Bill Text: NY S00555 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 555 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S00555 Detail]

Download: New_York-2015-S00555-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          555
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Commerce, Economic  Devel-
         opment and Small Business
       AN  ACT  to amend the economic development law, in relation to including
         among the commissioner's duties a mandate to include in  all  economic
         development  subsidy  agreements  provisions  allowing  the  state  to
         recover previously issued awards from fund recipients in the event  of
         relocation outside the state
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 19 of section 100 of the  economic  development
    2  law is amended by adding a new paragraph (c) to read as follows:
    3    (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
    4  DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
    5  FER  MONEY  OF  THE STATE TO A RECIPIENT THROUGH AN ECONOMIC DEVELOPMENT
    6  PROGRAM OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE  BY
    7  A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
    8  OUTSIDE  THE  STATE  WITHIN  FIVE  YEARS FROM THE DATE OF RECEIVING SUCH
    9  AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
   10  TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
   11    S 2. This act shall take effect immediately, but shall apply  only  to
   12  economic development awards made after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03669-01-5