Expands the powers of the New York State Industrial Development Agency to include loans, grants, and equity funding.
This bill amends the general municipal law to expand the powers of the New York State Industrial Development Agency. It allows the agency to provide loans, grants, and equity funding to private or public corporations and legal entities. These funds must be used to support economic activity within the municipality for which the agency was created. The bill also stipulates that funds must be returned if the beneficiary leaves the municipality within a specified period. The changes take effect immediately.
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