Bill Text: NY A01556 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to the purposes and powers of industrial development agencies and to improving the accountability and transparency of such agencies; makes conforming changes to general municipal law; extends the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivisions; and relates to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2016-01-06 - referred to local governments [A01556 Detail]
Download: New_York-2015-A01556-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 1556 2015-2016 Regular Sessions I N A S S E M B L Y January 12, 2015 ___________ Introduced by M. of A. MAGNARELLI, BRENNAN, RYAN -- read once and referred to the Committee on Local Governments AN ACT to amend the general municipal law and the public authorities law, in relation to the purposes and powers of industrial development agencies and to improve the accountability and transparency of such agencies; to amend the public authorities law, in relation to extend- ing the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivi- sions; to amend the not-for-profit corporation law, in relation to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof; and to repeal subdivision 3 of section 859 of the general municipal law relating to an evaluation of the activities of industrial development agencies and authorities in the state prepared by an entity independent of the department THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subdivision 14 of section 854 of the general municipal law, 2 as added by chapter 356 of the laws of 1993, is amended and a new subdi- 3 vision 21 is added to read as follows: 4 (14) "Financial assistance" - shall mean the proceeds of bonds issued 5 by an agency, straight-leases, GRANTS, LOANS, or exemptions from taxa- 6 tion claimed by a project occupant as a result of an agency taking 7 title, possession or control (by lease, license or otherwise) to the 8 property or equipment of such project occupant or of such project occu- 9 pant acting as an agent of an agency. 10 (21) "CIVIC FACILITY" SHALL MEAN A FACILITY TO BE OWNED OR OCCUPIED BY 11 A MUNICIPAL CORPORATION, A DISTRICT CORPORATION, OR A NOT-FOR-PROFIT 12 CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF THIS STATE OR 13 AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE; PROVIDED THAT SUCH 14 FACILITIES SHALL BE LIMITED TO MEDICAL FACILITIES INCLUDING THOSE 15 DEFINED IN ARTICLE TWENTY-EIGHT OF THE PUBLIC HEALTH LAW, EDUCATIONAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01739-02-5 A. 1556 2 1 FACILITIES, RECREATIONAL FACILITIES FOR PUBLIC USE, FACILITIES USED FOR 2 MUNICIPAL GOVERNMENT OR PUBLIC SAFETY PURPOSES, OR HOUSING FACILITIES 3 PRIMARILY DESIGNED TO BE OCCUPIED BY INDIVIDUALS SIXTY YEARS OF AGE OR 4 OLDER. NOTHING IN THIS ARTICLE SHALL BE DEEMED TO WAIVE ANY APPLICABLE 5 REQUIREMENT FOR AN OPERATING FACILITY CERTIFICATE, CONSENT OR OTHER 6 APPROVAL AS PROVIDED BY LAW. 7 S 2. Subdivision 2 of section 856 of the general municipal law, as 8 amended by chapter 356 of the laws of 1993, is amended to read as 9 follows: 10 2. An agency shall be a corporate governmental agency, constituting a 11 public benefit corporation. Except as otherwise provided by special act 12 of the legislature, an agency shall consist of not less than [three] 13 FIVE nor more than seven members who shall be appointed by the governing 14 body of each municipality and who shall serve at the pleasure of the 15 appointing authority. Such members may include representatives of local 16 government, school boards, organized labor and business. A member shall 17 continue to hold office until his successor is appointed and has quali- 18 fied. The governing body of each municipality shall designate the first 19 chairman and file with the secretary of state a certificate of appoint- 20 ment or reappointment of any member. Such members shall receive no 21 compensation for their services but shall be entitled to the necessary 22 expenses, including traveling expenses, incurred in the discharge of 23 their duties. 24 S 3. Section 858 of the general municipal law, as added by chapter 25 1030 of the laws of 1969, the opening paragraph as amended by chapter 26 478 of the laws of 2011, subdivision 4 as amended by chapter 747 of the 27 laws of 2005, subdivision 9 as amended by chapter 444 of the laws of 28 1997 and subdivision 8 as amended, subdivision 15 as added and subdivi- 29 sions 16 and 17 as renumbered by chapter 356 of the laws of 1993, is 30 amended to read as follows: 31 S 858. Purposes and powers of the agency. The purposes of the agency 32 shall be to promote, develop, encourage and assist in the acquiring, 33 constructing, reconstructing, improving, maintaining, equipping and 34 furnishing industrial, manufacturing, warehousing, commercial, research 35 and recreation facilities including industrial pollution control facili- 36 ties, educational or cultural facilities, CIVIC FACILITIES, railroad 37 facilities, horse racing facilities, automobile racing facilities and 38 continuing care retirement communities, provided, however, that, of 39 agencies governed by this article, only agencies created for the benefit 40 of a county and the agency created for the benefit of the city of New 41 York shall be authorized to provide financial assistance in any respect 42 to a continuing care retirement community, and thereby advance the job 43 opportunities, health, general prosperity and economic welfare of the 44 people of the state of New York and to improve their recreation opportu- 45 nities, prosperity and standard of living; and to carry out the afore- 46 said purposes, each agency shall have the following powers: 47 (1) To sue and be sued; 48 (2) To have a seal and alter the same at pleasure; 49 (3) To acquire, hold and dispose of personal property for its corpo- 50 rate purposes; 51 (4) To acquire by purchase, grant, lease, gift, pursuant to the 52 provisions of the eminent domain procedure law, or otherwise and to use, 53 real property or rights or easements therein necessary for its corporate 54 purposes in compliance with the local zoning and planning regulations 55 and shall take into consideration regional and local comprehensive land 56 use plans and state designated heritage area management plans, and to A. 1556 3 1 sell, convey, mortgage, lease, pledge, exchange or otherwise dispose of 2 any such property in such manner as the agency shall determine. In the 3 case of railroad facilities, however, the phrase to use real property or 4 rights or easements therein shall not be interpreted to include opera- 5 tion by the agency of rail service upon or in conjunction with such 6 facilities. 7 (5) TO ACQUIRE REAL PROPERTY FROM A MUNICIPALITY AS NECESSARY FOR ITS 8 CORPORATE PURPOSES PURSUANT TO SECTION EIGHT HUNDRED FIFTY-EIGHT-C OF 9 THIS TITLE. 10 (6) To make by-laws for the management and regulation of its affairs 11 and, subject to agreements with its bondholders, for the regulation of 12 the use of a project or projects. 13 [(6)] (7) With the consent of the municipality, to use agents, employ- 14 ees and facilities of the municipality, paying the municipality its 15 agreed proportion of the compensation or costs; 16 [(7)] (8) To appoint officers, agents and employees, to prescribe 17 their qualifications and to fix their compensation and to pay the same 18 out of funds of the agency; 19 [(8)] (9) (a) To appoint an attorney, who may be the counsel of the 20 municipality, and to fix the attorney's compensation for services which 21 shall be payable to the attorney, and to retain and employ private 22 consultants for professional and technical assistance and advice; 23 (b) An attorney acting as bond counsel for a project must file with 24 the agency a written statement in which the attorney identifies each 25 party to the transaction which such attorney represents. If bond counsel 26 provides any legal services to parties other than the agency the written 27 statement must describe the nature of legal services provided by such 28 bond counsel to all parties to the transaction, including the nature of 29 the services provided to the agency. 30 [(9)] (10) To make contracts and leases, and to execute all instru- 31 ments necessary or convenient to or with any person, firm, partnership 32 or corporation, either public or private; provided, however, that any 33 extension of an existing contract, lease or other agreement entered into 34 by an agency with respect to a project shall be guided by the provisions 35 of this article; 36 [(10)] (11) To acquire, construct, reconstruct, lease, improve, main- 37 tain, equip or furnish one or more projects; 38 [(11)] (12) To accept gifts, grants, loans, or contributions from, and 39 enter into contracts or other transactions with, the United States and 40 the state or any agency of either of them, any municipality, any public 41 or private corporation or any other legal entity, and to use any such 42 gifts, grants, loans or contributions for any of its corporate purposes; 43 (13) TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF LOANS TO IMPROVE, 44 MAINTAIN OR EQUIP ONE OR MORE PROJECTS CONSISTENT WITH ITS CORPORATE 45 PURPOSES. 46 (14) TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF GRANTS FOR ONE OR 47 MORE PROJECTS CONSISTENT WITH ITS CORPORATE PURPOSES. 48 [(12)] (15) To borrow money and to issue bonds and to provide for the 49 rights of the holders thereof; 50 [(13)] (16) To grant options to renew any lease with respect to any 51 project or projects and to grant options to buy any project at such 52 price as the agency may deem desirable; 53 [(14)] (17) To designate the depositories of its money either within 54 or without the state; 55 [(15)] (18) To enter into agreements requiring payments in lieu of 56 taxes. Such agreements shall be in writing and in addition to other A. 1556 4 1 terms shall contain: the amount due annually to each affected tax juris- 2 diction (or a formula by which the amount due can be calculated), the 3 name and address of the person, office or agency to which payment shall 4 be delivered, the date on which payment shall be made, and the date on 5 which payment shall be considered delinquent if not paid. Unless other- 6 wise agreed by the affected tax jurisdictions, any such agreement shall 7 provide that payments in lieu of taxes shall be allocated among affected 8 tax jurisdictions in proportion to the amount of real property tax and 9 other taxes which would have been received by each affected tax juris- 10 diction had the project not been tax exempt due to the status of the 11 agency involved in the project. A copy of any such agreement shall be 12 delivered to each affected tax jurisdiction within fifteen days of sign- 13 ing the agreement[. In the absence of any such written agreement, 14 payments in lieu of taxes made by an agency shall be allocated in the 15 same proportions as they had been prior to January first, nineteen 16 hundred ninety-three for so long as the agency's activities render a 17 project non-taxable by affected tax jurisdictions] AND PUBLISHED BY THE 18 AGENCY ON ITS WEBSITE; 19 [(16)] (19) To establish and re-establish its fiscal year; and 20 [(17)] (20) To [do all things necessary or convenient to] carry out 21 its purposes and exercise [the] THOSE powers expressly given in this 22 title. 