Bill
Bill > S07082
NY S07082
NY S07082Updates 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
05/27/2021
05/27/2021
In Committee
06/09/2021
06/09/2021
Crossed Over
06/10/2021
06/10/2021
Passed
10/22/2021
10/22/2021
Dead
Signed/Enacted/Adopted
11/03/2021
11/03/2021
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 the references to the TIDA in the existing law, including changing references to the "city manager" to the "mayor" and the "chairman" to the "chair."
2. It eliminates an automatic corporate termination clause that would have ended the TIDA once all bonds were repaid, allowing the TIDA to continue operating.
3. It allows the TIDA to deposit and manage its own funds and accounts, rather than having the city treasurer handle them.
4. It adds new restrictions on the TIDA providing financial assistance for projects where more than one-third of the total project cost is for retail facilities, with some exceptions for tourism-related projects or those located in highly distressed areas.
5. It makes various technical corrections and updates throughout the law governing the TIDA.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
SIGNED CHAP.579 (on 11/03/2021)
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/S7082 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07082&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07082 |
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