STATE OF NEW YORK
________________________________________________________________________
5551
2013-2014 Regular Sessions
IN SENATE
May 17, 2013
___________
Introduced by COMMITTEE ON RULES -- (at request of the State Comp-
troller) -- read twice and ordered printed, and when printed to be
committed to the Committee on Corporations, Authorities and Commis-
sions
AN ACT to amend the general municipal law and the public authorities
law, in relation to the accountability and efficiency of industrial
development agencies and authorities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 859 of the general municipal law is amended by
2 adding two new subdivisions 4 and 5 to read as follows:
3 4. (a) For purposes of this section, the term: (i) "annual summary"
4 shall mean the annual summary and assessment of the economic impact of
5 pending and completed projects as prescribed in this subdivision, (ii)
6 "pending project" shall mean a project, other than a completed project,
7 for which exemptions from taxation were claimed during the preceding
8 fiscal year as a result of the agency having title, possession or
9 control (by lease, license or otherwise) of the property or equipment of
10 the project occupant, or which was financed, in whole or in part, by the
11 proceeds of outstanding bonds or notes issued by the agency, and (iii)
12 "completed project" shall mean a project for which exemptions from taxa-
13 tion were claimed during part of the preceding fiscal year as a result
14 of the agency having title, possession or control (by lease, license or
15 otherwise) of the property or equipment of the project occupant, or
16 which was financed, in whole or in part, by the proceeds of bonds or
17 notes issued by the agency that were outstanding during part of the
18 preceding fiscal year, but which, at of the close of the preceding
19 fiscal year, was no longer a project for which such exemptions were
20 claimed, or for which such bonds or notes remained outstanding.
21 (b) Within ninety days following the close of each fiscal year, each
22 agency shall prepare an annual summary, in such form as may be
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10730-01-3
S. 5551 2
1 prescribed by the state comptroller, in the exercise of his or her
2 discretion, of each pending and completed project. The annual summary
3 shall include, at a minimum:
4 (i) an assessment of the estimated economic impact of each pending
5 project, including:
6 (1) the impact of the pending project on existing and proposed busi-
7 nesses and economic development projects in the vicinity;
8 (2) the amount of private sector investment generated by the pending
9 project;
10 (3) the extent to which the pending project will require the provision
11 of additional governmental services, such as police, fire and transpor-
12 tation; and
13 (4) the extent to which the pending project will provide additional
14 sources of revenue for municipalities and school districts; and
15 (ii) an assessment of the economic impact of each completed project,
16 including:
17 (1) the total final actual capital costs of each completed project,
18 including:
19 (A) all costs of real property and equipment acquisitions, design,
20 building construction or reconstruction and other capital items, whether
21 financed from public or private sector sources; and
22 (B) the projected total amount of the proceeds of agency bonds or
23 notes to be applied to the project, the percentage share this consti-
24 tutes in terms of the total project capital cost and the amount of the
25 proceeds of agency bonds or notes actually provided for the project as
26 of the close of the fiscal year;
27 (2) the total amount of tax exemptions actually provided over the life
28 of the project, by type (e.g. property, sales and use, mortgage record-
29 ing);
30 (3) the total amount of payments in lieu of taxes, if any, made and to
31 be made over the life of the project; and
32 (4) an evaluation of whether projected job creation and retention
33 goals were met.
34 5. Within ninety days following the close of the fiscal year, the
35 annual summary shall be made publicly available by posting on the
36 websites, if any, of the agency and the municipality for whose benefit
37 the agency was created, or if there are no such websites, the annual
38 summary shall be transmitted to one or more local newspapers of general
39 circulation within the municipality.
40 § 2. Section 859-a of the general municipal law, as added by chapter
41 356 of the laws of 1993, is amended to read as follows:
42 § 859-a. Additional prerequisites to the provisions of financial
43 assistance. Prior to providing any financial assistance of more than one
44 hundred thousand dollars to any project, the agency must comply with the
45 following prerequisites:
46 1. The agency must adopt a resolution describing the project and the
47 financial assistance that the agency is contemplating with respect to
48 such project. Such assistance shall be consistent with the uniform [tax
49 exemption] payment in lieu of tax (PILOT) policy adopted by the agency
50 pursuant to subdivision four of section eight hundred seventy-four of
51 this [chapter] title, unless the agency has followed the procedures for
52 deviation from such policy specified in paragraph (b) of such subdivi-
53 sion.
