Establishes the strategic site readiness fund within the department of economic development to cultivate a resource of commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand within the state; appropriates five hundred million dollars therefor.
STATE OF NEW YORK
January 31, 2022
Introduced by M. of A. JONES -- read once and referred to the Committee
on Economic Development
AN ACT to amend the economic development law, in relation to establish-
ing the strategic site readiness fund; and making an appropriation
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The economic development law is amended by adding a new
2 article 26 to read as follows:
3 ARTICLE 26
4 STRATEGIC SITE READINESS FUND
5 Section 480. Legislative intent.
6 481. Administration.
7 482. Strategic site readiness fund.
8 483. Reporting.
9 § 480. Legislative intent. It is hereby found and declared that New
10 York state needs, as a matter of public policy, to cultivate a resource
11 of commercial, industrial sites that are readily available to new busi-
12 nesses, established businesses that are considering moving to the state,
13 or existing businesses within the state that need additional sites to
14 remain or expand within the state. To expand and sustain economic growth
15 within the state, it is critical to consistently maintain readily avail-
16 able commercial, industrial sites to attract new business, or expand
17 existing businesses. Without a stable inventory of sites that are ready
18 or able to be developed in a timely manner for business use, the delay
19 in converting undeveloped sites capable of conducting business in
20 compliance with applicable regulations and ordinances may cause the
21 state to lose significant business opportunities that would benefit the
22 economic well-being of its citizens.
23 § 481. Administration. In furtherance of these purposes, the depart-
24 ment is hereby authorized and directed to:
25 (a) Establish the strategic site readiness fund ("fund") to provide
26 economic assistance for renovation, construction, or other improvements
27 to infrastructure to attract new businesses to this state, or expand
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.
A. 9114 2
1 existing businesses in this state, when such an economic development
2 opportunity would create quality, full-time jobs within the state;
3 (b) Develop an application process for municipalities and counties to
4 access funding for qualifying projects and promulgate a list of qualify-
5 ing expenses, including but not limited to costs related to land acqui-
6 sition, land assembly, design, zoning, engineering, permitting, site
7 utility, broadband, transportation, enabling, and demolition;
8 (c) Include in the application process, a requirement for each project
9 to include a strategy to ensure residents in the surrounding area of the
10 project will have access to the jobs created by the project;
11 (d) Develop rules and regulations to distribute funding through the
12 regional economic development councils in accordance with section two
13 hundred thirty-one of this chapter; and
14 (e) Develop rules and regulations to ensure compliance with article
15 fifteen-A of the executive law.
16 § 482. Strategic site readiness fund. (a) There is hereby established
17 in the joint custody of the state comptroller and the commissioner of
18 taxation and finance a special fund to be known as the "strategic site
19 readiness fund".
20 (b) Money allocated to the strategic site readiness fund shall be kept
21 separate and shall not be commingled with any other funds in the custody
22 of the state comptroller.
23 (c) Such fund shall consist of all monies appropriated, credited, or
24 transferred thereto from any other fund or source pursuant to law.
25 § 483. Reporting. (a) The department shall, annually on or before
26 December first, prepare and submit an annual report to the governor and
27 the chair of the assembly ways and means committee and the chair of the
28 senate finance committee. Such report shall contain at a minimum the
29 following information: (i) a list of all applications filed by any
30 public entity for a grant under the fund including the name of the enti-
31 ty, a brief description of the project, and the amount of the grant
32 requested; (ii) a list of the applications granted by the board specify-
33 ing the amount of the grant approved if such amount is different from
34 the amount applied for; and (iii) a statement showing the dollar amount
35 of all grants approved and the dollar amount of the remaining capacity
36 for future grants.
37 (b) Any eligible public entity receiving a grant pursuant to this
38 article shall report to the department no later than June first on the
39 use of funding received and its programmatic and economic impact. The
40 department shall submit a report no later than November first to the
41 governor, the director of the budget, the temporary president of the
42 senate, and the speaker of the assembly on the aggregate impact of the
43 fund. Such report shall provide information on the progress and economic
44 impact of each project.
45 § 2. The sum of five hundred million dollars ($500,000,000) to be
46 distributed in the 2023 fiscal year is hereby appropriated to the
47 department of economic development out of any moneys in the state treas-
48 ury in the general fund to the credit of the local assistance account,
49 not otherwise appropriated, and made immediately available, for the
50 purpose of carrying out the provisions of this act.
51 § 3. This act shall take effect immediately.