23 S 4. The general municipal law is amended by adding a new section 24 858-c to read as follows: 25 S 858-C. PURCHASE OR LEASE OF REAL PROPERTY OWNED BY A COUNTY, CITY, 26 TOWN OR VILLAGE. 1. THE LOCAL LEGISLATIVE BODY OF A COUNTY, CITY, TOWN 27 OR VILLAGE MAY BY RESOLUTION DETERMINE THAT SPECIFICALLY DESCRIBED REAL 28 PROPERTY OWNED BY THE COUNTY, CITY, TOWN OR VILLAGE IS NOT REQUIRED FOR 29 USE BY SUCH COUNTY, CITY, TOWN OR VILLAGE AND AUTHORIZE THE COUNTY, 30 CITY, TOWN OR VILLAGE TO SELL OR LEASE SUCH REAL PROPERTY TO AN AGENCY; 31 PROVIDED, HOWEVER, THAT TITLE TO SUCH LAND BE NOT DECLARED INALIENABLE 32 AS A FOREST PRESERVE OR A PARKLAND. 33 2. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL, SPECIAL OR LOCAL 34 LAW, CHARTER OR ORDINANCE TO THE CONTRARY, SUCH SALE OR LEASE MAY BE 35 MADE WITHOUT APPRAISAL, PUBLIC NOTICE (EXCEPT AS PROVIDED IN SUBDIVISION 36 FOUR OF THIS SECTION), OR PUBLIC BIDDING FOR SUCH PRICE OR RENTAL AND 37 UPON SUCH TERMS AS MAY BE AGREED UPON BETWEEN THE COUNTY, CITY, TOWN OR 38 VILLAGE AND SAID AGENCY; PROVIDED, HOWEVER, THAT IN THE CASE OF A LEASE 39 THE TERM MAY NOT EXCEED NINETY-NINE YEARS AND PROVIDED, FURTHER, THAT IN 40 CITIES HAVING A POPULATION OF ONE MILLION OR MORE, NO SUCH SALE OR LEASE 41 SHALL BE MADE WITHOUT THE APPROVAL OF A MAJORITY OF THE MEMBERS OF THE 42 BOROUGH BOARD OF THE BOROUGH IN WHICH SUCH REAL PROPERTY IS LOCATED. 43 3. BEFORE ANY SALE OR LEASE TO AN AGENCY SHALL BE AUTHORIZED, A PUBLIC 44 HEARING SHALL BE HELD BY THE LOCAL LEGISLATIVE BODY OR BOROUGH BOARD TO 45 CONSIDER THE PROPOSED SALE OR LEASE. 46 4. NOTICE OF SUCH HEARING SHALL BE PUBLISHED AT LEAST TEN DAYS BEFORE 47 THE DATE SET FOR THE HEARING IN SUCH PUBLICATION AND IN SUCH MANNER AS 48 MAY BE DESIGNATED BY THE LOCAL LEGISLATIVE BODY OR BOROUGH BOARD. SUCH 49 NOTICE SHALL INCLUDE A DESCRIPTION OF THE REAL PROPERTY PROPOSED TO BE 50 SOLD OR LEASED; A STATEMENT OF THE ESTIMATED FAIR MARKET VALUE OF THE 51 REAL PROPERTY PROPOSED TO BE SOLD OR LEASED; THE VALUE OF THE FINANCIAL 52 CONSIDERATION TO BE RECEIVED BY THE COUNTY, CITY, TOWN OR VILLAGE FROM 53 SUCH SALE OR LEASE OF THE REAL PROPERTY; AND A STATEMENT OF THE INTENDED 54 USE OR DISPOSITION OF SUCH REAL PROPERTY BY THE AGENCY. A. 1556 5 1 S 5. Subdivision 2 of section 859 of the general municipal law, as 2 amended by chapter 356 of the laws of 1993, is amended to read as 3 follows: 4 2. On or before September first of each year, the [commissioner of the 5 department of economic development] DIRECTOR OF THE AUTHORITIES BUDGET 6 OFFICE shall prepare and submit to the governor, speaker of the assem- 7 bly, majority leader of the senate, THE CHAIRPERSON OF THE SENATE 8 FINANCE COMMITTEE, THE CHAIRPERSON OF THE ASSEMBLY WAYS AND MEANS 9 COMMITTEE, THE CHAIRPERSON OF THE SENATE LOCAL GOVERNMENT COMMITTEE, THE 10 CHAIRPERSON OF THE ASSEMBLY LOCAL GOVERNMENT COMMITTEE and the state 11 comptroller, a report setting forth a summary of the significant trends 12 in operations and financing by agencies and authorities; departures from 13 acceptable practices by agencies and authorities; a compilation by type 14 of the bonds and notes outstanding; a compilation of all outstanding 15 straight-lease transactions; an estimate of the total number of jobs 16 created and retained by agency or authority projects; and any other 17 information which in the opinion of the [commissioner] DIRECTOR bears 18 upon the discharge of the statutory functions of agencies and authori- 19 ties. 20 S 6. Subdivision 3 of section 859 of the general municipal law is 21 REPEALED. 22 S 7. Section 859-a of the general municipal law, as added by chapter 23 356 of the laws of 1993, is amended to read as follows: 24 S 859-a. Additional prerequisites to the provisions of financial 25 assistance. Prior to providing any financial assistance [of] TOTALING 26 more than one hundred thousand dollars to any project, the agency must 27 comply with the following prerequisites: 28 1. The agency must adopt a resolution describing the project and the 29 TYPE AND AMOUNT OF financial assistance that the agency is contemplating 30 with respect to such project. Such assistance shall be consistent with 31 the uniform [tax exemption] FINANCIAL ASSISTANCE policy adopted by the 32 agency pursuant to subdivision four of section eight hundred seventy- 33 four of this [chapter] TITLE, unless the agency has followed the proce- 34 dures for deviation from such policy specified in paragraph (b) of such 35 subdivision. 36 2. The agency must hold a public hearing with respect to the project 37 and the proposed financial assistance being contemplated by the agency 38 NOT LESS THAN THIRTY DAYS PRIOR TO EXECUTING A WRITTEN AGREEMENT TO 39 PROVIDE FINANCIAL ASSISTANCE. Said public hearing shall be held in [a] 40 EACH city, town or village where the project TO RECEIVE FINANCIAL 41 ASSISTANCE IS LOCATED OR proposes to locate. At said public hearing, 42 interested parties shall be provided reasonable opportunity, both orally 43 and in writing, to present their views with respect to the project AND 44 THE TYPE AND AMOUNT OF FINANCIAL ASSISTANCE TO BE PROVIDED. THE AGENCY 45 SHALL ALSO ACCEPT WRITTEN COMMENTS UP TO SEVEN DAYS AFTER SUCH HEARING 46 IS HELD. 47 3. The agency must give at least ten days published notice of said 48 public hearing and shall, at the same time, provide notice of such hear- 49 ing to the chief executive officer of each affected tax jurisdiction 50 within which the project is located. The notice of hearing must state 51 the time and place of the hearing, contain a general, functional 52 description of the project, describe the prospective location of the 53 project, identify the initial owner, operator or manager of the project 54 and generally describe the financial assistance contemplated by the 55 agency with respect to the project. A. 1556 6 1 4. THE AGENCY SHALL MAINTAIN A COMPLETE RECORD OF THE HEARING, INCLUD- 2 ING ALL DOCUMENTS, ORAL STATEMENTS, AND WRITTEN STATEMENTS PRESENTED AT 3 OR WITHIN SEVEN DAYS FOLLOWING THE HEARING. ALL MEMBERS SHALL BE 4 PROVIDED WITH A COPY OF SUCH RECORD AT LEAST SEVEN DAYS BEFORE VOTING 5 WHETHER TO APPROVE FINANCIAL ASSISTANCE FOR THE PROJECT. SUCH RECORD 6 SHALL ALSO BE POSTED ON THE AGENCY WEB SITE AT THE TIME IT IS PROVIDED 7 TO MEMBERS. 8 S 8. The general municipal law is amended by adding four new sections 9 859-c, 859-d, 859-e and 859-f to read as follows: 10 S 859-C. PROJECT APPLICATION AND APPROVAL CRITERIA. 1. THE PROJECT 11 APPLICANT SHALL SUBMIT AN APPLICATION, DEVELOPED BY THE AGENCY, FOR 12 APPROVAL OF A PROPOSED PROJECT AND FINANCIAL ASSISTANCE. THE AGENCY 13 SHALL ADOPT PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA THAT SHALL 14 BE APPLIED TO ALL PROJECT APPLICATIONS UNDER CONSIDERATION FOR APPROVAL 15 AND FINANCIAL ASSISTANCE. THE DECISION TO APPROVE OR NOT APPROVE FINAN- 16 CIAL ASSISTANCE SHALL BE BASED ON, BUT NOT LIMITED TO, CONSIDERATION OF 17 THE FOLLOWING CRITERIA: 18 (A) STRATEGIC OBJECTIVES. CONSIDERATION IS TO BE GIVEN TO THE PURPOSE 19 OF THE PROJECT, SUCH AS THE NATURE OF THE PLANNED BUSINESS ACTIVITY, THE 20 EXTENT TO WHICH THE PLANNED BUSINESS ACTIVITY IS UNREPRESENTED OR UNDER- 21 REPRESENTED IN THE COMMUNITY, AND WHETHER THE PROJECT INVOLVES A BUSI- 22 NESS INTERESTED IN RELOCATING FROM OUTSIDE THE STATE OF NEW YORK. 23 (B) JOB CREATION. A DECISION TO FUND A PROJECT SHALL BE BASED ON THE 24 NUMBER OF JOBS TO BE CREATED OR RETAINED BY THE PROPOSED PROJECT, THE 25 RANGE OF PROJECTED SALARIES AND BENEFITS ASSOCIATED WITH JOBS TO BE 26 CREATED, AND THE BENCHMARKS AND TIMEFRAMES TO BE USED BY THE PROJECT TO 27 DETERMINE WHETHER IT IS MEETING PROJECTED JOB CREATION AND RETENTION 28 GOALS. 29 (C) THE FINANCIAL VIABILITY OF THE PROJECT. APPROVAL FOR FUNDING MUST 30 CONSIDER THE EXTENT TO WHICH THE VIABILITY AND SUCCESS OF THE PROJECT IS 31 DEPENDENT ON FINANCIAL ASSISTANCE FROM THE AGENCY. THE AGENCY SHALL ALSO 32 CONSIDER THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE BEING REQUESTED, 33 THE AMOUNT AND TYPE OF PRIVATE FINANCING REQUIRED, THE AMOUNT AND TYPE 34 OF CAPITAL INVESTMENT TO BE PROVIDED BY THE PROJECT APPLICANT, AND ANY 35 PRIOR FINANCIAL ASSISTANCE PROVIDED TO THE PROJECT OR TO THE PROJECT 36 APPLICANT. 37 (D) ECONOMIC BENEFITS. FUNDING DECISIONS SHALL CONSIDER THE POTENTIAL 38 ECONOMIC AND FINANCIAL IMPACT OF THE PROJECT ON EXISTING BUSINESSES IN 39 THE AREA, ON THE AFFECTED TAX JURISDICTIONS, AND ON THE LOCAL LABOR 40 MARKET. 41 (E) LEGAL ISSUES. CONSIDERATION SHALL BE GIVEN TO THE PROJECT APPLI- 42 CANT'S RECORD OF COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS. 43 2. THE PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA SHALL BE 44 REVIEWED AND APPROVED ANNUALLY AT A REGULAR MEETING OF THE AGENCY AND 45 MADE AVAILABLE TO THE PUBLIC ON THE AGENCY'S WEB SITE. 46 3. THE AGENCY SHALL PROVIDE THE DIRECTOR OF THE AUTHORITIES BUDGET 47 OFFICE WITH AN ELECTRONIC COPY OF THE APPLICATION AND PROJECT REVIEW AND 48 APPROVAL CRITERIA WITHIN THIRTY DAYS OF THEIR ADOPTION OR REVISION. 49 4. THE AGENCY SHALL RETAIN A WRITTEN RECORD OF THE EVALUATION OF EACH 50 PROJECT APPLICATION TO DOCUMENT ITS DECISION TO PROVIDE OR DENY FINAN- 51 CIAL ASSISTANCE. 52 S 859-D. FINANCIAL ASSISTANCE AGREEMENT. 1. THE AGENCY SHALL ENTER 53 INTO A WRITTEN AGREEMENT WITH THE PROJECT APPLICANT PRIOR TO PROVIDING 54 FINANCIAL ASSISTANCE. THE AGREEMENT SHALL INCLUDE THE FOLLOWING INFORMA- 55 TION: A. 1556 7 1 (A) A DESCRIPTION OF THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE TO BE 2 PROVIDED BY THE AGENCY, INCLUDING A DESCRIPTION AND THE VALUE OF PROPER- 3 TY CONVEYED AT LESS THAN FAIR MARKET VALUE; 4 (B) A DESCRIPTION OF THE AMOUNT OF FINANCING TO BE PROVIDED BY THE 5 PROJECT APPLICANT, INCLUDING THE AMOUNT AND TYPE OF CAPITAL INVESTMENT 6 TO BE PROVIDED; 7 (C) THE PURPOSE OF THE PROJECT; 8 (D) THE AMOUNT, TYPES, SOURCES AND COMMITMENTS OF ANY PRIVATE FINANC- 9 ING; 10 (E) THE PROJECTED NUMBER OF NEW FULL-TIME AND PART-TIME POSITIONS 11 EXPECTED TO BE CREATED OVER THE PERIOD OF FINANCIAL ASSISTANCE, AND AN 12 ESTIMATED SCHEDULE BY YEAR OF WHEN THOSE POSITIONS WILL BE CREATED; 13 (F) THE NUMBER AND TYPES OF FULL-TIME AND PART-TIME JOBS TO BE 14 RETAINED, AND THE NUMBER OF FILLED POSITIONS AT THE PROJECT AS OF THE 15 DATE THE AGREEMENT IS EXECUTED; 16 (G) THE TYPES AND VALUE OF OTHER FORMS OF FINANCIAL ASSISTANCE 17 PROVIDED TO THE PROJECT OR REQUESTED BY THE PROJECT APPLICANT FROM OTHER 18 STATE OR LOCAL GOVERNMENT AGENCIES OR AUTHORITIES; AND 19 (H) THE PENALTIES TO BE IMPOSED ON THE PROJECT APPLICANT IF THE TERMS 20 OF THE AGREEMENT ARE NOT MET. 21 2. THE LENGTH OF A FINANCIAL ASSISTANCE AGREEMENT SHALL BE LIMITED TO 22 NO MORE THAN FIVE YEARS; PROVIDED HOWEVER THAT THE AGREEMENT MAY BE 23 RENEWED FOR UP TO FIVE ADDITIONAL YEARS IF THE AGENCY DETERMINES THAT 24 THE PROJECT APPLICANT HAS ACTED IN GOOD FAITH TO MEET THE TERMS AND 25 CONDITIONS OF THE AGREEMENT. IN NO EVENT MAY FINANCIAL ASSISTANCE IN THE 26 FORM OF A LOAN OR EXEMPTION FROM TAXATION BE PROVIDED TO A PROJECT FOR 27 MORE THAN TEN YEARS. 