Bill Text: NY S01711 | 2021-2022 | General Assembly | Introduced

---

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

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S01711 Detail]

Download: New_York-2021-S01711-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          1711

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 14, 2021
                                       ___________

        Introduced  by  Sens. GALLIVAN, AKSHAR, GRIFFO -- 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. Subdivision 19 of section 858 of the general municipal law,
     2  as amended by chapter 109 of the laws of 2020, is renumbered subdivision
     3  22  and  three  new  subdivisions  19,  20  and  21 are added to read as
     4  follows:
     5    (19) 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    (20) 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    (21) 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;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04086-01-1
        S. 1711                             2

     1    §  2. This act shall take effect immediately; provided that the amend-
     2  ments to subdivision 19 of section 858 of the general municipal law made
     3  by section one of this act shall not affect the repeal of such  subdivi-
     4  sion and shall be deemed repealed therewith.