Establishes additional procedures for industrial development agencies before making loans, including specific goals for job creation and business.

This bill amends the general municipal law to establish additional procedures for industrial development agencies before making loans. It requires these agencies to include specific goals in development assistance agreements, such as job creation, business or industry continuation, and public purpose. The agreements must also specify financial obligations if goals are not met, and require repayment of the assistance plus interest. The bill mandates approval of development agreements by relevant fiscal bodies and outlines conditions for extending goal-meeting periods.

Establishes additional procedures for industrial development agencies before making loans, including specific goals for job creation and business.

This bill amends the general municipal law to establish additional procedures for industrial development agencies before making loans. It requires these agencies to include specific goals in development assistance agreements, such as job creation, business or industry continuation, and public purpose. The agreements must also specify financial obligations if goals are not met, and require repayment of the assistance plus interest. The bill mandates approval of development agreements by relevant fiscal bodies and outlines conditions for extending goal-meeting periods.