28 3. THE FINANCIAL ASSISTANCE AGREEMENT SHALL BE MADE AVAILABLE TO THE 29 PUBLIC ON THE WEB SITE OF THE AGENCY. 30 4. THE AGENCY SHALL ADOPT A METHODOLOGY TO EVALUATE THE CONFORMANCE OF 31 EACH ASSISTED PROJECT TO THE TERMS AND CONDITIONS OF THE FINANCIAL 32 ASSISTANCE AGREEMENT. THIS METHODOLOGY SHALL BE MADE AVAILABLE TO THE 33 PUBLIC ON THE AGENCY'S WEB SITE. 34 S 859-E. RECAPTURE OF CERTAIN FINANCIAL ASSISTANCE. 1. THE AGENCY, 35 PURSUANT TO THE TERMS AND CONDITIONS OF ITS FINANCIAL ASSISTANCE AGREE- 36 MENT, MAY RECAPTURE FINANCIAL ASSISTANCE TO A PROJECT FROM REAL PROPERTY 37 TAX EXEMPTIONS, MORTGAGE RECORDING TAX EXEMPTIONS, OR LOCAL SALES OR 38 COMPENSATING USE TAX EXEMPTIONS IF (A) THE PROJECT VIOLATES STATE OR 39 FEDERAL TAX LAW, LABOR LAW, ENVIRONMENTAL PROTECTION LAW, OR CONTRACT 40 LAW, OR ANY STATE OR FEDERAL RULE OR REGULATION IMPLEMENTING SUCH LAW, 41 AS DETERMINED BY A COURT OF COMPETENT JURISDICTION OR ADMINISTRATIVE 42 TRIBUNAL, PROVIDED THAT SUCH COURT OR TRIBUNAL CONCLUDES THAT THE 43 VIOLATION WOULD CAUSE MATERIAL HARM TO THE ECONOMY OR QUALITY OF LIFE OF 44 THE COMMUNITY; OR (B) ALL OR PART OF THE PROJECT'S BUSINESS ACTIVITY OR 45 WORKFORCE IS MOVED TO A LOCATION OUTSIDE THE COMMUNITY SERVED BY THE 46 AGENCY AND BY DOING SO VIOLATES THE TERMS AND CONDITIONS OF ITS FINAN- 47 CIAL ASSISTANCE AGREEMENT. 48 2. AN AGENCY WHICH ELECTS TO INITIATE THE RECAPTURE OF FINANCIAL 49 ASSISTANCE PURSUANT TO SUBDIVISION ONE OF THIS SECTION MUST NOTIFY THE 50 RECIPIENT OF SUCH FINANCIAL ASSISTANCE IN WRITING THAT IT IS IN DEFAULT 51 OF ITS FINANCIAL ASSISTANCE AGREEMENT AND MAY DIRECT THE RECIPIENT OF 52 FINANCIAL ASSISTANCE TO REPAY UP TO THE FULL AMOUNT OF SUCH FINANCIAL 53 ASSISTANCE RECEIVED AS OF THE DATE OF THE WRITTEN NOTICE PLUS INTEREST 54 AT THE RATE SET FORTH IN SECTION FIVE THOUSAND FOUR OF THE CIVIL PRAC- 55 TICE LAW AND RULES. A. 1556 8 1 3. FINANCIAL ASSISTANCE RECAPTURED PURSUANT TO THIS SECTION AND ANY 2 INTEREST PAID SHALL BE REDISTRIBUTED TO AFFECTED TAX JURISDICTIONS IN 3 PROPORTION TO THE AMOUNT OF REAL PROPERTY TAX AND OTHER TAXES WHICH 4 WOULD HAVE BEEN RECEIVED BY EACH AFFECTED TAX JURISDICTION HAD THE 5 PROJECT NOT BEEN TAX EXEMPT. UNLESS OTHERWISE AGREED TO IN WRITING BY AN 6 AFFECTED TAX JURISDICTION, THE AGENCY SHALL NOT RETAIN ANY PORTION OF 7 SUCH FUNDS AS AN ADMINISTRATIVE OR PROJECT FEE. 8 S 859-F. WAGES AND STANDARDS. WHENEVER A RECIPIENT OF FINANCIAL 9 ASSISTANCE FROM AN AGENCY ENTERS INTO A CONTRACT, SUBCONTRACT, LEASE OR 10 OTHER AGREEMENT FOR OR IN CONNECTION WITH THE CONSTRUCTION, DEMOLITION, 11 RECONSTRUCTION, REHABILITATION, REPAIR, OR RENOVATION OF AN ASSISTED 12 PROJECT, THE RECIPIENT OF FINANCIAL ASSISTANCE SHALL PAY WORKERS ENGAGED 13 IN SUCH WORK NO LESS THAN THE PREVAILING RATE OF WAGE AND SUPPLEMENTS 14 UNDER ARTICLE EIGHT OF THE LABOR LAW. 15 S 9. Subdivision 1 of section 862 of the general municipal law, as 16 amended by section 1 of part J of chapter 59 of the laws of 2013, is 17 amended to read as follows: 18 (1) No [funds] FINANCIAL ASSISTANCE of the agency shall be used in 19 respect [of] TO any project if the [completion thereof would result in] 20 PROJECT APPROVAL OR PROVISION OF FINANCIAL ASSISTANCE CONTRIBUTES TO the 21 removal of [an industrial or manufacturing plant of] ALL OR PART OF the 22 project occupant from one area of the state to another area of the state 23 or in the abandonment of one or more [plants or] facilities of the 24 project occupant located within the state, OR PROVIDES THE PROJECT WITH 25 A COMPETITIVE ADVANTAGE OVER EXISTING LIKE BUSINESSES IN THE SAME INDUS- 26 TRY LOCATED IN THE SAME CITY, TOWN, OR VILLAGE AS SUCH PROJECT, 27 provided, however, that [neither restriction] SUCH RESTRICTIONS shall 28 NOT apply if the agency shall determine on the basis of the application 29 before it that the project is reasonably necessary to discourage the 30 project occupant from removing such other plant or facility to a 31 location outside the state or is reasonably necessary to preserve the 32 competitive position of the project occupant in its respective industry. 33 S 10. Subdivision 4 of section 874 of the general municipal law, as 34 amended by chapter 357 of the laws of 1993, is amended to read as 35 follows: 36 (4) (a) The agency shall [establish] ADOPT a uniform [tax exemption] 37 FINANCIAL ASSISTANCE policy, [with input from] SUBJECT TO THE APPROVAL 38 OF ALL affected tax jurisdictions, which shall be applicable to the 39 provision of financial assistance pursuant to section eight hundred 40 fifty-nine-a of this [chapter] TITLE and shall provide guidelines for 41 the claiming of real property, mortgage recording, and sales tax 42 exemptions. Such guidelines shall include, but not be limited to: peri- 43 od of exemption; PAYMENTS IN LIEU OF TAXES, AS A percentage of 44 [exemption] TAXES THAT WOULD HAVE BEEN LEVIED BY OR ON BEHALF OF 45 AFFECTED TAX JURISDICTIONS IF THE PROJECT WAS NOT TAX EXEMPT BY REASON 46 OF AGENCY INVOLVEMENT; types of projects for which exemptions can be 47 claimed; procedures for payments in lieu of taxes and instances in which 48 real property appraisals are to be performed as a part of an application 49 for tax exemption; in addition, agencies shall in adopting such policy 50 consider such issues as: the extent to which a project will create or 51 retain permanent, private sector jobs; the estimated value of any tax 52 exemptions to be provided; whether affected tax jurisdictions shall be 53 reimbursed by the project occupant if a project does not fulfill the 54 purposes for which an exemption was provided; the impact of a proposed 55 project on existing and proposed businesses and economic development 56 projects in the vicinity; the amount of private sector investment gener- A. 1556 9 1 ated or likely to be generated by the proposed project; the demonstrated 2 public support for the proposed project; the likelihood of accomplishing 3 the proposed project in a timely fashion; the effect of the proposed 4 project upon the environment; the extent to which the proposed project 5 will require the provision of additional services, including, but not 6 limited to additional educational, transportation, police, emergency 7 medical or fire services; and the extent to which the proposed project 8 will provide additional sources of revenue for municipalities and school 9 districts. THE ADOPTED UNIFORM FINANCIAL ASSISTANCE POLICY SHALL BE 10 PROVIDED TO THE CHIEF EXECUTIVE OFFICER AND THE MEMBERS OF THE GOVERNING 11 BODY OF EACH AFFECTED TAX JURISDICTION AND SHALL BE MADE AVAILABLE FOR 12 PUBLIC INSPECTION AT THE AGENCY'S OFFICE AND ON THE AGENCY'S WEBSITE 13 UPON ITS ADOPTION. 14 (b) The agency shall [establish a procedure] ADOPT CRITERIA for devi- 15 ation from the uniform [tax exemption] FINANCIAL ASSISTANCE policy 16 required pursuant to this subdivision, WHICH SHALL BE SUBJECT TO THE 17 APPROVAL OF ALL AFFECTED LOCAL TAX JURISDICTIONS. The agency shall set 18 forth in writing the reasons for deviation from such policy, and shall 19 further notify the affected local taxing jurisdictions of the proposed 20 deviation from such policy and the reasons therefor NOT LESS THAN SIXTY 21 DAYS BEFORE SUCH DEVIATION FROM THE UNIFORM TAX EXEMPTION POLICY TAKES 22 EFFECT. 23 S 11. Section 1953 of the public authorities law, as added by chapter 24 759 of the laws of 1967, the opening paragraph and subdivisions 9 and 13 25 as amended by chapter 907 of the laws of 1972 and subdivision 8 as 26 amended, subdivision 14 as added and subdivisions 15 and 16 as renum- 27 bered by chapter 356 of the laws of 1993, is amended to read as follows: 28 S 1953. Purpose and powers of the authority. The purposes of the 29 authority shall be to promote, develop, encourage and assist in the 30 acquiring, constructing, reconstructing, improving, maintaining, equip- 31 ping and furnishing industrial, manufacturing, warehouse, CIVIC FACILI- 32 TIES, and commercial research facilities including industrial pollution 33 control facilities, transportation facilities including but not limited 34 to those relating to water, highway, rail and air, in one or more areas 35 of the city, particularly but not exclusively at the site of what was 36 formerly the Troy airport including an airstrip or airport located in 37 the southern section of the city and thereby advance the job opportu- 38 nities, health, general prosperity and economic welfare of the people of 39 said city and to improve their standard of living; provided, however, 40 that the authority shall not undertake any project if the completion 41 thereof would result in the removal of an industrial or manufacturing 42 plant of the project occupant from one area of the state to another area 43 of the state or in the abandonment of one or more plants or facilities 44 of the project applicant located within the state, provided, however, 45 that neither restriction shall apply if the authority shall determine on 46 the basis of the application before it that the project is reasonably 47 necessary to discourage the project occupant from removing such other 48 plant or facility to a location outside the state or is reasonably 49 necessary to preserve the competitive position of the project occupant 50 in its respective industry. To carry out said purposes, the authority 51 shall have power: 52 1. To sue and be sued; 53 2. To have a seal and alter the same at pleasure; 54 3. To acquire, hold and dispose of personal property for its corporate 55 purpose; A. 1556 10 1 4. To acquire by purchase, grant, lease, gift, condemnation, or other- 2 wise and to use, real property or rights or easements therein necessary 3 for its corporate purposes, and to sell, convey, mortgage, lease, 4 pledge, exchange or otherwise dispose of any such property in such 5 manner as the authority shall determine. With respect to real property 6 conveyed to it by the city, however, such power of disposition shall be 7 limited as hereinafter provided in section nineteen hundred [five] 8 FIFTY-FIVE of this title; 9 5. TO ACQUIRE REAL PROPERTY WITHIN THE CITY OF TROY AS NECESSARY FOR 10 ITS CORPORATE PURPOSES PURSUANT TO SECTION EIGHT HUNDRED FIFTY-EIGHT-C 11 OF THE GENERAL MUNICIPAL LAW; 12 6. To make by-laws for the management and regulation of its affairs 13 and, subject to agreements with its bondholders, for the regulation of 14 the use of the project; 15 [6.] 7. With the consent of the city, to use agents, employees and 16 facilities of the city, paying the city its agreed proportion of the 17 compensation or costs; 18 [7.] 8. To appoint officers, agents and employees, to prescribe their 19 qualifications and to fix their compensation and to pay the same out of 20 funds of the authority, subject, however, to the provisions of the civil 21 service law as hereinafter provided in section nineteen hundred [and 22 four] FIFTY-FOUR of this title; 23 [8.] 