acquisition,
        A. 9144--A                          4

     1  construction,  reconstruction,  improvement,  maintenance,  equipping or
     2  furnishing of a railroad facility, an agency shall submit its plans  for
     3  the  proposed project to the commissioner of transportation; the commis-
     4  sioner  shall,  within sixty days of his or her receipt of the proposal,
     5  submit an analysis of the financial and operational feasibility  of  the
     6  proposed  project,  along  with any recommendations for modification for
     7  improving the project's viability, to  the  agency,  the  governor,  the
     8  commissioner  of  commerce,  the  temporary president of the senate, the
     9  speaker of the assembly and the governing body of  the  municipality  in
    10  which  the  [agency]  proposed  project  is located; and (iii) no agency
    11  shall enter into any contract for the acquisition, construction,  recon-
    12  struction,  improvement, maintenance, equipping or furnishing of a rail-
    13  road facility until fifteen days after the submission  of  the  analysis
    14  and  recommendations  of the commissioner of transportation, or seventy-
    15  five days after submission of the agency's  plan  to  the  commissioner,
    16  whichever is earlier.
    17    §  3. The opening paragraph and subdivisions 6, 7 and 8 of section 858
    18  of the general municipal  law,  the  opening  paragraph  as  amended  by
    19  section  6 of part X of chapter 59 of the laws of 2021, subdivision 6 as
    20  added by chapter 1030 of the laws of 1969, subdivision 7 as  amended  by
    21  chapter  559 of the laws of 2021 and subdivision 8 as amended by chapter
    22  356 of the laws of 1993, are amended to read as follows:
    23    The purposes of the agency shall be to promote, develop, encourage and
    24  assist in the acquiring, constructing, reconstructing, improving,  main-
    25  taining,  equipping  and furnishing industrial, manufacturing, warehous-
    26  ing, commercial, research, renewable energy  and  recreation  facilities
    27  including   industrial  pollution  control  facilities,  educational  or
    28  cultural facilities, railroad facilities, horse racing facilities, auto-
    29  mobile racing facilities, renewable energy projects and continuing  care
    30  retirement  communities,  [provided, however, that, of agencies governed
    31  by this article, only agencies created for the benefit of a  county  and
    32  the  agency  created  for  the  benefit of the city of New York shall be
    33  authorized to provide financial assistance in any respect to a  continu-
    34  ing  care  retirement  community,]  and thereby advance the job opportu-
    35  nities, health, general prosperity and economic welfare of the people of
    36  the state of New York and to  improve  their  recreation  opportunities,
    37  prosperity  and  standard  of  living;  and  to  carry out the aforesaid
    38  purposes, each agency shall have the following powers:
    39    (6) With the consent of [the] a municipality under the jurisdiction of
    40  the agency, to use agents, employees and facilities of the municipality,
    41  paying the municipality its agreed proportion  of  the  compensation  or
    42  costs;
    43    (7)  To  appoint  officers,  agents  and employees, to prescribe their
    44  qualifications and to fix their compensation and to pay the same out  of
    45  funds of the agency, provided, however, that an elected officer of [the]
    46  a  municipality  under the jurisdiction of the agency may not serve as a
    47  compensated officer, agent or employee of the agency;
    48    (8) (a) To appoint an attorney, who may be  the  counsel  of  [the]  a
    49  municipality under the jurisdiction of the agency, and to fix the attor-
    50  ney's  compensation for services which shall be payable to the attorney,
    51  and to retain and employ private consultants for professional and  tech-
    52  nical assistance and advice;
    53    (b)  An  attorney  acting as bond counsel for a project must file with
    54  the agency a written statement in which  the  attorney  identifies  each
    55  party to the transaction which such attorney represents. If bond counsel
    56  provides any legal services to parties other than the agency the written
        A. 9144--A                          5

     1  statement  must  describe  the nature of legal services provided by such
     2  bond counsel to all parties to the transaction, including the nature  of
     3  the services provided to the agency.
     4    §  4. Paragraphs (b) and (e) of subdivision 1 and subdivisions 2 and 3
     5  of section 859 of the general municipal law, paragraph (b), the  opening
     6  paragraph  of  paragraph  (e)  and  subparagraph (v) of paragraph (e) of
     7  subdivision 1 as amended by chapter 357 of the laws of  1993,  paragraph
     8  (e)  of  subdivision  1  and subdivision 3 as added and subdivision 2 as
     9  amended by chapter 356 of the laws of  1993,  are  amended  to  read  as
    10  follows:
    11    (b)  Within  ninety  days following the close of its fiscal year, each
    12  agency [or authority] shall  prepare  a  financial  statement  for  that
    13  fiscal  year in such form as may be prescribed by the state comptroller.
