Requires the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations.
STATE OF NEW YORK
________________________________________________________________________
4675
2019-2020 Regular Sessions
IN SENATE
March 20, 2019
___________
Introduced by Sens. SKOUFIS, MAYER -- 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 requiring the
return of all or a part of the financial assistance provided for a
project where the project has material shortfalls or material
violations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 11 of section 874 of the general municipal law,
2 as added by chapter 563 of the laws of 2015, is amended to read as
3 follows:
4 (11) Each agency shall develop policies for the return of all or a
5 part of the financial assistance provided for the project, including all
6 or part of the amount of any tax exemptions, as specified in the policy,
7 which may include but shall not be limited to material shortfalls in job
8 creation and retention projections or material violations of the terms
9 and conditions of project agreements. The agency shall implement such
10 policies created in accordance with this subdivision to return all or
11 part of the financial assistance provided for any project where the
12 agency's annual assessment of a project shows material shortfalls in job
13 creation and retention projections or material violations of the terms
14 and conditions of project agreements. All such returned amounts of tax
15 exemptions shall be redistributed to the appropriate affected tax juris-
16 diction, unless agreed to otherwise by any local taxing jurisdiction.
17 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10674-01-9
