New York A 4892: Relates to the powers of the New York state industrial development agency

Bill Text

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A04892 Summary:

BILL NOA04892 

&nbsp

SAME ASSAME AS S00313

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SPONSORJones

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COSPNSR

&nbsp

MLTSPNSR

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Amd §858, Gen Muni L

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Relates to the powers of the New York state industrial development agency.

Go to top A04892 Actions:

BILL NOA04892 

&nbsp

02/10/2025referred to local governments

09/08/2025enacting clause stricken

Go to topA04892 Committee&nbspVotes:

Go to topA04892 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04892 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4892

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 10, 2025
 ___________

 Introduced by M. of A. JONES -- read once and referred to the Committee
 on Local Governments

 AN ACT to amend the general municipal law, in relation to the powers of
 the New York state industrial development agency

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivisions 16 and 17 of section 858 of the general munic-
 2 ipal law, as renumbered by chapter 356 of the laws of 1993, are renum-
 3 bered subdivisions 19 and 20 and three new subdivisions 16, 17 and 18
 4 are added to read as follows:
 5 (16) To provide loans to any private or public corporation or any
 6 legal entity provided said loan is memorialized in an appropriate loan
 7 agreement and further provided that the loan proceeds are used in furth-
 8 erance of the agency's corporate purposes;
 9 (17) To provide grants to any private or public corporation or any
 10 legal entity provided said grant is memorialized in an appropriate grant
 11 agreement stipulating the services to be provided in furtherance of the
 12 agency's corporate purposes;
 13 (18) Notwithstanding any other law, to provide seed and early-stage
 14 equity funding to any private corporation or any legal entity, in
 15 accordance with a plan to be developed by the agency, located within, or
 16 to be located within, the municipality for whose benefit the agency was
 17 created and that is in the seed, early stage or venture stage of devel-
 18 opment and that has the potential to generate additional economic activ-
 19 ity in New York state provided, however, that funds received by the
 20 beneficiary private corporation or legal entity shall be returned if the
 21 beneficiary private corporation or legal entity leaves the municipality
 22 for whose benefit the agency was created within a period of time to be
 23 established by the agency;
 24 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01162-01-5

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