    14  Such statement shall be audited  within  such  [ninety  day]  ninety-day
    15  period  by an independent certified public accountant in accordance with
    16  government accounting standards established by the United States general
    17  accounting office. The audited financial statement shall include supple-
    18  mental schedules listing all straight-lease transactions and  bonds  and
    19  notes  issued,  outstanding  or retired during the applicable accounting
    20  period whether or not such bonds, notes or transactions  are  considered
    21  obligations  of the agency. For each issue of bonds or notes such sched-
    22  ules shall provide the name of each project financed  with  proceeds  of
    23  each  issue, and whether the project occupant is a not-for-profit corpo-
    24  ration, the name and address of each owner of each  project,  the  esti-
    25  mated  amount of tax exemptions authorized for each project, the purpose
    26  for which each bond or note was issued, date of issue, interest rate  at
    27  issuance and if variable the range of interest rates applicable, maturi-
    28  ty date, federal tax status of each issue, and an estimate of the number
    29  of  jobs  created  and retained by each project. For each straight-lease
    30  transaction, such schedules shall provide the name of each project,  and
    31  whether  the  project occupant is a not-for-profit corporation, the name
    32  and address of each owner of each project, the estimated amount  of  tax
    33  exemptions authorized for each project, the purpose for which each tran-
    34  saction  was  made,  the  method of financial assistance utilized by the
    35  project, other than the tax exemptions claimed by  the  project  and  an
    36  estimate of the number of jobs created and retained by each project.
    37    (e)  If  an  agency [or authority] shall fail to file or substantially
    38  complete, as determined by the state comptroller, the  financial  state-
    39  ment  required  by  this  section,  the  state comptroller shall provide
    40  notice to the agency [or authority]. The notice shall state the  follow-
    41  ing:
    42    (i)  that  the  failure to file a financial statement as required is a
    43  violation of this section, or in the case of an  insufficient  financial
    44  statement,  the  manner  in  which  the financial statement submitted is
    45  deficient;
    46    (ii) that the agency [or authority] has thirty  days  to  comply  with
    47  this  section  or  provide  an adequate written explanation to the comp-
    48  troller of the agency's [or authority's] reasons for  the  inability  to
    49  comply; and
    50    (iii) that the agency's [or authority's] failure to provide either the
    51  required  financial  statement or an adequate explanation will result in
    52  the notification [of the chief executive officer of the municipality for
    53  whose benefit the agency or authority was created] of [the]  such  agen-
    54  cy's  noncompliance  with this section. Where such agency [or authority]
    55  has failed to file the required statement, the comptroller  shall  addi-
    56  tionally notify the agency [or authority] that continued failure to file
        A. 9144--A                          6

     1  the  required  statement may result in loss of the agency's [or authori-
     2  ty's] authority to provide exemptions from state taxes.
     3    (iv)  If an agency [or authority] after thirty days has failed to file
     4  the required statement or the explanation  in  the  manner  required  by
     5  subparagraph (i) of this paragraph, or provides an insufficient explana-
     6  tion,  the  comptroller shall notify the [chief executive officer of the
     7  municipality for whose benefit the agency or authority was  created  and
     8  the]  agency  of [the] such agency's [or authority's] noncompliance with
     9  this section. Such notice  from  the  state  comptroller  shall  further
    10  delineate in what respect the agency [or authority] has failed to comply
    11  with  this  section. If the agency [or authority] has failed to file the
    12  required statement, the notice shall additionally state  that  continued
    13  failure  to  file the required statement may result in loss of the agen-
    14  cy's [or authority's] authority to provide exemptions from state taxes.
    15    (v) If, thirty days after notification of the [chief executive officer
    16  of the municipality for  whose  benefit  the  agency  or  authority  was
    17  created  of the] agency's [or authority's] noncompliance, the agency [or
    18  authority] fails to file the required statement, the  comptroller  shall
    19  notify  the [chief executive officer of the municipality for whose bene-
    20  fit that agency or authority was created and the] agency [or  authority]
    21  that  if  such report is not provided within sixty days, that the agency
    22  [or authority] will no longer be authorized to provide  exemptions  from
    23  state taxes.
