Bill Text: NY S07879 | 2021-2022 | General Assembly | Introduced
Bill Title: Establishes the strategic site readiness fund within the department of economic development to cultivate a resource of commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand within the state; appropriates five hundred million dollars therefor.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2022-01-18 - REFERRED TO FINANCE [S07879 Detail]
Download: New_York-2021-S07879-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7879 IN SENATE January 18, 2022 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the economic development law, in relation to establish- ing the strategic site readiness fund; and making an appropriation therefor The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The economic development law is amended by adding a new 2 article 26 to read as follows: 3 ARTICLE 26 4 STRATEGIC SITE READINESS FUND 5 Section 480. Legislative intent. 6 481. Administration. 7 482. Strategic site readiness fund. 8 483. Reporting. 9 § 480. Legislative intent. It is hereby found and declared that New 10 York state needs, as a matter of public policy, to cultivate a resource 11 of commercial, industrial sites that are readily available to new busi- 12 nesses, established businesses that are considering moving to the state, 13 or existing businesses within the state that need additional sites to 14 remain or expand within the state. To expand and sustain economic growth 15 within the state, it is critical to consistently maintain readily avail- 16 able commercial, industrial sites to attract new business, or expand 17 existing businesses. Without a stable inventory of sites that are ready 18 or able to be developed in a timely manner for business use, the delay 19 in converting undeveloped sites capable of conducting business in 20 compliance with applicable regulations and ordinances may cause the 21 state to lose significant business opportunities that would benefit the 22 economic well-being of its citizens. 23 § 481. Administration. In furtherance of these purposes, the depart- 24 ment is hereby authorized and directed to: 25 (a) Establish the strategic site readiness fund ("fund") to provide 26 economic assistance for renovation, construction, or other improvements 27 to infrastructure to attract new businesses to this state, or expand EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14344-01-2S. 7879 2 1 existing businesses in this state, when such an economic development 2 opportunity would create quality, full-time jobs within the state; 3 (b) Develop an application process for municipalities and counties to 4 access funding for qualifying projects and promulgate a list of qualify- 5 ing expenses, including but not limited to costs related to land acqui- 6 sition, land assembly, design, zoning, engineering, permitting, site 7 utility, broadband, transportation, enabling, and demolition; 8 (c) Include in the application process, a requirement for each project 9 to include a strategy to ensure residents in the surrounding area of the 10 project will have access to the jobs created by the project; 11 (d) Develop rules and regulations to distribute funding through the 12 regional economic development councils in accordance with section two 13 hundred thirty-one of this chapter; and 14 (e) Develop rules and regulations to ensure compliance with article 15 fifteen-A of the executive law. 16 § 482. Strategic site readiness fund. (a) There is hereby established 17 in the joint custody of the state comptroller and the commissioner of 18 taxation and finance a special fund to be known as the "strategic site 19 readiness fund". 20 (b) Money allocated to the strategic site readiness fund shall be kept 21 separate and shall not be commingled with any other funds in the custody 22 of the state comptroller. 23 (c) Such fund shall consist of all monies appropriated, credited, or 24 transferred thereto from any other fund or source pursuant to law. 25 § 483. Reporting. (a) The department shall, annually on or before 26 December first, prepare and submit an annual report to the governor and 27 the chair of the assembly ways and means committee and the chair of the 28 senate finance committee. Such report shall contain at a minimum the 29 following information: (i) a list of all applications filed by any 30 public entity for a grant under the fund including the name of the enti- 31 ty, a brief description of the project, and the amount of the grant 32 requested; (ii) a list of the applications granted by the board specify- 33 ing the amount of the grant approved if such amount is different from 34 the amount applied for; and (iii) a statement showing the dollar amount 35 of all grants approved and the dollar amount of the remaining capacity 36 for future grants. 37 (b) Any eligible public entity receiving a grant pursuant to this 38 article shall report to the department no later than June first on the 39 use of funding received and its programmatic and economic impact. The 40 department shall submit a report no later than November first to the 41 governor, the director of the budget, the temporary president of the 42 senate, and the speaker of the assembly on the aggregate impact of the 43 fund. Such report shall provide information on the progress and economic 44 impact of each project. 45 § 2. The sum of five hundred million dollars ($500,000,000) to be 46 distributed in the 2023 fiscal year is hereby appropriated to the 47 department of economic development out of any moneys in the state treas- 48 ury in the general fund to the credit of the local assistance account, 49 not otherwise appropriated, and made immediately available, for the 50 purpose of carrying out the provisions of this act. 51 § 3. This act shall take effect immediately.
