Bill > A01056

This bill repeals a specific provision in the General Municipal Law related to financial assistance from industrial development agencies (IDAs) and modifies the conditions under which retail projects can receive such assistance. Currently, financial assistance can be provided to retail projects that would make goods or services more accessible to local residents or that are located in a "highly distressed area." The bill eliminates the "highly distressed area" criterion, meaning that retail projects will now only need to demonstrate that they are bringing goods or services that would not otherwise be reasonably accessible to local residents. By removing the requirement that a project be in a highly distressed area, the bill potentially broadens the opportunities for retail projects to receive financial assistance from IDAs. The change aims to provide more flexibility for economic development projects by reducing geographic restrictions on where such projects can be located and still qualify for financial support.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A1056