54 2. The agency must hold a public hearing before a minimum of two agen-
55 cy members with respect to the project and the proposed financial
56 assistance being contemplated by the agency. Said public hearing shall
S. 5551 3
1 be held in a city, town or village where the project proposes to locate.
2 At said public hearing, interested parties shall be provided reasonable
3 opportunity, both orally and in writing, to present their views with
4 respect to the project. A complete and accurate record of the hearing,
5 including all written or oral statements made or submitted, shall be
6 kept. No final determination on the project or the financial assistance
7 being contemplated by the agency shall be made until at least thirty
8 days after the public hearing.
9 3. The agency must give at least [ten] thirty days published notice of
10 [said] such public hearing and shall, at the same time, provide notice
11 of such hearing to the chief executive officer of each affected tax
12 jurisdiction within which the project is located. The notice of hearing
13 must state the time and place of the hearing, contain a general, func-
14 tional description of the project, describe the prospective location of
15 the project, identify the initial owner, operator or manager of the
16 project and generally describe the financial assistance contemplated by
17 the agency with respect to the project and provide an opportunity for
18 the public to review the project application, which shall include an
19 analysis of the costs and benefits of the proposed project.
20 4. The department of economic development, in consultation with the
21 state comptroller, shall develop a standard application form, which
22 shall be used by the agency to accept requests for financial assistance
23 from all individuals, firms, companies, developers or other entities or
24 organizations, unless a waiver from such requirement is granted by the
25 department of economic development upon timely request and good cause
26 shown. The standard application form shall be submitted by or on behalf
27 of the applicant, and subscribed and affirmed under the penalties of
28 perjury by the applicant, or on behalf of the applicant by the chief
29 executive officer or such other individual that is duly authorized to
30 bind the applicant, as true, accurate and complete to the best of his or
31 her knowledge and belief. The standard application form shall include
32 the following and such other supplemental information as determined to
33 be necessary and appropriate by the agency or by the department of
34 economic development, including supporting documents and information
35 provided by or on behalf of the applicant:
36 (a) the name and address of the project applicant;
37 (b) a description of the proposed project for which financial assist-
38 ance is requested, including the type of project, proposed location and
39 purpose of the project;
40 (c) the amount and type of financial assistance being requested,
41 including the estimated value of each type of tax exemption sought to be
42 claimed with respect to the project;
43 (d) the total projected capital cost of the project, including all
44 costs of real property and equipment acquisition, building construction
45 or reconstruction and other capital items, whether financed from public
46 or private sector sources, and a statement of the projected terms and
47 conditions of any proposed financing;
48 (e) the projected number of full time equivalent jobs that would be
49 retained or created if the request for financial assistance is granted,
50 the projected timeframe for the creation of new jobs, the estimated
51 average salaries of the jobs that would be retained or created if the
52 request for financial assistance is granted and an estimate of the
53 number of residents of the municipality for whose benefit the agency was
54 created that would fill such jobs;
S. 5551 4
1 (f) a statement to the effect that the provisions of section eight
2 hundred sixty-two of this title will not be violated if financial
3 assistance is provided for the proposed project;
4 (g) a statement indicating whether the applicant, any principal there-
5 of, or any corporate affiliate or subsidiary, within the past three
6 years, has been found, by final judgment of a court or administrative
7 tribunal, in violation of any federal, state or local laws, rules or
8 regulations pertaining to environmental protection, taxation, protection
9 of workers or employment of minority or women-owned businesses, and if
10 so, listing all such violations;
11 (h) a statement indicating that the applicant has or will comply with,
12 or cause to be complied with, all applicable review and approval
13 requirements prescribed by any such laws, rules or regulations, includ-
14 ing, but not limited to, the state environmental quality review act,
15 pertaining to the project; and
16 (i) a statement acknowledging that the submission of any false or
17 misleading information may lead to the immediate termination of any
18 financial assistance and the reimbursement of an amount equal to all or
19 part of any tax exemptions claimed as a result of the project.
