2023 New York Laws › GMU - General Municipal › Article 18-A - Industrial Development › Title 1 - Agencies, Organization and Powers › 858 - Purposes and Powers of the Agency.

§  858. Purposes and powers of the agency.  The purposes of the agency
shall be to promote, develop, encourage and  assist  in  the  acquiring,
constructing,  reconstructing,  improving,  maintaining,  equipping  and
furnishing industrial, manufacturing, warehousing, commercial, research,
renewable  energy  and  recreation   facilities   including   industrial
pollution   control  facilities,  educational  or  cultural  facilities,
railroad  facilities,  horse  racing   facilities,   automobile   racing
facilities,  renewable  energy  projects  and continuing care retirement
communities, provided, however,  that,  of  agencies  governed  by  this
article,  only  agencies  created  for  the  benefit of a county and the
agency created for the  benefit  of  the  city  of  New  York  shall  be
authorized   to  provide  financial  assistance  in  any  respect  to  a
continuing care  retirement  community,  and  thereby  advance  the  job
opportunities,  health,  general  prosperity and economic welfare of the
people of the  state  of  New  York  and  to  improve  their  recreation
opportunities,  prosperity  and standard of living; and to carry out the
aforesaid purposes, each agency shall have the following powers:
(1) To sue and be sued;
(2) To have a seal and alter the same at pleasure;
(3) To  acquire,  hold  and  dispose  of  personal  property  for  its
corporate purposes;
(4)  To  acquire  by  purchase,  grant,  lease,  gift, pursuant to the
provisions of the eminent domain procedure law, or otherwise and to use,
real property or rights or easements therein necessary for its corporate
purposes in compliance with the local zoning  and  planning  regulations
and  shall take into consideration regional and local comprehensive land
use plans and state designated heritage area management  plans,  and  to
sell,  convey, mortgage, lease, pledge, exchange or otherwise dispose of
any such property in such manner as the agency shall determine.  In  the
case of railroad facilities, however, the phrase to use real property or
rights  or  easements  therein  shall  not  be  interpreted  to  include
operation by the agency of rail service upon or in conjunction with such
facilities.
(5) To make by-laws for the management and regulation of  its  affairs
and,  subject  to agreements with its bondholders, for the regulation of
the use of a project or projects.
(6) With the consent of the municipality, to use agents, employees and
facilities of the  municipality,  paying  the  municipality  its  agreed
proportion of the compensation or costs;
(7)  To  appoint  officers,  agents  and employees, to prescribe their
qualifications and to fix their compensation and to pay the same out  of
funds  of  the agency, provided, however, that an elected officer of the
municipality may not serve as a compensated officer, agent  or  employee
of the agency;
(8)  (a)  To  appoint  an  attorney,  who  may  be  the counsel of the
municipality, and to fix the attorney's compensation for services  which
shall  be  payable  to  the  attorney,  and to retain and employ private
consultants for professional and technical assistance and advice;
(b) An attorney acting as bond counsel for a project  must  file  with
the  agency  a  written  statement in which the attorney identifies each
party to the transaction which such attorney represents. If bond counsel
provides any legal services to parties other than the agency the written
statement must describe the nature of legal services  provided  by  such
bond  counsel to all parties to the transaction, including the nature of
the services provided to the agency.
(9) To make contracts and  leases,  and  to  execute  all  instruments
necessary  or  convenient  to  or  with any person, firm, partnership or
corporation, either public  or  private;  provided,  however,  that  any

extension of an existing contract, lease or other agreement entered into
by an agency with respect to a project shall be guided by the provisions
of this article;
(10)  To  acquire,  construct,  reconstruct, lease, improve, maintain,
equip or furnish one or more projects;
(11) To accept gifts, grants, loans, or contributions from, and  enter
into  contracts  or  other  transactions with, the United States and the
state or any agency of either of them, any municipality, any  public  or
private  corporation  or  any  other  legal  entity, and to use any such
gifts, grants, loans or contributions for any of its corporate purposes;
(12) To borrow money and to issue bonds and to provide for the  rights
of the holders thereof;
(13)  To  grant options to renew any lease with respect to any project
or projects and to grant options to buy any project at such price as the
agency may deem desirable;
(14) To designate the depositories  of  its  money  either  within  or
without the state;
(15)  To  enter  into  agreements requiring payments in lieu of taxes.
Such agreements shall be in writing and in addition to other terms shall
contain: the amount due annually to each affected tax jurisdiction (or a
formula by which the amount due can be calculated), the name and address
of the person, office or agency to which payment shall be delivered, the
date on which payment shall be made, and the date on which payment shall
be considered delinquent if not paid. Unless  otherwise  agreed  by  the
affected  tax  jurisdictions,  any  such  agreement  shall  provide that
payments in  lieu  of  taxes  shall  be  allocated  among  affected  tax
jurisdictions in proportion to the amount of real property tax and other
taxes  which  would have been received by each affected tax jurisdiction
had the project not been tax exempt due to  the  status  of  the  agency
involved in the project. A copy of any such agreement shall be delivered
to  each  affected  tax  jurisdiction within fifteen days of signing the
agreement. In the absence of any such  written  agreement,  payments  in
lieu  of  taxes  made  by  an  agency  shall  be  allocated  in the same
proportions as they had been prior to January  first,  nineteen  hundred
ninety-three  for  so  long  as the agency's activities render a project
non-taxable  by  affected  tax  jurisdictions.  A  notification  of  the
expiration  of  such  agreement  shall  be delivered to the affected tax
jurisdiction two years prior to the expiration  of  such  agreement  and
immediately upon early termination of an agreement;
(16) To establish and re-establish its fiscal year; and
(17)  To  do  all  things  necessary  or  convenient  to carry out its
purposes and exercise the powers expressly given in this title.