S 313: Relates to the powers of the New York state industrial development agency.
The bill aims to amend the General Municipal Law to expand the powers of the New York State Industrial Development Agency. The agency will now be able to provide loans to private or public corporations or legal entities, with loan proceeds used to further its corporate purposes. Grants will also be provided to private or public corporations or legal entities, with the services to be provided in furtherance of the agency's corporate purposes. In addition, the agency will be able to provide seed and early-stage equity funding to private corporations or legal entities located within the municipality for which the agency was created, with the potential to generate additional economic activity in New York State. Funds received by the beneficiary private corporation or legal entity will be returned if the beneficiary leaves the municipality within a specified period of time. The bill will tak…
| Jan. 07, 2026 | REFERRED TO LOCAL GOVERNMENT |
| Jan. 08, 2025 | REFERRED TO LOCAL GOVERNMENT |
STATE OF NEW YORK ________________________________________________________________________ 313 2025-2026 Regular Sessions IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sens. GALLIVAN, GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to 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