Bill > S09052

This bill extends the term and authority of the independent monitor for the Orange County Industrial Development Agency (IDA) and requires this monitor to also oversee the Orange County Funding Corporation, a separate entity involved in financing projects. The bill clarifies that "financial assistance" includes various forms of support offered by the IDA, such as payment in lieu of taxes (PILOT) agreements or waivers of sales and mortgage recording taxes. The independent monitor, appointed by the state inspector general, will provide guidance and technical assistance to both the IDA and the Funding Corporation, review their policies, practices, and decisions, and have access to their documents and records. The monitor can also remove items from board consideration if required information is not provided in a timely manner and must approve contracts and financial assistance agreements before they are voted on by the board. Additionally, the bill modifies tax exemption rules for privately-owned projects in counties with a specific population range, requiring prevailing wages for construction unless a project labor agreement is in place. The provisions related to the independent monitor's term are extended from three to six years.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S9052