9. To appoint an attorney, who may be the corporation counsel of 24 the city, and to fix the attorney's compensation for services which 25 shall be payable to the attorney, and to retain and employ private 26 consultants for professional and technical assistance and advice; 27 provided that an attorney acting as bond counsel for a project must file 28 with the authority a written statement in which the attorney identifies 29 each party to the transaction which such attorney represents. If bond 30 counsel provides any legal services to parties other than the authority, 31 the written statement must describe the nature of legal services 32 provided by such bond counsel to all parties to the transaction, includ- 33 ing the nature of the services provided to the authority; 34 [9.] 10. To make contracts and leases upon such terms as the authority 35 shall deem appropriate, including without limitation leases which grant 36 the tenant of a project an option to renew or an option to purchase the 37 project, or both, at a fixed or otherwise predetermined price and to 38 execute all instruments necessary or convenient; 39 [10.] 11. To acquire, construct, reconstruct, lease, improve, main- 40 tain, equip or furnish one or more projects; 41 [11.] 12. To accept gifts, grants, loans or contributions from, and 42 enter into contracts or other transactions with, the United States and 43 the state or any agency of either of them, any municipality, any public 44 or private corporation or any other legal entity, and to use any such 45 gifts, grants, loans or contributions for any of its corporate purposes; 46 13. TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF LOANS TO IMPROVE, 47 MAINTAIN OR EQUIP ONE OR MORE PROJECTS CONSISTENT WITH ITS CORPORATE 48 PURPOSES; 49 14. TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF GRANTS TO ONE OR 50 MORE PROJECTS CONSISTENT WITH ITS CORPORATE PURPOSES; 51 [12.] 15. To borrow money and to issue bonds and to provide for the 52 rights of the holders thereof; 53 [13.] 16. To designate the depositories of its money either within or 54 without the state of New York; 55 [14.] 17. To enter into agreements requiring payments in lieu of 56 taxes. Such agreements shall be in writing and in addition to other A. 1556 11 1 terms shall contain: the amount due annually to each affected tax juris- 2 diction (or a formula by which the amount due can be calculated), the 3 name and address of the person, office or agency to which payment shall 4 be delivered, the date on which payment shall be made, and the date on 5 which payment shall be considered delinquent if not paid. Unless other- 6 wise agreed by the affected tax jurisdictions, any such agreement shall 7 provide that payments in lieu of taxes shall be allocated among affected 8 tax jurisdictions in proportion to the amount of real property tax and 9 other taxes which would have been received by each affected tax juris- 10 diction had the project not been tax exempt due to the status of the 11 authority involved in the project. A copy of any such agreement shall be 12 delivered to each affected tax jurisdiction within fifteen days of sign- 13 ing the agreement. In the absence of any such written agreement, 14 payments in lieu of taxes made by an agency shall be allocated in the 15 same proportions as they had been prior to January first, nineteen 16 hundred ninety-three for so long as the authority's activities render a 17 project non-taxable by affected tax jurisdictions. 18 [15.] 18. To establish and reestablish its fiscal year; and 19 [16.] 19. To do all things necessary or convenient to carry out its 20 purposes and exercise the powers expressly given in this title. 21 S 12. Section 1953-a of the public authorities law, as added by chap- 22 ter 356 of the laws of 1993, subdivision 1 as amended by chapter 357 of 23 the laws of 1993, is amended to read as follows: 24 S 1953-a. Additional prerequisites to the provision of financial 25 assistance. Prior to providing any financial assistance [of] TOTALING 26 more than one hundred thousand dollars to any project, the authority 27 must comply with the following prerequisites: 28 1. The authority must adopt a resolution describing the project and 29 TYPE AND AMOUNT OF the financial assistance that the authority is 30 contemplating with respect to such project. Such assistance shall be 31 consistent with the uniform [tax exemption] FINANCIAL ASSISTANCE policy 32 adopted by the agency pursuant to subdivision one of section nineteen 33 hundred sixty-three-a of this [chapter] TITLE, unless the agency has 34 followed procedures for deviation from such policy specified in subdivi- 35 sion two of such section. 36 2. The authority must hold a public hearing with respect to the 37 project and the proposed financial assistance being contemplated by the 38 authority NOT LESS THAN THIRTY DAYS PRIOR TO EXECUTING A WRITTEN AGREE- 39 MENT TO PROVIDE FINANCIAL ASSISTANCE. At said public hearing, inter- 40 ested parties shall be provided reasonable opportunity, both orally and 41 in writing, to present their views with respect to the project AND THE 42 TYPE AND AMOUNT OF FINANCIAL ASSISTANCE TO BE PROVIDED. THE AUTHORITY 43 SHALL ALSO ACCEPT WRITTEN COMMENTS UP TO SEVEN DAYS AFTER SUCH HEARING 44 IS HELD. 45 3. The authority must give at least ten days published notice of said 46 public hearing and shall, at the same time, provide notice of such hear- 47 ing to the chief executive officer of the affected tax jurisdiction 48 within which the project is located. The notice of hearing must state 49 the time and place of the hearing, contain a general, functional 50 description of the project, describe the prospective location of the 51 project, identify the initial owner, operator or manager of the project 52 and generally describe the financial assistance contemplated by the 53 authority with respect to the project. 54 4. THE AUTHORITY SHALL MAINTAIN A COMPLETE RECORD OF THE HEARING, 55 INCLUDING ALL DOCUMENTS AND ORAL STATEMENTS, AND WRITTEN STATEMENTS 56 PRESENTED AT OR WITHIN SEVEN DAYS FOLLOWING SUCH HEARING. ALL MEMBERS A. 1556 12 1 SHALL BE PROVIDED WITH A COPY OF SUCH RECORD AT LEAST SEVEN DAYS BEFORE 2 VOTING WHETHER TO APPROVE FINANCIAL ASSISTANCE FOR THE PROJECT. SUCH 3 RECORD SHALL ALSO BE POSTED ON THE AUTHORITY WEB SITE AT THE TIME IT IS 4 PROVIDED TO MEMBERS. 5 S 13. The public authorities law is amended by adding four new 6 sections 1953-b, 1953-c, 1953-d and 1953-e to read as follows: 7 S 1953-B. PROJECT APPLICATION AND APPROVAL CRITERIA. 1. THE PROJECT 8 APPLICANT SHALL SUBMIT AN APPLICATION, DEVELOPED BY THE AUTHORITY, FOR 9 APPROVAL OF A PROPOSED PROJECT AND FINANCIAL ASSISTANCE. THE AUTHORITY 10 SHALL ADOPT PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA THAT SHALL 11 BE APPLIED TO ALL PROJECT APPLICATIONS UNDER CONSIDERATION FOR APPROVAL 12 AND FINANCIAL ASSISTANCE. THE DECISION TO APPROVE OR NOT APPROVE FINAN- 13 CIAL ASSISTANCE SHALL BE BASED ON, BUT NOT LIMITED TO, CONSIDERATION OF 14 THE FOLLOWING CRITERIA: 15 (A) STRATEGIC OBJECTIVES. CONSIDERATION IS TO BE GIVEN TO THE PURPOSE 16 OF THE PROJECT, SUCH AS THE NATURE OF THE PLANNED BUSINESS ACTIVITY, THE 17 EXTENT TO WHICH THE PLANNED BUSINESS ACTIVITY IS UNREPRESENTED OR UNDER- 18 REPRESENTED IN THE COMMUNITY, AND WHETHER THE PROJECT INVOLVES A BUSI- 19 NESS INTERESTED IN RELOCATING FROM OUTSIDE THE STATE OF NEW YORK. 20 (B) JOB CREATION. A DECISION TO FUND A PROJECT SHALL BE BASED ON THE 21 NUMBER OF JOBS TO BE CREATED OR RETAINED BY THE PROPOSED PROJECT, THE 22 RANGE OF PROJECTED SALARIES AND BENEFITS ASSOCIATED WITH JOBS TO BE 23 CREATED, AND THE BENCHMARKS AND TIMEFRAMES TO BE USED BY THE PROJECT TO 24 DETERMINE WHETHER IT IS MEETING PROJECTED JOB CREATION AND RETENTION 25 GOALS. 26 (C) THE FINANCIAL VIABILITY OF THE PROJECT. APPROVAL FOR FUNDING SHALL 27 CONSIDER THE EXTENT TO WHICH THE VIABILITY AND SUCCESS OF THE PROJECT IS 28 DEPENDENT ON FINANCIAL ASSISTANCE FROM THE AUTHORITY. THE AUTHORITY 29 SHALL ALSO CONSIDER THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE BEING 30 REQUESTED, THE AMOUNT AND TYPE OF PRIVATE FINANCING REQUIRED, THE AMOUNT 31 AND TYPE OF CAPITAL INVESTMENT TO BE PROVIDED BY THE PROJECT APPLICANT, 32 AND ANY PRIOR FINANCIAL ASSISTANCE PROVIDED TO THE PROJECT OR TO THE 33 PROJECT APPLICANT. 34 (D) ECONOMIC BENEFITS. FUNDING DECISIONS SHALL CONSIDER THE POTENTIAL 35 ECONOMIC AND FINANCIAL IMPACT OF THE PROJECT ON EXISTING BUSINESSES IN 36 THE AREA, ON THE AFFECTED TAX JURISDICTIONS, AND ON THE LOCAL LABOR 37 MARKET. 38 (E) LEGAL ISSUES. CONSIDERATION SHALL BE GIVEN TO THE PROJECT APPLI- 39 CANT'S RECORD OF COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS. 40 2. THE PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA SHALL BE 41 REVIEWED AND APPROVED ANNUALLY AT A REGULAR MEETING OF THE AUTHORITY AND 42 MADE AVAILABLE TO THE PUBLIC ON THE AUTHORITY'S WEB SITE. 43 3. THE AUTHORITY SHALL PROVIDE THE DIRECTOR OF THE AUTHORITIES BUDGET 44 OFFICE WITH AN ELECTRONIC COPY OF THE APPLICATION AND PROJECT REVIEW AND 45 APPROVAL CRITERIA WITHIN THIRTY DAYS OF THEIR ADOPTION OR REVISION. 46 4. THE AUTHORITY SHALL RETAIN A WRITTEN RECORD OF THE EVALUATION OF 47 EACH PROJECT APPLICATION TO DOCUMENT ITS DECISION TO PROVIDE OR DENY 48 FINANCIAL ASSISTANCE. 49 S 1953-C. FINANCIAL ASSISTANCE AGREEMENT. 1. THE AUTHORITY SHALL ENTER 50 INTO A WRITTEN AGREEMENT WITH THE PROJECT APPLICANT PRIOR TO PROVIDING 51 FINANCIAL ASSISTANCE. THE AGREEMENT SHALL INCLUDE THE FOLLOWING INFORMA- 52 TION: 53 (A) A DESCRIPTION OF THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE TO BE 54 PROVIDED BY THE AUTHORITY, INCLUDING A DESCRIPTION AND THE VALUE OF 55 PROPERTY CONVEYED AT LESS THAN FAIR MARKET VALUE; A. 1556 13 1 (B) A DESCRIPTION OF THE AMOUNT OF FINANCING TO BE PROVIDED BY THE 2 PROJECT APPLICANT, INCLUDING THE AMOUNT AND TYPE OF CAPITAL INVESTMENT 3 TO BE PROVIDED; 4 (C) THE PURPOSE OF THE PROJECT; 5 (D) THE AMOUNT, TYPES, SOURCES AND COMMITMENTS OF ANY PRIVATE FINANC- 6 ING; 7 (E) THE PROJECTED NUMBER OF NEW FULL-TIME AND PART-TIME POSITIONS 8 EXPECTED TO BE CREATED OVER THE PERIOD OF FINANCIAL ASSISTANCE, AND AN 9 ESTIMATED SCHEDULE BY YEAR OF WHEN THOSE POSITIONS WILL BE CREATED; 10 (F) THE NUMBER AND TYPES OF FULL-TIME AND PART-TIME JOBS TO BE 11 RETAINED, AND THE NUMBER OF FILLED POSITIONS AT THE PROJECT AS OF THE 12 DATE THE AGREEMENT IS EXECUTED; 13 (G) THE TYPES AND VALUE OF OTHER FORMS OF FINANCIAL ASSISTANCE 14 PROVIDED TO THE PROJECT OR REQUESTED BY THE PROJECT APPLICANT FROM OTHER 15 STATE OR LOCAL GOVERNMENT AGENCIES OR AUTHORITIES; AND 16 (H) THE PENALTIES TO BE IMPOSED ON THE PROJECT APPLICANT IF THE TERMS 17 OF THE AGREEMENT ARE NOT MET. 18 2. THE LENGTH OF A FINANCIAL ASSISTANCE AGREEMENT SHALL BE LIMITED TO 19 NO MORE THAN FIVE YEARS; PROVIDED HOWEVER THAT THE AGREEMENT MAY BE 20 RENEWED FOR UP TO FIVE ADDITIONAL YEARS IF THE AUTHORITY DETERMINES THAT 21 THE PROJECT APPLICANT HAS ACTED IN GOOD FAITH TO MEET THE TERMS AND 22 CONDITIONS OF THE AGREEMENT. IN NO EVENT MAY FINANCIAL ASSISTANCE IN THE 23 FORM OF A LOAN OR EXEMPTION FROM TAXATION BE PROVIDED TO A PROJECT FOR 24 MORE THAN TEN YEARS. 