Bill Text: NY S01893 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 1893 (Prior Session Legislation)

Introduced

Bill Title: Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

Sponsorship: Partisan Bill (Democrat 4)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S01893 Detail]

Download: New_York-2011-S01893-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1893
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 14, 2011
                                      ___________
       Introduced by Sens. OPPENHEIMER, DIAZ, KRUEGER, PARKER -- read twice and
         ordered  printed, and when printed to be committed to the Committee on
         Commerce, Economic Development and Small Business
       AN ACT to amend the economic development law, in relation  to  including
         among  the  commissioner's duties a mandate to include in all economic
         development  subsidy  agreements  provisions  allowing  the  state  to
         recover  previously issued awards from fund recipients in the event of
         relocation outside the state
         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 100 of the economic development
    2  law is amended by adding a new paragraph (c) to read as follows:
    3    (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
    4  DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
    5  FER MONEY OF THE STATE TO A RECIPIENT THROUGH  AN  ECONOMIC  DEVELOPMENT
    6  PROGRAM  OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE BY
    7  A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
    8  OUTSIDE THE STATE WITHIN FIVE YEARS FROM  THE  DATE  OF  RECEIVING  SUCH
    9  AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
   10  TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
   11    S  2.  This act shall take effect immediately, but shall apply only to
   12  economic development awards made after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06218-01-1