Bill Text: NY S04612 | 2019-2020 | General Assembly | Introduced

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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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S04612 Detail]

Download: New_York-2019-S04612-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4612
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 15, 2019
                                       ___________
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment 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    § 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.
                                                                   LBD10627-01-9