25 3. THE FINANCIAL ASSISTANCE AGREEMENT SHALL BE MADE AVAILABLE TO THE 26 PUBLIC ON THE WEB SITE OF THE AUTHORITY. 27 4. THE AUTHORITY SHALL ADOPT A METHODOLOGY TO EVALUATE THE CONFORMANCE 28 OF EACH ASSISTED PROJECT TO THE TERMS AND CONDITIONS OF THE FINANCIAL 29 ASSISTANCE AGREEMENT. THIS METHODOLOGY SHALL BE MADE AVAILABLE TO THE 30 PUBLIC ON THE AUTHORITY'S WEB SITE. 31 S 1953-D. RECAPTURE OF CERTAIN FINANCIAL ASSISTANCE. 1. THE AUTHORITY, 32 PURSUANT TO THE TERMS AND CONDITIONS OF ITS FINANCIAL ASSISTANCE AGREE- 33 MENT, MAY RECAPTURE FINANCIAL ASSISTANCE TO A PROJECT FROM THE PROCEEDS 34 OF BONDS ISSUED BY THE AUTHORITY, MORTGAGE RECORDING TAX EXEMPTIONS, OR 35 LOCAL SALES OR COMPENSATING USE TAX EXEMPTIONS IF (A) THE PROJECT 36 VIOLATES STATE OR FEDERAL TAX LAW, LABOR LAW, ENVIRONMENTAL PROTECTION 37 LAW, OR CONTRACT LAW, OR ANY STATE OR FEDERAL RULE OR REGULATION IMPLE- 38 MENTING SUCH LAW, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION OR 39 ADMINISTRATIVE TRIBUNAL, PROVIDED THAT SUCH COURT OR TRIBUNAL CONCLUDES 40 THAT THE VIOLATION WOULD CAUSE MATERIAL HARM TO THE ECONOMY OR QUALITY 41 OF LIFE OF THE COMMUNITY; OR (B) ALL OR PART OF THE PROJECT'S BUSINESS 42 ACTIVITY OR WORKFORCE IS MOVED TO A LOCATION OUTSIDE THE COMMUNITY 43 SERVED BY THE AUTHORITY AND BY DOING SO VIOLATES THE TERMS AND CONDI- 44 TIONS OF ITS FINANCIAL ASSISTANCE AGREEMENT. 45 2. AN AUTHORITY WHICH ELECTS TO INITIATE THE RECAPTURE OF FINANCIAL 46 ASSISTANCE PURSUANT TO SUBDIVISION ONE OF SECTION EIGHT HUNDRED 47 FIFTY-NINE-E OF THE GENERAL MUNICIPAL LAW MUST NOTIFY THE RECIPIENT OF 48 SUCH FINANCIAL ASSISTANCE IN WRITING THAT IT IS IN DEFAULT OF ITS FINAN- 49 CIAL ASSISTANCE AGREEMENT AND MAY DIRECT THE RECIPIENT OF FINANCIAL 50 ASSISTANCE TO REPAY UP TO THE FULL AMOUNT OF SUCH FINANCIAL ASSISTANCE 51 RECEIVED AS OF THE DATE OF THE WRITTEN NOTICE PLUS INTEREST AT THE RATE 52 SET FORTH IN SECTION FIVE THOUSAND FOUR OF THE CIVIL PRACTICE LAW AND 53 RULES. 54 3. FINANCIAL ASSISTANCE RECAPTURED PURSUANT TO THIS SECTION AND ANY 55 INTEREST PAID SHALL BE REDISTRIBUTED TO AFFECTED TAX JURISDICTIONS IN 56 PROPORTION TO THE AMOUNT OF REAL PROPERTY TAX AND OTHER TAXES WHICH A. 1556 14 1 WOULD HAVE BEEN RECEIVED BY EACH AFFECTED TAX JURISDICTION HAD THE 2 PROJECT NOT BEEN TAX EXEMPT. UNLESS OTHERWISE AGREED TO IN WRITING BY AN 3 AFFECTED TAX JURISDICTION, THE AUTHORITY SHALL NOT RETAIN ANY PORTION OF 4 SUCH FUNDS AS AN ADMINISTRATIVE OR PROJECT FEE. 5 S 1953-E. WAGES AND STANDARDS. WHENEVER A RECIPIENT OF FINANCIAL 6 ASSISTANCE FROM THE AUTHORITY ENTERS INTO A CONTRACT, SUBCONTRACT, LEASE 7 OR OTHER AGREEMENT FOR OR IN CONNECTION WITH THE CONSTRUCTION, DEMOLI- 8 TION, RECONSTRUCTION, REHABILITATION, REPAIR, OR RENOVATION OF AN 9 ASSISTED PROJECT, THE RECIPIENT OF FINANCIAL ASSISTANCE SHALL PAY WORK- 10 ERS ENGAGED IN SUCH WORK NO LESS THAN THE PREVAILING RATE OF WAGE AND 11 SUPPLEMENTS UNDER ARTICLE EIGHT OF THE LABOR LAW. 12 S 14. Section 1963-a of the public authorities law, as amended by 13 chapter 357 of the laws of 1993, is amended to read as follows: 14 S 1963-a. Uniform [tax exemption] FINANCIAL ASSISTANCE policy. 1. The 15 authority shall [establish] ADOPT a uniform [tax exemption] FINANCIAL 16 ASSISTANCE policy, [with input from] SUBJECT TO THE APPROVAL OF affected 17 local taxing jurisdictions, which shall be applicable to provisions of 18 financial assistance pursuant to section nineteen hundred fifty-three-a 19 of this [chapter] TITLE and shall provide guidelines for the claiming of 20 real property, mortgage recording, and sales tax exemptions. Such guide- 21 lines shall include, but not be limited to: period of exemption; 22 PAYMENTS IN LIEU OF TAXES AS A percentage of [exemption] TAXES THAT 23 WOULD HAVE BEEN LEVIED BY OR ON BEHALF OF AFFECTED TAX JURISDICTIONS IF 24 THE PROJECT WAS NOT EXEMPT BY REASON OF AUTHORITY INVOLVEMENT; types of 25 projects for which exemptions can be claimed; procedures for payments in 26 lieu of taxes and instances in which real property appraisals are to be 27 performed as a part of an application for tax exemption; in addition, 28 the authority in adopting such policy shall consider such issues as: the 29 extent to which a project will create or retain permanent, private 30 sector jobs; the estimated value of any tax exemption to be provided; 31 whether affected tax jurisdictions should be reimbursed by the project 32 occupant if a project does not fulfill the purposes for which an 33 exemption was provided; the impact of a proposed project on existing and 34 proposed businesses and economic development projects in the vicinity; 35 the amount of private sector investment generated or likely to be gener- 36 ated by the proposed project; the demonstrated public support for the 37 proposed project; the likelihood of accomplishing the proposed project 38 in a timely fashion; the effect of the proposed project upon the envi- 39 ronment; the extent to which the proposed project will require the 40 provision of additional services, including, but not limited to addi- 41 tional educational, transportation, police, emergency medical or fire 42 services; and the extent to which the proposed project will provide 43 additional sources [or] OF revenue for municipalities and school 44 districts. THE ADOPTED UNIFORM FINANCIAL ASSISTANCE POLICY SHALL BE 45 PROVIDED TO THE CHIEF EXECUTIVE OFFICER AND MEMBERS OF THE GOVERNING 46 BODY OF EACH AFFECTED TAX JURISDICTION AND SHALL BE MADE AVAILABLE FOR 47 PUBLIC INSPECTION AT THE AUTHORITY'S OFFICE AND ON THE AUTHORITY'S 48 WEBSITE UPON ITS ADOPTION. 49 2. The authority shall [establish a procedure] ADOPT CRITERIA for 50 deviation from the uniform [tax exemption] FINANCIAL ASSISTANCE policy 51 required pursuant to this section WHICH SHALL BE SUBJECT TO THE APPROVAL 52 OF AFFECTED LOCAL TAX JURISDICTIONS. The authority shall set forth in 53 writing the reasons for deviation from such policy, and shall further 54 notify the affected tax jurisdictions of the proposed deviation from 55 such policy and the reasons therefor NOT LESS THAN SIXTY DAYS BEFORE 56 SUCH DEVIATION FROM THE UNIFORM TAX EXEMPTION POLICY TAKES EFFECT. A. 1556 15 1 S 15. Section 2306 of the public authorities law, as added by chapter 2 915 of the laws of 1969, the opening paragraph and an undesignated para- 3 graph as amended by chapter 304 of the laws of 2013, subdivision 9 as 4 amended by chapter 556 of the laws of 1973 and subdivision 8 as amended, 5 subdivision 14 as added and subdivisions 15 and 16 as renumbered by 6 chapter 356 of the laws of 1993, is amended to read as follows: 7 S 2306. Purpose and powers of the authority. The purposes of the 8 authority shall be to promote, develop, encourage and assist in the 9 acquiring, constructing, reconstructing, improving, maintaining, equip- 10 ping and furnishing industrial, manufacturing, warehouse, CIVIC FACILI- 11 TIES, commercial and research facilities and facilities for use by a 12 federal agency or a medical facility including industrial pollution 13 control facilities, which may include transportation facilities includ- 14 ing but not limited to those relating to water, highway, rail and air, 15 in one or more areas of the city, and thereby advance the job opportu- 16 nities, health, general prosperity and economic welfare of the people of 17 said city and to improve their medical care and standard of living; 18 provided, however, that the authority shall not undertake any project if 19 the completion thereof would result in the removal of an industrial or 20 manufacturing plant of the project occupant from one area of the state 21 to another area of the state or in abandonment of one or more plants or 22 facilities of the project applicant located within the state, provided, 23 however, that neither restriction shall apply if the authority shall 24 determine on the basis of the application before it that the project is 25 reasonably necessary to discourage the project occupant from removing 26 such other plant or facility to a location outside the state or is 27 reasonably necessary to preserve the competitive position of the project 28 occupant in its respective industry. Except as otherwise provided for in 29 this section, no financial assistance of the authority shall be provided 30 in respect of any project where facilities or property that are primari- 31 ly used in making retail sales to customers who personally visit such 32 facilities constitute more than one-third of the total project cost. For 33 the purposes of this article, "retail sales" shall mean: (i) sales by a 34 registered vendor under article twenty-eight of the tax law primarily 35 engaged in the retail sale of tangible personal property, as defined in 36 subparagraph (i) of paragraph four of subdivision (b) of section eleven 37 hundred one of the tax law; or (ii) sales of a service to such custom- 38 ers. Except, however, that tourism destination projects shall not be 39 prohibited by this paragraph. For the purpose of this paragraph, "tour- 40 ism destination" shall mean a location or facility which is likely to 41 attract a significant number of visitors from outside the economic 42 development region as established by section two hundred thirty of the 43 economic development law, in which the project is located. 44 Notwithstanding the provisions of this section to the contrary, such 45 financial assistance may, however, be provided to a project where facil- 46 ities or property that are primarily used in making retail sales of 47 goods or services to customers who personally visit such facilities to 48 obtain such goods or services constitute more than one-third of the 49 total project cost, where: (i) the predominant purpose of the project 50 would be to make available goods or services which would not, but for 51 the project, be reasonably accessible to the residents of the city of 52 Auburn because of a lack of reasonably accessible retail trade facili- 53 ties offering such goods or services; or (ii) the project is located in 54 a highly distressed area. With respect to projects authorized pursuant 55 to this paragraph no project shall be approved unless the authority 56 shall find after the public hearing required by section twenty-three A. 1556 16 1 hundred seven of this title that undertaking the project will serve the 2 public purposes of this article by preserving permanent, private sector 3 jobs or increasing the overall number of permanent, private sector jobs 4 in the state. Where the authority makes such a finding, prior to provid- 5 ing financial assistance to the project by the authority, the chief 6 executive officer of the city of Auburn shall confirm the proposed 7 action of the authority. To carry out said purpose, the authority shall 8 have power: 9 1. To sue and be sued; 10 2. To have a seal and alter the same at pleasure; 11 3. To acquire, hold and dispose of personal property for its corporate 12 purpose; 13 4. To acquire by purchase, grant, lease, gift, condemnation, or other- 14 wise and to use, real property or rights or easements therein necessary 15 for its corporate purposes, and to sell, convey, mortgage, lease, 16 pledge, exchange or otherwise dispose of any such property in such 17 manner as the authority shall determine. With respect to real property 18 conveyed to it by the city, however, such power of disposition shall be 19 limited as hereinafter provided in section twenty-three hundred ten of 20 this title; 21 5. TO ACQUIRE REAL PROPERTY WITHIN THE CITY OF AUBURN AS NECESSARY FOR 22 ITS CORPORATE PURPOSES PURSUANT TO SECTION EIGHT HUNDRED FIFTY-EIGHT-C 23 OF THE GENERAL MUNICIPAL LAW; 24 6. To make by-laws for the management and regulation of its affairs 25 and, subject to agreements with its bondholders, for the regulation of 26 the use of the project[.]; 27 [6.] 