§ 8 — Local authorities searchable subsidy and economic development benefits database

New York § 8

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Authorities Budget Office
• Art. 1: Short Title

Text

§ 8. Local authorities searchable subsidy and economic development\nbenefits database. 1. For the purposes of this section, the following\nterms shall have the following meanings:\n (a) "Economic development benefits" shall mean:\n (i) funds made available by a local development corporation for\neconomic development, or job creation purposes including, but not\nlimited to, grants, loans, and bonds; and\n (ii) bonds and tax exemptions which are applied for and preapproved or\ncertified by or on behalf of an industrial development agency for\neconomic development.\n (b) "Qualified participant" shall mean a project operator pursuant to\nsection eight hundred seventy-four of the general municipal law with a\nproject pursuant to section eight hundred fifty-four of the general\nmunicipal law.\n (c) "Full-time equivalent" shall mean a unit of measure, which is\nequal to one filled, full-time, annual-salaried position in a manner\nconsistent with federal calculations.\n (d) "The office" shall mean the authorities budget office.\n (e) "The database" or "the searchable database" shall mean the\ndatabase created pursuant to subdivision two of this section.\n (f) "The project" shall mean specific work, action, endeavor, contract\nor agreement for which any economic benefit as defined in paragraph (a)\nof this subdivision, is made available or awarded by a local development\ncorporation or industrial development agency to a person, business,\nlimited liability corporation or any other entity.\n 2. Notwithstanding any laws to the contrary, the office shall create a\nsearchable database, displaying data regarding economic development\nbenefits that a qualified participant has been awarded. Such searchable\ndatabase shall include the following data, features and functionality to\nthe extent practicable:\n (a) the ability to search the database by each of the reported\ninformation fields;\n (b) the ability to be searchable, downloadable, and posted on a\npublicly accessible website as well as referenced on the office's\nwebsite, with a direct link to the database;\n (c) the ability to digitally select defined individual fields\ncorresponding to any of the reported information from qualified\nparticipants to create unique database views;\n (d) the ability to download the database in its entirety, or in part,\nin a common machine readable format;\n (e) a definition or description of terms for fields in the database;\n (f) a summary of each separate economic development benefit defined in\nparagraph (a) of subdivision one of this section awarded to qualified\nparticipants;\n (g) a user-friendly guide to outline the features and functionality of\nthe database;\n (h) a dedicated email account for the public to direct questions\nrelated to the database, and the office mailing address, office\ntelephone number, and name of the chief officer;\n (i) the following data on local development corporations shall be\nincluded:\n (i) relating to grants, the source of funds for the grant, the name\nand address of the entity that received the grant, the date and amount\nawarded, how the grant funds will be used, whether the grant proceeds\nwere expected to result in new jobs being created, and if so, how many\njobs were planned to be created and how many jobs have been created to\ndate;\n (ii) relating to loans, the source of funds for the loan, the name and\naddress of the entity that received the loan, the date and amount\nawarded, the loan interest rate, the length of the loan in years, the\namount repaid to date, how the loan funds will be used, and whether the\nloan was provided to the recipient for the purpose of creating jobs, and\nif so, how many jobs were planned to be created and how many jobs have\nbeen created to date; and\n (iii) relating to bonds, the name and address of the recipient of the\nbond proceeds, the amount and date of the bond issuance, the bond\ninterest rate, the year the bonds are expected to be fully retired, the\namount of bond principal retired during the reporting period, how the\nbond proceeds are used, whether the bond proceeds were provided to the\nrecipient to create jobs, and if so, how many jobs were planned to be\ncreated and how many jobs have been created to date; and\n (j) the following data on industrial development agency projects shall\nbe included:\n (i) project name, project type, project location, and the project's\ncomplete address, including the postal code in a separate and searchable\nfield;\n (ii) whether the project is part of another phase or multi phase, the\ncategory of the project purpose, the total project amount, the benefited\nproject amount, if the project type was a bond, the bond amount, if the\nproject type was a lease, the lease amount, whether the qualified\nrecipient is a not-for-profit, the date the project was approved,\nwhether the industrial development agency took title to a property, and\nif so, the date that title was taken, and the year financial assistance\nis planned to end;\n (iii) the qualified participant's name and the qualified participant's\ncomplete address, including the postal code in a separate and searchable\nfield;\n (iv) the amount of project tax exemptions granted, including for state\nsales tax, local sales tax, county real property tax, local property\ntax, school property tax, mortgage recording tax, the total exemptions,\nand the total exemptions net of real property tax law section four\nhundred eighty-five-b;\n (v) the amount of payments in lieu of taxes agreed upon and actually\nmade to the county, local municipality, or school district, the total\namount of payments in lieu of taxes agreed upon and actually made, and\nthe net exemptions once the payments in lieu of taxes are subtracted\nfrom the total project tax exemptions; and\n (vi) the total number of employees for the project prior to industrial\ndevelopment agency status, estimate of jobs to be created, average\nestimated annual salary of jobs to be created, annualized salary range\nof jobs to be created, original estimate of jobs to be retained,\nestimated average annual salary of jobs to be retained, current number\nof full-time equivalents, number of full-time equivalent construction\njobs during the reporting fiscal year, and the net employment change.\n 3. The office shall submit a quarterly report to the governor,\ntemporary president of the senate, and speaker of the assembly outlining\nkey usage statistics of the database created pursuant to subdivision two\nof this section including, but not limited to, the total number of\nunique users that quarter.\n