    24    (vi)  If,  sixty  days after the notification required by subparagraph
    25  (v) of this paragraph, the comptroller has  not  received  the  required
    26  statement,  the  agency [or authority] shall not offer financial assist-
    27  ance which provides exemptions from state  taxes  until  such  financial
    28  statement  is  filed  and the comptroller shall so notify the agency [or
    29  authority and the chief executive officer of the municipality for  whose
    30  benefit  the  agency  was  created].  Provided,  however,  that  nothing
    31  contained in this paragraph shall be deemed to modify the terms  of  any
    32  existing agreements.
    33    2.  On or before September first of each year, the commissioner of the
    34  department of economic development  shall  prepare  and  submit  to  the
    35  governor,  speaker  of  the assembly, majority leader of the senate, and
    36  the state comptroller, a report setting forth a summary of  the  signif-
    37  icant  trends  in operations and financing by the agencies [and authori-
    38  ties]; departures from acceptable practices by  agencies  [and  authori-
    39  ties];  a  compilation  by  type  of  the bonds and notes outstanding; a
    40  compilation of all outstanding straight-lease transactions; an  estimate
    41  of  the total number of jobs created and retained by agency [or authori-
    42  ty] projects; and any other information which  in  the  opinion  of  the
    43  commissioner  bears  upon  the  discharge  of the statutory functions of
    44  agencies [and authorities].
    45    3. On or before April first, nineteen hundred ninety-six, the  commis-
    46  sioner  shall  submit to the director of the division of the budget, the
    47  temporary president of the senate, the  speaker  of  the  assembly,  the
    48  chairman  of  the senate finance committee, the chairman of the assembly
    49  ways and means committee, the chairman of the  senate  local  government
    50  committee,  the  chairman  of the senate committee on commerce, economic
    51  development and small business, the chairman of the  assembly  committee
    52  on  commerce,  industry  and  economic  development, the chairman of the
    53  assembly local governments committee and the chairman  of  the  assembly
    54  real  property  taxation  committee  an  evaluation of the activities of
    55  industrial development agencies [and authorities] in the state  prepared
    56  by  an entity independent of the department. Such evaluation shall iden-
        A. 9144--A                          7

     1  tify the effect of agencies [and authorities] on: (a) job  creation  and
     2  retention  in  the  state,  including  the  types  of  jobs  created and
     3  retained; (b) the value of tax exemptions provided by such agencies [and
     4  authorities];  (c)  the  value  of  payments  received  in lieu of taxes
     5  received by municipalities and school districts as a result of  projects
     6  sponsored  by such entities; (d) a summary of the types of projects that
     7  received financial assistance; (e) a summary of the types  of  financial
     8  assistance  provided by the agencies [and authorities]; (f) a summary of
     9  criteria for evaluation of projects used by agencies [and  authorities];
    10  (g)  a  summary of tax exemption policies of agencies [and authorities];
    11  and (h) such other factors as may be relevant to an  assessment  of  the
    12  performance of such agencies [and authorities] in creating and retaining
    13  job opportunities for residents of the state. Such evaluation shall also
    14  assess  the  process  by  which  the  agencies  [and  authorities] grant
    15  exemptions from state taxes and make recommendations for the most  effi-
    16  cient  and  effective  procedures  for  the use of such exemptions. Such
    17  evaluation shall further include any recommendations for changes in laws
    18  governing the operations of industrial development agencies [and author-
    19  ities] which would enhance the creation and retention  of  jobs  in  the
    20  state.
    21    §  5.  Paragraph  (c)  of  subdivision 2 of section 862 of the general
    22  municipal law, as added by section 1 of part J of chapter 59 of the laws
    23  of 2013, is amended to read as follows:
    24    (c) With respect to projects authorized pursuant to paragraph  (b)  of
    25  this  subdivision,  no project shall be approved unless the agency shall
    26  find after the public hearing required by section eight  hundred  fifty-
    27  nine-a  of this title that undertaking the project will serve the public
    28  purposes of this article by preserving permanent, private sector jobs or
    29  increasing the overall number of permanent, private sector jobs  in  the
    30  state. [Where the agency makes such a finding, prior to providing finan-
    31  cial  assistance to the project by the agency, the chief executive offi-
    32  cer of the municipality for whose benefit the agency was  created  shall
    33  confirm the proposed action of the agency.]