20 5. Each agency shall develop, and adopt by resolution, uniform crite-
21 ria for the evaluation and selection of projects for which financial
22 assistance will be provided. The criteria shall, at a minimum, provide
23 that prior to the approval of the provision of financial assistance,
24 there shall be:
25 (a) an independent assessment, inquiry into and confirmation by the
26 agency of all material information included in connection with the
27 application for financial assistance, as necessary to afford a reason-
28 able basis for the decision by the agency to provide financial assist-
29 ance for the project;
30 (b) a determination by the agency that employment projections for the
31 project are reasonable;
32 (c) a determination by the agency that there is a likelihood that the
33 project would not be undertaken but for the financial assistance
34 provided by the agency;
35 (d) a standardized, written cost-benefit analysis by the agency that
36 (i) indicates that the projected economic benefits of the project,
37 including the creation and retention of jobs within the municipality for
38 whose benefit the agency was created, will exceed the estimated cost of
39 providing financial assistance, including the cost in net loss of reven-
40 ues to affected tax jurisdictions, and the approximate point in time
41 when such benefits will exceed such cost, (ii) includes an analysis of
42 the estimated cost per job created or retained, and (iii) includes an
43 analysis of the loss in tax revenues to the affected tax jurisdictions
44 over the period of any tax exemptions;
45 (e) a determination by the agency that the project is in compliance
46 with all provisions of this article, including, but not limited to, this
47 section and section eight hundred sixty-two of this title;
48 (f) if the project involves the removal or abandonment of a facility
49 or plant within the state, notification by the agency to the chief exec-
50 utive officer or officers of the municipality or municipalities in which
51 the facility or plant was located;
52 (g) a development of benchmarks to evaluate whether the project will
53 meet projected goals and targets, including those relating to job
54 creation and retention; and
55 (h) a diligent effort to confirm the accuracy of the statement in the
56 application that neither the applicant, nor any principal thereof or
S. 5551 5
1 corporate affiliate or subsidiary, within the past three years, has been
2 found, by final judgment of a court or administrative tribunal, in
3 violation of any federal, state or local laws, rules or regulations, if
4 such violation is deemed by the agency to be a material violation,
5 pertaining to environmental protection, taxation, protection of workers
6 or employment of minority or women-owned businesses.
7 6. The department of economic development, in consultation with the
8 state comptroller, shall develop a uniform industrial development agency
9 project agreement, that sets forth terms and conditions under which
10 financial assistance shall be provided. The uniform industrial develop-
11 ment agency project agreement shall be used by all agencies and no
12 financial assistance shall be provided in the absence of the execution
13 of such an agreement, unless a waiver from such requirement is granted
14 by the department of economic development upon timely request and good
15 cause shown. The uniform industrial development agency project agreement
16 shall, at a minimum:
17 (a) describe the project and the financial assistance, including the
18 amount and type, to be provided, and the agency purpose to be achieved;
19 (b) require each project occupant to provide annually a certified
20 statement: (i) enumerating the jobs retained and created as a result of
21 the financial assistance by title, function and whether full or part
22 time, and the salaries and fringe benefits for each such job; and (ii)
23 indicating the amounts of each payment in lieu of tax that was made and
24 the entity to which each payment was made;
25 (c) prescribe a specific schedule, including the timing and amounts
26 for each affected tax jurisdiction, for the payments of any payments in
27 lieu of taxes that are negotiated as part of the transaction;
28 (d) require the retention of, and permit the agency, or individuals or
29 entities auditing the agency, access to, for purposes of examination
30 into the affairs of the agency, all payroll documents and other books
31 and records of the project applicant, occupant or any subtenant or
32 employer, as necessary to confirm job and salary information reported
33 for the project to the agency. Such documents and other books and
34 records shall be retained for the same period as the records retention
35 period issued by the commissioner of education for agency loan case
36 files, measured from the time at which financial assistance for the
37 project is no longer provided;
38 (e) provide for discontinuance of financial assistance, or for the
39 modification of any payment in lieu of tax agreement to require for
40 increased payments, in the event of a material violation of the terms
41 and conditions of the agreement;
42 (f) provide for the return of all or a part of the financial assist-
43 ance provided for the project, including all or part of the amount of
44 any tax exemptions, which shall be redistributed to the appropriate
45 affected tax jurisdiction, in the event of material shortfalls from job
46 creation and retention projections, or a material violation of the terms
47 and conditions of the agreement;
48 (g) in the case of a project for which the application for financial
49 assistance indicates plans to build a facility that will subsequently be
50 leased to tenants, and it is unknown at the time of application who all
51 the tenants of the facility will be, provide for a phasing-in of bene-
52 fits based upon the pro rata share of square footage and type of occu-
53 pancy within the facility that is occupied pursuant to tenant lease
54 agreements; and
55 (h) include as appendices: (i) a copy of the standard application form
56 submitted for the project; (ii) a summary of the agency's evaluation of
S. 5551 6
1 the project performed pursuant to subdivision five of this section;
2 (iii) significant correspondence pertaining to the project; (iv) a
3 summary of the statements by any public hearing conducted in connection
4 with the project; and (v) any other material supporting documents
5 pertaining to the project.
