Bill > S05245

This bill establishes a comprehensive restructuring of industrial development agencies (IDAs) in New York State by creating ten regional industrial development agencies, one for each defined geographic region of the state. Each regional agency will have 15 members appointed proportionally by the counties within that region, ensuring at least one representative per county and including potential members from local government, school boards, organized labor, and business. The bill consolidates existing municipal industrial development agencies into these new regional entities, which will have broader jurisdiction and a more standardized structure. Key changes include expanding the agencies' membership, defining specific regional boundaries, modifying reporting and compliance requirements, and streamlining the process for establishing and operating these economic development organizations. The legislation aims to create more efficient, regionally coordinated economic development agencies by replacing the current fragmented system of local industrial development agencies with a more structured, region-focused approach. The new regional IDAs will maintain the core purpose of promoting economic development, job creation, and community prosperity, but with a more systematic and comprehensive framework for achieving these goals.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5245