7. With the consent of the city, to use agents, employees and 28 facilities of the city, paying the city its agreed proportion of the 29 compensation or costs[.]; 30 [7.] 8. To appoint officers, agents and employees, to prescribe their 31 qualifications and to fix their compensation and to pay the same out of 32 funds of the authority, subject, however, to the provisions of the civil 33 service law hereinafter provided in section twenty-three hundred eight 34 of this title; 35 [8.] 9. To retain and employ financial advisors, engineers, archi- 36 tects, attorneys and other consultants for professional and technical 37 assistance and advice; that an attorney acting as bond counsel for a 38 project must file with the authority a written statement in which the 39 attorney identifies each party to the transaction which such attorney 40 represents. If bond counsel provides any legal services to the parties 41 other than the authority, the written statement must describe the nature 42 of legal services provided by such bond counsel to all parties to the 43 transaction, including the nature of the services provided to the 44 authority; 45 [9.] 10. To make contracts and leases upon such terms as the authority 46 shall deem appropriate, including without limitation leases which grant 47 the tenant of a project an option to renew or an option to purchase the 48 project, or both, at a fixed or otherwise predetermined price, and to 49 execute all instruments necessary or convenient; 50 [10.] 11. To acquire, construct, reconstruct, lease, improve, main- 51 tain, equip or furnish one or more projects; 52 [11.] 12. To accept gifts, grants, loans or contributions from, and 53 enter into contracts or other transactions with, the United States and 54 the state or any agency of either of them, any municipality, any public 55 or private corporation or any other legal entity, and to use any such 56 gifts, grants, loans or contributions for any of its corporate purposes; A. 1556 17 1 13. TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF LOANS TO IMPROVE, 2 MAINTAIN OR EQUIP ONE OR MORE PROJECTS CONSISTENT WITH ITS CORPORATE 3 PURPOSES; 4 14. TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF GRANTS FOR ONE OR 5 MORE PROJECTS CONSISTENT WITH ITS CORPORATE PURPOSES; 6 [12.] 15. To borrow money and to issue bonds and to provide for the 7 rights of the holders thereof; 8 [13.] 16. To designate the depositories of its money in the city of 9 Auburn[.]; 10 [14.] 17. To enter into agreements requiring payments in lieu of 11 taxes. Such agreements shall be in writing and in addition to other 12 terms shall contain: the amount due annually to each affected tax juris- 13 diction (or a formula by which the amount due can be calculated), the 14 name and address of the person, office or agency to which payment shall 15 be delivered, the date on which the payment shall be made, and the date 16 on which payment shall be considered delinquent if not paid. Unless 17 otherwise agreed by the affected tax jurisdictions, any such agreement 18 shall provide that payments in lieu of taxes shall be allocated among 19 affected tax jurisdictions in proportion to the amount of real property 20 tax and other taxes which would have been received by each affected tax 21 jurisdiction had the project not been tax exempt due to the status of 22 the agency involved in the project. A copy of any such agreement shall 23 be delivered to each tax affected jurisdiction within fifteen days of 24 signing the agreement. In the absence of any such written agreement, 25 payments in lieu of taxes shall be allocated in the same proportions as 26 they had been prior to January first, nineteen hundred ninety-three for 27 so long as the authority's activities render a project non-taxable by 28 affected tax jurisdictions[.]; 29 [15.] 18. To establish and reestablish its fiscal year; and 30 [16.] 19. To do all things necessary or convenient to carry out its 31 purposes and exercise the powers expressly given in this title. 32 S 16. Section 2307 of the public authorities law, as added by chapter 33 356 of the laws of 1993, subdivision 1 as amended by chapter 357 of the 34 laws of 1993, is amended to read as follows: 35 S 2307. Additional prerequisites to the provision of financial assist- 36 ance. Prior to providing any financial assistance [of] TOTALING more 37 than one hundred thousand dollars to any project, the authority must 38 comply with the following prerequisites: 39 1. The authority must adopt a resolution describing the project and 40 TYPE AND AMOUNT OF the financial assistance that the authority is 41 contemplating with respect to such project. Such assistance shall be 42 consistent with the uniform [tax exemption] FINANCIAL ASSISTANCE policy 43 adopted by the agency pursuant to subdivision one of section twenty- 44 three hundred fifteen of this chapter, unless the agency has followed 45 procedures for deviation from such policy specified in subdivision two 46 of such section. 47 2. The authority must hold a public hearing with respect to the 48 project and the proposed financial assistance being contemplated by the 49 authority NOT LESS THAN THIRTY DAYS PRIOR TO EXECUTING A WRITTEN AGREE- 50 MENT TO PROVIDE FINANCIAL ASSISTANCE. At said public hearing, inter- 51 ested parties shall be provided reasonable opportunity, both orally and 52 in writing, to present their views with respect to the project AND THE 53 TYPE AND AMOUNT OF FINANCIAL ASSISTANCE TO BE PROVIDED. THE AUTHORITY 54 SHALL ALSO ACCEPT WRITTEN COMMENTS UP TO SEVEN DAYS AFTER SUCH HEARING 55 IS HELD. A. 1556 18 1 3. The authority must give at least ten days published notice of said 2 public hearing and shall, at the same time, provide notice of such hear- 3 ing to the chief executive officer of each affected tax [jurisidiction] 4 JURISDICTION within which the project is located. The notice of hearing 5 must state the time and place of the hearing, contain a general, func- 6 tional description of the project, describe the prospective location of 7 the project, identify the initial owner, operator or manager of the 8 project and generally describe the financial assistance contemplated by 9 the authority with respect to the project. 10 4. THE AUTHORITY SHALL MAINTAIN A COMPLETE RECORD OF THE HEARING, 11 INCLUDING ALL DOCUMENTS AND ORAL STATEMENTS, AND WRITTEN STATEMENTS 12 PRESENTED AT OR WITHIN SEVEN DAYS FOLLOWING SUCH HEARING. ALL MEMBERS 13 SHALL BE PROVIDED WITH A COPY OF SUCH RECORD AT LEAST SEVEN DAYS BEFORE 14 DECIDING WHETHER TO APPROVE FINANCIAL ASSISTANCE FOR THE PROJECT. SUCH 15 RECORD SHALL ALSO BE POSTED ON THE AUTHORITY WEB SITE AT THE TIME IT IS 16 PROVIDED TO MEMBERS. 17 S 17. The public authorities law is amended by adding four new 18 sections 2307-a, 2307-b, 2307-c and 2307-d to read as follows: 19 S 2307-A. PROJECT APPLICATION AND APPROVAL CRITERIA. 1. THE PROJECT 20 APPLICANT SHALL SUBMIT AN APPLICATION, DEVELOPED BY THE AUTHORITY, FOR 21 APPROVAL OF A PROPOSED PROJECT AND FINANCIAL ASSISTANCE. THE AUTHORITY 22 SHALL ADOPT PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA THAT SHALL 23 BE APPLIED TO ALL PROJECT APPLICATIONS UNDER CONSIDERATION FOR APPROVAL 24 AND FINANCIAL ASSISTANCE. THE DECISION TO APPROVE OR NOT APPROVE FINAN- 25 CIAL ASSISTANCE SHALL BE BASED ON, BUT NOT LIMITED TO, CONSIDERATION OF 26 THE FOLLOWING CRITERIA: 27 (A) STRATEGIC OBJECTIVES. CONSIDERATION IS TO BE GIVEN TO THE PURPOSE 28 OF THE PROJECT, SUCH AS THE NATURE OF THE PLANNED BUSINESS ACTIVITY, THE 29 EXTENT TO WHICH THE PLANNED BUSINESS ACTIVITY IS UNREPRESENTED OR UNDER- 30 REPRESENTED IN THE COMMUNITY, AND WHETHER THE PROJECT INVOLVES A BUSI- 31 NESS INTERESTED IN RELOCATING FROM OUTSIDE THE STATE OF NEW YORK. 32 (B) JOB CREATION. A DECISION TO FUND A PROJECT SHALL BE BASED ON THE 33 NUMBER OF JOBS TO BE CREATED OR RETAINED BY THE PROPOSED PROJECT, THE 34 RANGE OF PROJECTED SALARIES AND BENEFITS ASSOCIATED WITH JOBS TO BE 35 CREATED, AND THE BENCHMARKS AND TIMEFRAMES TO BE USED BY THE PROJECT TO 36 DETERMINE WHETHER IT IS MEETING PROJECTED JOB CREATION AND RETENTION 37 GOALS. 38 (C) THE FINANCIAL VIABILITY OF THE PROJECT. APPROVAL FOR FUNDING SHALL 39 CONSIDER THE EXTENT TO WHICH THE VIABILITY AND SUCCESS OF THE PROJECT IS 40 DEPENDENT ON FINANCIAL ASSISTANCE FROM THE AUTHORITY. THE AUTHORITY 41 SHALL ALSO CONSIDER THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE BEING 42 REQUESTED, THE AMOUNT AND TYPE OF PRIVATE FINANCING REQUIRED, THE AMOUNT 43 AND TYPE OF CAPITAL INVESTMENT TO BE PROVIDED BY THE PROJECT APPLICANT, 44 AND ANY PRIOR FINANCIAL ASSISTANCE PROVIDED TO THE PROJECT OR TO THE 45 PROJECT APPLICANT. 46 (D) ECONOMIC BENEFITS. FUNDING DECISIONS SHALL CONSIDER THE POTENTIAL 47 ECONOMIC AND FINANCIAL IMPACT OF THE PROJECT ON EXISTING BUSINESSES IN 48 THE AREA, ON THE AFFECTED TAX JURISDICTIONS, AND ON THE LOCAL LABOR 49 MARKET. 50 (E) LEGAL ISSUES. CONSIDERATION SHALL BE GIVEN TO THE PROJECT APPLI- 51 CANT'S RECORD OF COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS. 52 2. THE PROJECT APPLICATION REVIEW AND APPROVAL CRITERIA SHALL BE 53 REVIEWED AND APPROVED ANNUALLY AT A REGULAR MEETING OF THE AUTHORITY AND 54 MADE AVAILABLE TO THE PUBLIC ON THE AUTHORITY'S WEB SITE. A. 1556 19 1 3. THE AUTHORITY SHALL PROVIDE THE DIRECTOR OF THE AUTHORITIES BUDGET 2 OFFICE WITH AN ELECTRONIC COPY OF THE APPLICATION AND PROJECT REVIEW AND 3 APPROVAL CRITERIA WITHIN THIRTY DAYS OF THEIR ADOPTION OR REVISION. 4 4. THE AUTHORITY SHALL RETAIN A WRITTEN RECORD OF THE EVALUATION OF 5 EACH PROJECT APPLICATION TO DOCUMENT ITS DECISION TO PROVIDE OR DENY 6 FINANCIAL ASSISTANCE. 7 S 2307-B. FINANCIAL ASSISTANCE AGREEMENT. 