Bill > S04980

This bill amends the New York General Municipal Law to expand the definition of "regionally significant projects" that can receive financial assistance from economic development agencies. Previously, the law prohibited financial assistance for projects where more than one-third of the total project cost involved retail sales. The bill now allows such projects if an agency board determines, through an independent third-party analysis, that the project will provide more community benefits than costs. Specifically, the project must be likely to attract significant visitors from outside the economic development region and serve public purposes by preserving or increasing permanent private sector jobs. Additionally, the bill requires that before providing financial assistance, the chief executive officer of the city, town, or village where the project is located must confirm the agency's proposed action. This change gives economic development agencies more flexibility in supporting projects that can potentially bring economic benefits to a region, while adding an extra layer of local government oversight.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4980