Bill
Bill > A07086
NY A07086
NY A07086Updates certain references with respect to the Troy Industrial Development Authority; eliminates an automatic corporate termination clause when all bonds have been repaid; allows the Troy Industrial Development Authority to deposit and manage its own funds and accounts; adds certain retail restrictions; makes certain technical corrections.
summary
Introduced
04/21/2021
04/21/2021
In Committee
06/10/2021
06/10/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the public authorities law, in relation to updating certain references with respect to the Troy Industrial Development Authority, eliminating an automatic corporate termination clause when all bonds have been repaid, allowing the Troy Industrial Development Authority to deposit and manage its own funds and accounts, adding certain retail restrictions and making certain technical corrections
AI Summary
This bill makes several updates to the Troy Industrial Development Authority (TIDA):
1. It updates references to the TIDA within the Public Authorities Law, including changing "chairman" to "chair" and "city manager" to "mayor".
2. It eliminates the automatic corporate termination clause for the TIDA when all bonds have been repaid, allowing it to continue to exist and operate.
3. It allows the TIDA to deposit and manage its own funds and accounts, rather than requiring the city treasurer to handle them.
4. It adds certain retail restrictions, limiting TIDA financial assistance to projects where retail makes up more than one-third of the total cost, with some exceptions for tourism-related projects or projects in highly distressed areas.
5. It makes various technical corrections to references within the law.
Overall, the bill aims to modernize and provide more flexibility to the operations of the Troy Industrial Development Authority.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
substituted by s7082 (on 06/10/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A7086 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07086&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07086 |
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