Bill Text: NY S04675 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO LOCAL GOVERNMENT [S04675 Detail]

Download: New_York-2019-S04675-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4675
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 20, 2019
                                       ___________
        Introduced  by  Sens.  SKOUFIS, MAYER -- 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 requiring  the
          return  of  all  or  a part of the financial assistance provided for a
          project  where  the  project  has  material  shortfalls  or   material
          violations
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 11 of section 874 of the general municipal law,
     2  as added by chapter 563 of the laws of  2015,  is  amended  to  read  as
     3  follows:
     4    (11)  Each  agency  shall  develop policies for the return of all or a
     5  part of the financial assistance provided for the project, including all
     6  or part of the amount of any tax exemptions, as specified in the policy,
     7  which may include but shall not be limited to material shortfalls in job
     8  creation and retention projections or material violations of  the  terms
     9  and  conditions  of  project agreements. The agency shall implement such
    10  policies created in accordance with this subdivision to  return  all  or
    11  part  of  the  financial  assistance  provided for any project where the
    12  agency's annual assessment of a project shows material shortfalls in job
    13  creation and retention projections or material violations of  the  terms
    14  and  conditions  of project agreements. All such returned amounts of tax
    15  exemptions shall be redistributed to the appropriate affected tax juris-
    16  diction, unless agreed to otherwise by any local taxing jurisdiction.
    17    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10674-01-9