6 7. The department of economic development shall conduct investigations
7 of material complaints concerning possible violations of any uniform
8 industrial development agency project agreement and shall receive the
9 full cooperation of, and access to all relevant books and records of,
10 the agency, the municipality for whose benefit the agency is created,
11 the project occupant and any tenant or subtenant and any state agency is
12 conducting any such investigation. The department of economic develop-
13 ment shall notify the agency and the state comptroller of the results of
14 any such investigations.
15 § 3. Section 862 of the general municipal law is amended by adding a
16 new subdivision 3 to read as follows:
17 (3) No funds of the agency shall be used for advertising or promo-
18 tional materials which depict elected or appointed government officials
19 in either print or electronic media.
20 § 4. Subdivision 4 of section 874 of the general municipal law, as
21 amended by chapter 357 of the laws of 1993, is amended to read as
22 follows:
23 (4) (a) The agency shall establish a uniform [tax exemption] payment
24 in lieu of tax (PILOT) policy, with input from affected tax jurisdic-
25 tions, which shall be applicable to the provision of financial assist-
26 ance pursuant to section eight hundred fifty-nine-a of this [chapter]
27 title and shall provide guidelines for the claiming of real property,
28 mortgage recording, and sales tax exemptions. Such guidelines shall
29 include, but not be limited to: period of exemption; payments in lieu of
30 taxes, as a percentage of [exemption] taxes that would have been levied
31 by or on behalf of affected tax jurisdictions if the project was not tax
32 exempt by reason of agency involvement; types of projects for which
33 exemptions can be claimed; procedures for payments in lieu of taxes and
34 instances in which real property appraisals are to be performed as a
35 part of an application for tax exemption; in addition, agencies shall in
36 adopting such policy consider such issues as: the extent to which a
37 project will create or retain permanent, private sector jobs; the esti-
38 mated value of any tax exemptions to be provided; whether affected tax
39 jurisdictions shall be reimbursed by the project occupant if a project
40 does not fulfill the purposes for which an exemption was provided; the
41 impact of a proposed project on existing and proposed businesses and
42 economic development projects in the vicinity; the amount of private
43 sector investment generated or likely to be generated by the proposed
44 project; the demonstrated public support for the proposed project; the
45 likelihood of accomplishing the proposed project in a timely fashion;
46 the effect of the proposed project upon the environment; the extent to
47 which the proposed project will require the provision of additional
48 services, including, but not limited to additional educational, trans-
49 portation, police, emergency medical or fire services; and the extent to
50 which the proposed project will provide additional sources of revenue
51 for municipalities and school districts.
52 (b) The agency shall establish a procedure for deviation from the
53 uniform [tax exemption] payment in lieu of tax (PILOT) policy required
54 pursuant to this subdivision. The agency shall set forth in writing the
55 reasons for deviation from such policy, and shall further notify the
56 affected local taxing jurisdictions of the proposed deviation from such
S. 5551 7
1 policy and the reasons therefor. Such notice to the affected tax juris-
2 dictions shall be given to the chief executive officer of each affected
3 tax jurisdiction at least thirty days prior to the meeting of the agency
4 at which the agency shall consider whether to approve such proposed
5 deviation. Prior to taking final action at such meeting, the agency
6 shall review and respond to any correspondence received from any
7 affected tax jurisdiction regarding such deviation. The agency shall
8 allow any representative of an affected tax jurisdiction present at such
9 meeting to address the agency regarding such proposed deviation.
10 § 5. The general municipal law is amended by adding a new section 885
11 to read as follows:
12 § 885. Dissolution and merger of agencies. (1) Any industrial develop-
13 ment agency established for the benefit of a town, village or city with-
14 in a county may dissolve and simultaneously merge with the industrial
15 development agency established for the benefit of the county in which
16 the agency established for the benefit of the town, village or city is
17 located, if such a county agency has been established, subject to the
18 provisions of this section. Upon the effective date of the dissolution
19 and merger, the town, village or city agency, notwithstanding the
20 provisions of paragraph (b) of subdivision one of section eight hundred
21 fifty-six and section eight hundred eighty-two of this title, shall
22 cease to exist and all the rights, titles, interests, obligations and
23 liabilities of such agencies, including, but not limited to, the rights
24 and obligations under any bond, note, contract or other agreement,
25 express or implied, shall devolve to, be vested in and possessed by the
26 county agency, which shall in all respects and for all purposes be the
27 successor in interest to such town, village or city agency.
