Bill > A10864

This bill establishes "minority youth-owned business enterprises" (MYBEs) in New York State and New York City, defining them as businesses at least 51% owned by minority group members who are either "tier one" (16-17 years old and in school, unable to sign contracts) or "tier two" (18-29 years old or a high school senior on track to graduate, eligible to sign contracts), with specific ownership, control, and net worth requirements. The bill mandates certain state and city agencies to allocate a percentage of their discretionary spending, specifically 12% for some agencies and a 4% participation goal for others, to MYBEs, and allows for contract awards up to $25,000 without competitive bidding, with an increased limit of $50,000 after three such contracts are completed. It also creates a three-year implementation program to establish and refine these programs, including pilot phases, business formation days, and partnerships, and establishes an oversight committee composed of legislative, gubernatorial, and mayoral representatives to report on financial management, conduct feedback sessions, and monitor progress. Furthermore, the bill mandates business fundamental training, specialized coursework on procurement, and mentorship opportunities for MYBE members, and supports limited liability company incorporation for tier two members.