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.
STATE OF NEW YORK
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555
2015-2016 Regular Sessions
IN SENATE(Prefiled)
January 7, 2015
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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 § 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