1. THE AUTHORITY SHALL ENTER 8 INTO A WRITTEN AGREEMENT WITH THE PROJECT APPLICANT PRIOR TO PROVIDING 9 FINANCIAL ASSISTANCE. THE AGREEMENT SHALL INCLUDE THE FOLLOWING INFORMA- 10 TION: 11 (A) A DESCRIPTION OF THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE TO BE 12 PROVIDED BY THE AUTHORITY, INCLUDING A DESCRIPTION AND THE VALUE OF 13 PROPERTY CONVEYED AT LESS THAN FAIR MARKET VALUE; 14 (B) A DESCRIPTION OF THE AMOUNT OF FINANCING TO BE PROVIDED BY THE 15 PROJECT APPLICANT, INCLUDING THE AMOUNT AND TYPE OF CAPITAL INVESTMENT 16 TO BE PROVIDED; 17 (C) THE PURPOSE OF THE PROJECT; 18 (D) THE AMOUNT, TYPES, SOURCES AND COMMITMENTS OF ANY PRIVATE FINANC- 19 ING; 20 (E) THE PROJECTED NUMBER OF NEW FULL-TIME AND PART-TIME POSITIONS 21 EXPECTED TO BE CREATED OVER THE PERIOD OF FINANCIAL ASSISTANCE, AND AN 22 ESTIMATED SCHEDULE BY YEAR OF WHEN THOSE POSITIONS WILL BE CREATED; 23 (F) THE NUMBER AND TYPES OF FULL-TIME AND PART-TIME JOBS TO BE 24 RETAINED, AND THE NUMBER OF FILLED POSITIONS AT THE PROJECT AS OF THE 25 DATE THE AGREEMENT IS EXECUTED; 26 (G) THE TYPES AND VALUE OF OTHER FORMS OF FINANCIAL ASSISTANCE 27 PROVIDED TO THE PROJECT OR REQUESTED BY THE PROJECT APPLICANT FROM OTHER 28 STATE OR LOCAL GOVERNMENT AGENCIES OR AUTHORITIES; AND 29 (H) THE PENALTIES TO BE IMPOSED ON THE PROJECT APPLICANT IF THE TERMS 30 OF THE AGREEMENT ARE NOT MET. 31 2-A. THE LENGTH OF A FINANCIAL ASSISTANCE AGREEMENT SHALL BE LIMITED 32 TO NO MORE THAN FIVE YEARS; PROVIDED HOWEVER THAT THE AGREEMENT MAY BE 33 RENEWED FOR UP TO FIVE ADDITIONAL YEARS IF THE AUTHORITY DETERMINES THAT 34 THE PROJECT APPLICANT HAS ACTED IN GOOD FAITH TO MEET THE TERMS AND 35 CONDITIONS OF THE AGREEMENT. IN NO EVENT MAY FINANCIAL ASSISTANCE IN THE 36 FORM OF A LOAN OR EXEMPTION FROM TAXATION BE PROVIDED TO A PROJECT FOR 37 MORE THAN TEN YEARS. 38 3. THE FINANCIAL ASSISTANCE AGREEMENT SHALL BE MADE AVAILABLE TO THE 39 PUBLIC ON THE WEB SITE OF THE AUTHORITY. 40 4. THE AUTHORITY SHALL ADOPT A METHODOLOGY TO EVALUATE THE CONFORMANCE 41 OF EACH ASSISTED PROJECT TO THE TERMS AND CONDITIONS OF THE FINANCIAL 42 ASSISTANCE AGREEMENT. THIS METHODOLOGY SHALL BE MADE AVAILABLE TO THE 43 PUBLIC ON THE AUTHORITY'S WEB SITE. 44 S 2307-C. RECAPTURE OF CERTAIN FINANCIAL ASSISTANCE. 1. THE AUTHORITY, 45 PURSUANT TO THE TERMS AND CONDITIONS OF ITS FINANCIAL ASSISTANCE AGREE- 46 MENT, MAY RECAPTURE FINANCIAL ASSISTANCE TO A PROJECT FROM THE PROCEEDS 47 OF BONDS ISSUED BY THE AUTHORITY, MORTGAGE RECORDING TAX EXEMPTIONS, OR 48 LOCAL SALES OR COMPENSATING USE TAX EXEMPTIONS IF (A) THE PROJECT 49 VIOLATES STATE OR FEDERAL TAX LAW, LABOR LAW, ENVIRONMENTAL PROTECTION 50 LAW, OR CONTRACT LAW, OR ANY STATE OR FEDERAL RULE OR REGULATION IMPLE- 51 MENTING SUCH LAW, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION OR 52 ADMINISTRATIVE TRIBUNAL, PROVIDED THAT SUCH COURT OR TRIBUNAL CONCLUDES 53 THAT THE VIOLATION WOULD CAUSE MATERIAL HARM TO THE ECONOMY OR QUALITY 54 OF LIFE OF THE COMMUNITY; OR (B) ALL OR PART OF THE PROJECT'S BUSINESS 55 ACTIVITY OR WORKFORCE IS MOVED TO A LOCATION OUTSIDE THE COMMUNITY A. 1556 20 1 SERVED BY THE AUTHORITY AND BY DOING SO VIOLATES THE TERMS AND CONDI- 2 TIONS OF ITS FINANCIAL ASSISTANCE AGREEMENT. 3 2. AN AUTHORITY WHICH ELECTS TO INITIATE THE RECAPTURE OF FINANCIAL 4 ASSISTANCE PURSUANT TO SUBDIVISION ONE OF SECTION EIGHT HUNDRED 5 FIFTY-NINE-E OF THE GENERAL MUNICIPAL LAW MUST NOTIFY THE RECIPIENT OF 6 SUCH FINANCIAL ASSISTANCE IN WRITING THAT IT IS IN DEFAULT OF ITS FINAN- 7 CIAL ASSISTANCE AGREEMENT AND MAY DIRECT THE RECIPIENT OF FINANCIAL 8 ASSISTANCE TO REPAY UP TO THE FULL AMOUNT OF SUCH FINANCIAL ASSISTANCE 9 RECEIVED AS OF THE DATE OF THE WRITTEN NOTICE PLUS INTEREST AT THE RATE 10 SET FORTH IN SECTION FIVE THOUSAND FOUR OF THE CIVIL PRACTICE LAW AND 11 RULES. 12 3. FINANCIAL ASSISTANCE RECAPTURED PURSUANT TO THIS SECTION AND ANY 13 INTEREST PAID SHALL BE REDISTRIBUTED TO AFFECTED TAX JURISDICTIONS IN 14 PROPORTION TO THE AMOUNT OF REAL PROPERTY TAX AND OTHER TAXES WHICH 15 WOULD HAVE BEEN RECEIVED BY EACH AFFECTED TAX JURISDICTION HAD THE 16 PROJECT NOT BEEN TAX EXEMPT. UNLESS OTHERWISE AGREED TO IN WRITING BY AN 17 AFFECTED TAX JURISDICTION, THE AUTHORITY SHALL NOT RETAIN ANY PORTION OF 18 SUCH FUNDS AS AN ADMINISTRATIVE OR PROJECT FEE. 19 S 2307-D. WAGES AND STANDARDS. WHENEVER A RECIPIENT OF FINANCIAL 20 ASSISTANCE FROM THE AUTHORITY ENTERS INTO A CONTRACT, SUBCONTRACT, LEASE 21 OR OTHER AGREEMENT FOR OR IN CONNECTION WITH THE CONSTRUCTION, DEMOLI- 22 TION, RECONSTRUCTION, REHABILITATION, REPAIR, OR RENOVATION OF AN 23 ASSISTED PROJECT, THE RECIPIENT OF FINANCIAL ASSISTANCE SHALL PAY WORK- 24 ERS ENGAGED IN SUCH WORK NO LESS THAN THE PREVAILING RATE OF WAGE AND 25 SUPPLEMENTS UNDER ARTICLE EIGHT OF THE LABOR LAW. 26 S 18. Section 2315 of the public authorities law, as amended by chap- 27 ter 357 of the laws of 1993, is amended to read as follows: 28 S 2315. Uniform [tax exemption] FINANCIAL ASSISTANCE policy. 1. The 29 authority shall [establish] ADOPT a uniform [tax exemption] FINANCIAL 30 ASSISTANCE policy, [with input from] SUBJECT TO THE APPROVAL OF affected 31 local taxing jurisdictions, which shall be applicable to provisions of 32 financial assistance pursuant to section twenty-three hundred seven of 33 this [chapter] TITLE and shall provide guidelines for the claiming of 34 real property, mortgage recording, and sales tax exemptions. Such guide- 35 lines shall include, but not be limited to: period of exemption; 36 PAYMENTS IN LIEU OF TAXES AS A percentage of [exemption] TAXES THAT 37 WOULD HAVE BEEN LEVIED BY OR ON BEHALF OF AFFECTED TAX JURISDICTIONS IF 38 THE PROJECT WAS NOT EXEMPT BY REASON OF AUTHORITY INVOLVEMENT; types of 39 projects for which exemptions may be claimed; procedures for payments in 40 lieu of taxes and instances in which real property appraisals are to be 41 performed as a part of an application for tax exemption; in addition, 42 the authority in adopting such policy shall consider such issues as: the 43 extent to which a project will create or retain permanent, private 44 sector jobs; the estimated value of any tax exemption to be provided; 45 whether affected tax jurisdictions should be reimbursed by the project 46 occupant if a project does not fulfill the purposes for which an 47 exemption was provided; the impact of a proposed project on existing and 48 proposed businesses and economic development projects in the vicinity; 49 the amount of private sector investment generated or likely to be gener- 50 ated by the proposed project; the demonstrated public support for the 51 proposed project; the likelihood of accomplishing the proposed project 52 in a timely fashion; the effect of the proposed project upon the envi- 53 ronment; the extent to which the proposed project will require the 54 provision of additional services, including, but not limited to addi- 55 tional educational, transportation, police, emergency medical or fire 56 services; and the [extend] EXTENT to which the proposed project will A. 1556 21 1 provide additional sources of revenue for municipalities and school 2 districts. THE ADOPTED UNIFORM FINANCIAL ASSISTANCE POLICY SHALL BE 3 PROVIDED TO THE CHIEF EXECUTIVE OFFICER AND MEMBERS OF THE GOVERNING 4 BODY OF EACH AFFECTED TAX JURISDICTION AND SHALL BE MADE AVAILABLE FOR 5 PUBLIC INSPECTION AT THE AUTHORITY'S OFFICE AND ON THE AUTHORITY'S 6 WEBSITE UPON ITS ADOPTION. 7 2. The authority shall [establish a procedure] ADOPT CRITERIA for 8 deviation from the uniform [tax exemption] FINANCIAL ASSISTANCE policy 9 required pursuant to this section WHICH SHALL BE SUBJECT TO THE APPROVAL 10 OF AFFECTED LOCAL TAX JURISDICTIONS. The authority shall set forth in 11 writing the reasons for deviation from such policy, and shall further 12 notify the affected local taxing jurisdictions of the proposed deviation 13 from such policy and the reasons therefor NOT LESS THAN SIXTY DAYS 14 BEFORE SUCH DEVIATION FROM THE UNIFORM TAX EXEMPTION POLICY SHALL TAKE 15 EFFECT. 16 S 19. Subdivision 1 of section 2976 of the public authorities law, as 17 amended by section 1 of part C of chapter 19 of the laws of 2010, is 18 amended to read as follows: 19 1. Notwithstanding any other law to the contrary, public benefit 20 corporations (which for purposes of this section shall include indus- 21 trial development agencies created pursuant to title one of article 22 eighteen-A of the general municipal law or any other provision of law 23 and the New York city housing development corporation created pursuant 24 to article twelve of the private housing finance law) which issue bonds, 25 notes or other obligations AND NOT-FOR-PROFIT CORPORATIONS THAT ISSUE 26 BONDS ON BEHALF OF THE STATE OR A POLITICAL SUBDIVISION THEREOF shall 27 pay to the state a bond issuance charge upon the issuance of such bonds 28 in an amount determined pursuant to subdivision two of this section. 29 Such charge shall be paid to the state department of taxation and 30 finance, upon forms prescribed therefor, no later than fifteen days from 31 the end of the month within which such bonds are issued. 32 S 20. The not-for-profit corporation law is amended by adding a new 33 section 206 to read as follows: 34 S 206. FINANCIAL ASSISTANCE AGREEMENT. 35 1. A CORPORATION, INCLUDING A LOCAL DEVELOPMENT CORPORATION, DETER- 36 MINED TO BE A LOCAL AUTHORITY PURSUANT TO SUBDIVISION TWO OF SECTION TWO 37 AND PARAGRAPH (J) OF SUBDIVISION ONE OF SECTION SIX OF THE PUBLIC 38 AUTHORITIES LAW THAT PROVIDES FINANCIAL ASSISTANCE TO A PROJECT IN THE 39 FORM OF A GRANT, LOAN, EXEMPTION FROM TAXATION, OR CONTRIBUTION FOR THE 40 PUBLIC PURPOSE OF RELIEVING OR REDUCING UNEMPLOYMENT, PROMOTING AND 41 MARKETING JOB OPPORTUNITIES, OR SUPPORTING THE FORMATION, RELOCATION, 42 EXPANSION, OR RETENTION OF BUSINESS SHALL ENTER INTO A WRITTEN AGREEMENT 43 WITH THE PROJECT APPLICANT PRIOR TO PROVIDING FINANCIAL ASSISTANCE. 44 2. THE AGREEMENT SHALL INCLUDE THE FOLLOWING INFORMATION: 45 (A) A DESCRIPTION OF THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE TO BE 46 PROVIDED BY THE CORPORATION, INCLUDING A DESCRIPTION AND THE VALUE OF 47 PROPERTY CONVEYED AT LESS THAN FAIR MARKET VALUE; 48 (B) A DESCRIPTION OF THE AMOUNT OF FINANCING TO BE PROVIDED BY THE 49 PROJECT APPLICANT, INCLUDING THE AMOUNT AND TYPE OF CAPITAL INVESTMENT 50 TO BE PROVIDED; 51 (C) THE PURPOSE OF THE PROJECT; 52 (D) THE AMOUNT, TYPES, SOURCES AND COMMITMENTS OF ANY PRIVATE FINANC- 53 ING; 54 (E) THE PROJECTED NUMBER OF NEW FULL-TIME AND PART-TIME POSITIONS 55 EXPECTED TO BE CREATED OVER THE PERIOD OF FINANCIAL ASSISTANCE, AND AN 56 ESTIMATED SCHEDULE BY YEAR OF WHEN THOSE POSITIONS WILL BE CREATED; A. 1556 22 1 (F) THE NUMBER AND TYPES OF FULL-TIME AND PART-TIME JOBS TO BE 2 RETAINED, AND THE NUMBER OF FILLED POSITIONS AT THE PROJECT AS OF THE 3 DATE THE AGREEMENT IS EXECUTED; 4 (G) THE TYPES AND VALUE OF OTHER FORMS OF FINANCIAL ASSISTANCE 5 PROVIDED TO THE PROJECT OR REQUESTED BY THE PROJECT APPLICANT FROM OTHER 6 STATE OR LOCAL GOVERNMENT AGENCIES OR AUTHORITIES; AND 7 (H) THE PENALTIES TO BE IMPOSED ON THE PROJECT APPLICANT IF THE TERMS 8 OF THE AGREEMENT ARE NOT MET. 9 3. THE LENGTH OF A FINANCIAL ASSISTANCE AGREEMENT SHALL BE LIMITED TO 10 NO MORE THAN FIVE YEARS; PROVIDED HOWEVER THAT THE AGREEMENT MAY BE 11 RENEWED FOR UP TO FIVE ADDITIONAL YEARS IF THE CORPORATION DETERMINES 12 THAT THE PROJECT APPLICANT HAS ACTED IN GOOD FAITH TO MEET THE TERMS AND 13 CONDITIONS OF THE AGREEMENT. IN NO EVENT MAY FINANCIAL ASSISTANCE IN THE 14 FORM OF A LOAN OR EXEMPTION FROM TAXATION BE PROVIDED TO A PROJECT FOR 15 MORE THAN TEN YEARS. 