28 (2) In the event that an agency proposes to dissolve or merge pursuant
29 to subdivision one of this section, the governing body of the town,
30 village or city for whose benefit the agency was established, in consul-
31 tation with the members of the agency, members of the agency established
32 for the benefit of the county, and the chief executive of the county,
33 shall adopt a plan setting forth, at a minimum:
34 (a) the name and date of establishment of the agency or agencies to be
35 dissolved;
36 (b) the names of the members of such agency, specifying the identity
37 of the chairperson;
38 (c) the underlying purpose of the dissolution and merger, including
39 economies and efficiencies that are projected as a result thereof;
40 (d) a statement, containing both current information and information
41 projected to the proposed date of the dissolution and merger, of: (i)
42 the outstanding bonds, notes and any other obligations or liabilities;
43 (ii) actual and accrued revenues; (iii) each project for which financial
44 assistance has been provided, the type of financial assistance provided
45 and the status of the project; and (iv) the general terms and conditions
46 of each contract, including payment in lieu of tax agreements;
47 (e) the terms and conditions of the proposed dissolution and merger
48 including a statement acknowledging that the county agency shall, upon
49 the effective date of the dissolution and merger, succeed to all the
50 rights, titles, interests, obligations and liabilities, including bonds,
51 notes and other obligations and contractual rights and obligations, of
52 the dissolved and merged town, village or city agencies;
53 (f) a statement of any amendments or changes to the certificate of the
54 county agency filed in the office of the secretary of state necessitated
55 by the merger; and
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1 (g) a statement that the plan of merger has been reviewed and approved
2 by counsel for the town, village or city agency and counsel for the
3 county agency, indicating that each counsel has considered the impact,
4 if any, of the dissolution and merger on: (i) the rights of any employ-
5 ees of the merging agencies; and (ii) the recipients of financial
6 assistance from the agencies.
7 (3) No later than July first, two thousand fifteen, the commissioner
8 of economic development shall undertake a study to identify those town,
9 village or city agencies that, as determined by the commissioner of
10 economic development, have not undertaken significant activity within
11 the prior five years and, if deemed appropriate by the commissioner of
12 economic development, such commissioner shall recommend that such agen-
13 cies be dissolved and merged into the county agency. The commissioner of
14 economic development's findings shall be reported no later than December
15 thirty-first, two thousand fifteen, to the governor, the state comp-
16 troller, the temporary president of the senate, the speaker of the
17 assembly and to each agency identified in the report.
18 § 6. Subdivisions 1 and 2 of section 1953-a of the public authorities
19 law, subdivision 1 as amended by chapter 357 of the laws of 1993 and
20 subdivision 2 as added by chapter 356 of the laws of 1993, are amended
21 to read as follows:
22 1. The authority must adopt a resolution describing the project and
23 the financial assistance that the authority is contemplating with
24 respect to such project. Such assistance shall be consistent with the
25 uniform [tax exemption] payment in lieu of tax (PILOT) policy adopted by
26 the agency pursuant to subdivision one of section nineteen hundred
27 sixty-three-a of this [chapter] title, unless the agency has followed
28 procedures for deviation from such policy specified in subdivision two
29 of such section.
30 2. The authority must hold a public hearing before a quorum of agency
31 members with respect to the project and the proposed financial assist-
32 ance being contemplated by the authority. At said public hearing, inter-
33 ested parties shall be provided reasonable opportunity, both orally and
34 in writing, to present their views with respect to the project.