    34    §  6.  Section  868  of the general municipal law, as added by chapter
    35  1030 of the laws of 1969, is amended to read as follows:
    36    § 868. Agreements of the  municipality  and  state.  The  municipality
    37  where a proposed project is located is authorized to, and the state does
    38  hereby,  pledge to and agree with the holders of the bonds or notes that
    39  neither the municipality nor the  state,  respectively,  will  limit  or
    40  alter  the  rights,  hereby  vested in the agency to acquire, construct,
    41  reconstruct,  improve,  maintain,  equip  and  furnish  the  project  or
    42  projects,  to  establish and collect rentals, fees and other charges and
    43  to fulfill the terms of any agreements made  with  the  holders  of  the
    44  bonds  or  notes  nor  in  any way impair the rights and remedies of the
    45  bondholders or noteholders until  the  bonds  or  notes,  together  with
    46  interest  thereon,  with interest on any unpaid installments of interest
    47  and all costs and expenses in connection with any action  or  proceeding
    48  by  or  on  behalf  of  the bondholders or noteholders are fully met and
    49  discharged.
    50    § 7. Section 870 of the general municipal law,  as  added  by  chapter
    51  1030 of the laws of 1969, is amended to read as follows:
    52    §  870. State and municipality not liable on bonds or notes. The bonds
    53  or notes and other obligations of the [authority] agency shall not be  a
    54  debt  of  the  state  or of the municipality where a proposed project is
    55  located, and neither the state nor  the  municipality  shall  be  liable
        A. 9144--A                          8

     1  thereon,  nor shall they be payable out of any funds other than those of
     2  the agency.
     3    §  8.  Subdivision 1 and paragraph (d) of subdivision 3 of section 875
     4  of the general municipal law, as added by section 2 of part J of chapter
     5  59 of the laws of 2013, are amended to read as follows:
     6    1. For purposes of this section:  "state sales and  use  taxes"  means
     7  sales  and  compensating  use  taxes and fees imposed by article twenty-
     8  eight or twenty-eight-A of the tax law but excluding such taxes  imposed
     9  in  a  city  by  section eleven hundred seven or eleven hundred eight of
    10  such article twenty-eight. "IDA" means [an] a regional industrial devel-
    11  opment agency established in each region of the state by subdivision one
    12  of section eight hundred fifty-six of this  [article  or  an  industrial
    13  development  authority  created  by  the  public authorities law] title.
    14  "Commissioner" means the commissioner of taxation and finance.
    15    (d) An IDA shall prepare an annual  compliance  report  detailing  its
    16  terms  and conditions described in paragraph (a) of this subdivision and
    17  its activities and efforts to recover, recapture, receive, or  otherwise
    18  obtain  state  sales  and use exemptions benefits described in paragraph
    19  (b) of this subdivision, together with such  other  information  as  the
    20  commissioner  and  the commissioner of economic development may require.
    21  The report required by this subdivision shall be filed with the  commis-
    22  sioner,  the director of the division of the budget, the commissioner of
    23  economic development, the state comptroller, [the governing body of  the
    24  municipality  for  whose  benefit  the  agency  was created,] and may be
    25  included with the annual financial statement required by  paragraph  (b)
    26  of  subdivision  one  of section eight hundred fifty-nine of this title.
    27  Such report required by this subdivision shall be  filed  regardless  of
    28  whether  the  IDA is required to file such financial statement described
    29  by such paragraph (b)  of  subdivision  one  of  section  eight  hundred
    30  fifty-nine.  The  failure  to  file or substantially complete the report
    31  required by this subdivision shall be deemed to be the failure  to  file
    32  or  substantially  complete the statement required by such paragraph (b)
    33  of subdivision one of such section eight  hundred  fifty-nine,  and  the
    34  consequences  shall be the same as provided in paragraph (e) of subdivi-
    35  sion one of such section eight hundred fifty-nine.
    36    § 9. Paragraph e of subdivision 3 of  section  859-c  of  the  general
    37  municipal law is REPEALED.
    38    § 10. Section 861 of the general municipal law is REPEALED.
    39    § 11. Section 882 of the general municipal law is REPEALED.
    40    §  12.  Title  2  of  article  18-A  of  the  general municipal law is
    41  REPEALED.
    42    § 13. This act shall take effect on  the  one  hundred  eightieth  day
    43  after  it  shall have become a law. Effective immediately, the addition,
    44  amendment and/or repeal of any rule  or  regulation  necessary  for  the
    45  implementation  of  this  act on its effective date are authorized to be
    46  made and completed on or before such effective date.