16 4. THE FINANCIAL ASSISTANCE AGREEMENT SHALL BE MADE AVAILABLE TO THE 17 PUBLIC ON THE WEB SITE OF THE CORPORATION. 18 5. THE CORPORATION SHALL ADOPT A METHODOLOGY TO EVALUATE THE CONFORM- 19 ANCE OF EACH ASSISTED PROJECT TO THE TERMS AND CONDITIONS OF THE FINAN- 20 CIAL ASSISTANCE AGREEMENT. THIS METHODOLOGY SHALL BE MADE AVAILABLE TO 21 THE PUBLIC ON THE CORPORATION'S WEB SITE. 22 6. (A) THE CORPORATION, PURSUANT TO THE TERMS AND CONDITIONS OF ITS 23 FINANCIAL ASSISTANCE AGREEMENT, MAY RECAPTURE FINANCIAL ASSISTANCE TO A 24 PROJECT FROM GRANTS, LOANS, REAL PROPERTY TAX EXEMPTIONS, MORTGAGE 25 RECORDING TAX EXEMPTIONS, OR LOCAL SALES OR COMPENSATING USE TAX 26 EXEMPTIONS IF (I) THE PROJECT VIOLATES STATE OR FEDERAL TAX LAW, LABOR 27 LAW, ENVIRONMENTAL PROTECTION LAW, OR CONTRACT LAW, OR ANY STATE OR 28 FEDERAL RULE OR REGULATION IMPLEMENTING SUCH LAW, AS DETERMINED BY A 29 COURT OF COMPETENT JURISDICTION OR ADMINISTRATIVE TRIBUNAL, PROVIDED 30 THAT SUCH COURT OR TRIBUNAL CONCLUDES THAT THE VIOLATION WOULD CAUSE 31 MATERIAL HARM TO THE ECONOMY OR QUALITY OF LIFE OF THE COMMUNITY; OR 32 (II) ALL OR PART OF THE PROJECT'S BUSINESS ACTIVITY OR WORKFORCE IS 33 MOVED TO A LOCATION OUTSIDE THE COMMUNITY SERVED BY THE CORPORATION AND 34 BY DOING SO VIOLATES THE TERMS AND CONDITIONS OF ITS FINANCIAL ASSIST- 35 ANCE AGREEMENT. 36 (B) A CORPORATION WHICH ELECTS TO INITIATE THE RECAPTURE OF FINANCIAL 37 ASSISTANCE PURSUANT TO SUBDIVISION ONE OF THIS SECTION MUST NOTIFY THE 38 RECIPIENT OF SUCH FINANCIAL ASSISTANCE IN WRITING THAT IT IS IN DEFAULT 39 OF ITS FINANCIAL ASSISTANCE AGREEMENT AND MAY DIRECT THE RECIPIENT OF 40 FINANCIAL ASSISTANCE TO REPAY UP TO THE FULL AMOUNT OF SUCH FINANCIAL 41 ASSISTANCE RECEIVED AS OF THE DATE OF THE WRITTEN NOTICE PLUS INTEREST 42 AT THE RATE SET FORTH IN SECTION FIVE THOUSAND FOUR OF THE CIVIL PRAC- 43 TICE LAW AND RULES. 44 (C) FINANCIAL ASSISTANCE RECAPTURED PURSUANT TO THIS SECTION AND ANY 45 INTEREST PAID SHALL BE REDISTRIBUTED TO AFFECTED TAX JURISDICTIONS IN 46 PROPORTION TO THE AMOUNT OF REAL PROPERTY TAX AND OTHER TAXES WHICH 47 WOULD HAVE BEEN RECEIVED BY EACH AFFECTED TAX JURISDICTION HAD THE 48 PROJECT NOT BEEN TAX EXEMPT. UNLESS OTHERWISE AGREED TO IN WRITING BY AN 49 AFFECTED TAX JURISDICTION, THE CORPORATION SHALL NOT RETAIN ANY PORTION 50 OF SUCH FUNDS AS AN ADMINISTRATIVE OR PROJECT FEE. 51 7. WAGES AND STANDARDS. WHENEVER A RECIPIENT OF FINANCIAL ASSISTANCE 52 FROM THE CORPORATION ENTERS INTO A CONTRACT, SUBCONTRACT, LEASE OR OTHER 53 AGREEMENT FOR OR IN CONNECTION WITH THE CONSTRUCTION, DEMOLITION, RECON- 54 STRUCTION, REHABILITATION, REPAIR, OR RENOVATION OF AN ASSISTED PROJECT, 55 THE RECIPIENT OF FINANCIAL ASSISTANCE SHALL PAY WORKERS ENGAGED IN SUCH A. 1556 23 1 WORK NO LESS THAN THE PREVAILING RATE OF WAGE AND SUPPLEMENTS UNDER 2 ARTICLE EIGHT OF THE LABOR LAW. 3 S 21. Paragraphs (a), (b) and (d) of section 1411 of the not-for-pro- 4 fit corporation law, paragraph (a) as amended by chapter 847 of the laws 5 of 1970 and paragraph (b) as amended by chapter 549 of the laws of 2013, 6 are amended to read as follows: 7 (a) Purposes. 8 This section shall provide an additional and alternate method of 9 incorporation or reincorporation of not-for-profit corporations for any 10 of the purposes set forth in this paragraph [and shall not be deemed to 11 alter, impair or diminish the purposes, rights, powers or privileges of 12 any corporation heretofore or hereafter incorporated under this section 13 or under the stock or business corporation laws]. Corporations may be 14 incorporated or reincorporated under this section as not-for-profit 15 local development corporations operated for the exclusively charitable 16 or public purposes of relieving and reducing unemployment, promoting and 17 providing for additional and maximum employment, bettering and maintain- 18 ing job opportunities, instructing or training individuals to improve or 19 develop their capabilities for such jobs, carrying on scientific 20 research for the purpose of aiding a community or geographical area by 21 attracting new industry to the community or area or by encouraging the 22 development of, or retention of, an industry in the community or area[, 23 and lessening the burdens of government and acting in the public inter- 24 est, and any]. ANY one or more counties, cities, towns or villages of 25 the state, or any combination thereof, or the New York job development 26 authority in exercising its power under the public authorities law to 27 encourage the organization of local development corporations, may cause 28 such corporations to be incorporated by public officers or private indi- 29 viduals or reincorporated upon compliance with the requirements of this 30 section, and it is hereby found, determined and declared that in carry- 31 ing out said purposes and in exercising the powers conferred by para- 32 graph (b) such corporations will be ACTING IN THE PUBLIC INTEREST AND 33 performing an essential governmental function. 34 (b) Type of corporation. 35 A local development corporation [is] INCORPORATED FOR ONE OR MORE OF 36 THE PURPOSES DESCRIBED IN PARAGRAPH (A) OF THIS SECTION SHALL BE a char- 37 itable corporation under this chapter. 38 (d) Purchase or lease of real property owned by a county, city, town 39 or village. 40 (1) The local legislative body of a county, city, town or village or, 41 if there is a board of estimate in a city, then the board of estimate, 42 may by resolution determine that specifically described real property 43 owned by the county, city, town or village is not required for use by 44 such county, city, town or village and authorize the county, city, town 45 or village to sell or lease such real property to a local development 46 corporation incorporated or reincorporated under this article; provided, 47 however, that title to such land be not declared inalienable as a forest 48 preserve or a parkland. 49 (2) Notwithstanding the provisions of any general, special or local 50 law, charter or ordinance to the contrary, NO such sale or lease may be 51 made without appraisal, public notice, (except as provided in subpara- 52 graph (4)) or public bidding [for such price or rental and upon such 53 terms as may be agreed upon between the county, city, town or village 54 and said local development corporation]; provided, however, that in case 55 of a lease the term may not exceed ninety-nine years and provided, 56 further, that in cities having a population of one million or more, no A. 1556 24 1 such sale or lease shall be made without the approval of a majority of 2 the members of the borough [improvement] board of the borough in which 3 such real property is located. 4 (3) Before any sale or lease to a local development corporation incor- 5 porated or reincorporated under this article shall be authorized, a 6 public hearing shall be held by the local legislative body[, or by the 7 board of estimate, as the case may be,] to consider the proposed sale or 8 lease. 9 (4) Notice of such hearing shall be published at least ten days before 10 the date set for the hearing in such publication and in such manner as 11 may be designated by the local legislative body[, or the board of esti- 12 mate as the case may be]. SUCH NOTICE SHALL INCLUDE A DESCRIPTION OF THE 13 REAL PROPERTY PROPOSED TO BE SOLD OR LEASED; A STATEMENT OF THE ESTI- 14 MATED FAIR MARKET VALUE OF THE REAL PROPERTY PROPOSED TO BE SOLD OR 15 LEASED; THE VALUE OF THE FINANCIAL CONSIDERATION TO BE RECEIVED BY THE 16 COUNTY, CITY, TOWN OR VILLAGE FROM SUCH SALE OR LEASE OF THE REAL PROP- 17 ERTY; AND A STATEMENT OF THE INTENDED USE OR DISPOSITION OF SUCH REAL 18 PROPERTY BY THE LOCAL DEVELOPMENT CORPORATION. 19 (5) A local development corporation, incorporated or reincorporated 20 under this section, which purchases or leases real property from a coun- 21 ty, city, town or village, shall not, without the written approval of 22 the county, city, town or village, use such real property for any 23 purpose except the purposes set forth in the certificate of incorpo- 24 ration or reincorporation of said local development corporation. In the 25 event such real property is used in violation of the restrictions of 26 this paragraph, the attorney-general may bring an action or special 27 proceeding to enjoin the unauthorized use. 28 S 22. Paragraphs (e), (f), (g), (h), and (i) of section 1411 of the 29 not-for-profit corporation law are relettered paragraphs (f), (g), (h), 30 (i), and (j) and a new paragraph (e) is added to read as follows: 31 (E) CONTRACTS WITH MUNICIPALITIES. 32 ANY CONTRACT OR OTHER AGREEMENT BETWEEN A LOCAL DEVELOPMENT CORPO- 33 RATION AND A MUNICIPALITY OR STATE AUTHORITY OR LOCAL AUTHORITY FOR ONE 34 OR MORE OF THE PURPOSES DESCRIBED IN PARAGRAPH (A) OF THIS SECTION 35 SHALL: (I) CAUSE THE LOCAL DEVELOPMENT CORPORATION TO BE DEFINED AS A 36 LOCAL AUTHORITY PURSUANT TO SUBDIVISION TWO OF SECTION TWO OF THE PUBLIC 37 AUTHORITIES LAW; (II) PROVIDE FOR THE MUNICIPALITY OR STATE AUTHORITY OR 38 LOCAL AUTHORITY TO RECEIVE FAIR AND ADEQUATE CONSIDERATION FOR THE 39 SERVICES PROVIDED BY THE LOCAL DEVELOPMENT CORPORATION; (III) BE SUBJECT 40 TO THE REQUIREMENTS OF ARTICLE FIVE-A OF THE GENERAL MUNICIPAL LAW; AND 41 (IV) HAVE A TERM NOT TO EXCEED TEN YEARS, SUBJECT TO ONE OR MORE 42 RENEWALS FOR A TERM NOT TO EXCEED TEN YEARS UPON THE MUTUAL CONSENT OF 43 THE PARTIES; PROVIDED HOWEVER THAT A CONTRACT WITH A MUNICIPALITY SHALL 44 NOT BE USED TO FINANCE THE MUNICIPALITY'S OPERATIONS OR TO ACQUIRE OR 45 IMPROVE AN ASSET FOR USE OF THE MUNICIPALITY. 46 S 23. Paragraph (j) of section 1411 of the not-for-profit corporation 47 law, as relettered by section twenty-two of this act, is amended to read 48 as follows: 49 (j) Effect of section. 50 Corporations incorporated or reincorporated under this section shall 51 be organized and operated exclusively for the purposes set forth in 52 paragraph (a), shall have, in addition to the powers otherwise conferred 53 by law, the powers conferred by paragraph (c) OF THIS SECTION and shall 54 be subject to all the restrictions and limitations imposed by [paragraph 55 (e) and paragraph (g)] PARAGRAPHS (C), (D), (E), (H) AND (I) OF THIS 56 SECTION. In so far as the provisions of this section are inconsistent A. 1556 25 1 with the provisions of any other law, general or special, the provisions 2 of this section shall be controlling as to corporations incorporated or 3 reincorporated hereunder. 4 S 24. Federal preemption and severability. The provisions of each 5 section of this act shall be deemed severable, and the declaration by a 6 court of competent jurisdiction that any part thereof is preempted or 7 otherwise invalid shall not affect the remaining parts thereof. 8 S 25. This act shall take effect on the thirtieth day after it shall 9 have become a law, or January 1, 2016, whichever shall come first; 10 provided, however, that section sixteen of this act shall apply to bonds 11 issued or re-issued on or after the effective date of this act.