35 § 7. Section 1963-a of the public authorities law, as amended by chap-
36 ter 357 of the laws of 1993, is amended to read as follows:
37 § 1963-a. Uniform tax exemption policy. 1. The authority shall estab-
38 lish a uniform [tax exemption] payment in lieu of tax (PILOT) policy,
39 with input from affected local taxing jurisdictions, which shall be
40 applicable to provisions of financial assistance pursuant to section
41 nineteen hundred fifty-three-a of this [chapter] title and shall provide
42 guidelines for the claiming of real property, mortgage recording, and
43 sales tax exemptions. Such guidelines shall include, but not be limited
44 to: period of exemption; payments in lieu of taxes, as a percentage of
45 [exemption] taxes that would have been levied by or on behalf of
46 affected tax jurisdictions if the project was not tax exempt by reason
47 of agency involvement; types of projects for which exemptions can be
48 claimed; procedures for payments in lieu of taxes and instances in which
49 real property appraisals are to be performed as a part of an application
50 for tax exemption; in addition, the authority in adopting such policy
51 shall consider such issues as: the extent to which a project will create
52 or retain permanent, private sector jobs; the estimated value of any tax
53 exemption to be provided; whether affected tax jurisdictions should be
54 reimbursed by the project occupant if a project does not fulfill the
55 purposes for which an exemption was provided; the impact of a proposed
56 project on existing and proposed businesses and economic development
S. 5551 9
1 projects in the vicinity; the amount of private sector investment gener-
2 ated or likely to be generated by the proposed project; the demonstrated
3 public support for the proposed project; the likelihood of accomplishing
4 the proposed project in a timely fashion; the effect of the proposed
5 project upon the environment; the extent to which the proposed project
6 will require the provision of additional services, including, but not
7 limited to additional educational, transportation, police, emergency
8 medical or fire services; and the extent to which the proposed project
9 will provide additional sources or revenue for municipalities and school
10 districts.
11 2. The authority shall establish a procedure for deviation from the
12 uniform [tax exemption] payment in lieu of tax (PILOT) policy required
13 pursuant to this section. The authority shall set forth in writing the
14 reasons for deviation from such policy, and shall further notify the
15 affected tax jurisdictions of the proposed deviation from such policy
16 and the reasons therefor.
17 § 8. Subdivisions 1 and 2 of section 2307 of the public authorities
18 law, subdivision 1 as amended by chapter 357 of the laws of 1993 and
19 subdivision 2 as added by chapter 356 of the laws of 1993, are amended
20 to read as follows:
21 1. The authority must adopt a resolution describing the project and
22 the financial assistance that the authority is contemplating with
23 respect to such project. Such assistance shall be consistent with the
24 uniform [tax exemption] payment in lieu of tax (PILOT) policy adopted by
25 the agency pursuant to subdivision one of section twenty-three hundred
26 fifteen of this [chapter] title, unless the agency has followed proce-
27 dures for deviation from such policy specified in subdivision two of
28 such section.
29 2. The authority must hold a public hearing before a quorum of agency
30 members with respect to the project and the proposed financial assist-
31 ance being contemplated by the authority. At said public hearing, inter-
32 ested parties shall be provided reasonable opportunity, both orally and
33 in writing, to present their views with respect to the project.
34 § 9. Section 2315 of the public authorities law, as amended by chapter
35 357 of the laws of 1993, is amended to read as follows:
36 § 2315. Uniform tax exemption policy. 1. The authority shall establish
37 a uniform [tax exemption] payment in lieu of tax (PILOT) policy, with
38 input from affected local taxing jurisdictions, which shall be applica-
39 ble to provisions of financial assistance pursuant to section twenty-
40 three hundred seven of this [chapter] title and shall provide guidelines
41 for the claiming of real property, mortgage recording, and sales tax
42 exemptions. Such guidelines shall include, but not be limited to: period
43 of exemption; payments in lieu of taxes, as a percentage of [exemption]
44 taxes that would have been levied by or on behalf of affected tax juris-
45 dictions if the project was not tax exempt by reason of agency involve-
46 ment; types of projects for which exemptions may be claimed; procedures
47 for payments in lieu of taxes and instances in which real property
48 appraisals are to be performed as a part of an application for tax
49 exemption; in addition, the authority in adopting such policy shall
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 exemption to be provided; whether affected tax jurisdictions should 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-
S. 5551 10
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 [extend] extent to which the proposed
8 project will provide additional sources of revenue for municipalities
9 and school districts.
10 2. The authority shall establish a procedure for deviation from the
11 uniform [tax exemption] payment in lieu of tax (PILOT) policy required
12 pursuant to this section. The authority shall set forth in writing the
13 reasons for deviation from such policy, and shall further notify the
14 affected local taxing jurisdictions of the proposed deviation from such
15 policy and the reasons therefor.
16 § 10. This act shall take effect immediately.
