2023 New York Laws › PBA - Public Authorities › Article 1 - Short Title › Title 2 - Authorities Budget Office › 8 - Local Authorities Searchable Subsidy and Economic Development Benefits Database.

* §  8.  Local authorities searchable subsidy and economic development
benefits database. 1. For the purposes of this  section,  the  following
terms shall have the following meanings:
(a) "Economic development benefits" shall mean:
(i)  funds  made  available  by  a  local  development corporation for
economic development,  or  job  creation  purposes  including,  but  not
limited to, grants, loans, and bonds; and
(ii) bonds and tax exemptions which are applied for and preapproved or
certified  by  or  on  behalf  of  an  industrial development agency for
economic development.
(b) "Qualified participant" shall mean a project operator pursuant  to
section  eight  hundred seventy-four of the general municipal law with a
project pursuant to section eight  hundred  fifty-four  of  the  general
municipal law.
(c)  "Full-time  equivalent"  shall  mean  a unit of measure, which is
equal to one filled, full-time, annual-salaried  position  in  a  manner
consistent with federal calculations.
(d) "The office" shall mean the authorities budget office.
(e)  "The  database"  or  "the  searchable  database"  shall  mean the
database created pursuant to subdivision two of this section.
(f) "The project" shall mean specific work, action, endeavor, contract
or agreement for which any economic benefit as defined in paragraph  (a)
of this subdivision, is made available or awarded by a local development
corporation  or  industrial  development  agency  to a person, business,
limited liability corporation or any other entity.
2. Notwithstanding any laws to the contrary, the office shall create a
searchable database,  displaying  data  regarding  economic  development
benefits  that a qualified participant has been awarded. Such searchable
database shall include the following data, features and functionality to
the extent practicable:
(a) the ability to  search  the  database  by  each  of  the  reported
information fields;
(b)  the  ability  to  be  searchable,  downloadable,  and posted on a
publicly accessible website  as  well  as  referenced  on  the  office's
website, with a direct link to the database;
(c)   the  ability  to  digitally  select  defined  individual  fields
corresponding  to  any  of  the  reported  information  from   qualified
participants to create unique database views;
(d)  the ability to download the database in its entirety, or in part,
in a common machine readable format;
(e) a definition or description of terms for fields in the database;
(f) a summary of each separate economic development benefit defined in
paragraph (a) of subdivision one of this section  awarded  to  qualified
participants;
(g) a user-friendly guide to outline the features and functionality of
the database;
(h)  a  dedicated  email  account  for  the public to direct questions
related  to  the  database,  and  the  office  mailing  address,  office
telephone number, and name of the chief officer;
(i)  the  following  data  on  local development corporations shall be
included:
(i) relating to grants, the source of funds for the  grant,  the  name
and  address  of the entity that received the grant, the date and amount
awarded, how the grant funds will be used, whether  the  grant  proceeds
were  expected  to result in new jobs being created, and if so, how many
jobs were planned to be created and how many jobs have been  created  to
date;
(ii) relating to loans, the source of funds for the loan, the name and
address  of  the  entity  that  received  the  loan, the date and amount
awarded, the loan interest rate, the length of the loan  in  years,  the
amount  repaid to date, how the loan funds will be used, and whether the
loan was provided to the recipient for the purpose of creating jobs, and
if  so,  how many jobs were planned to be created and how many jobs have
been created to date; and
(iii) relating to bonds, the name and address of the recipient of  the
bond  proceeds,  the  amount  and  date  of  the bond issuance, the bond
interest rate, the year the bonds are expected to be fully retired,  the
amount  of  bond  principal retired during the reporting period, how the
bond proceeds are used, whether the bond proceeds were provided  to  the
recipient  to  create  jobs, and if so, how many jobs were planned to be
created and how many jobs have been created to date; and
(j) the following data on industrial development agency projects shall
be included:
(i) project name, project type, project location,  and  the  project's
complete address, including the postal code in a separate and searchable
field;
(ii)  whether the project is part of another phase or multi phase, the
category of the project purpose, the total project amount, the benefited
project amount, if the project type was a bond, the bond amount, if  the
project  type  was  a  lease,  the  lease  amount, whether the qualified
recipient is a  not-for-profit,  the  date  the  project  was  approved,
whether  the industrial development agency took title to a property, and
if so, the date that title was taken, and the year financial  assistance
is planned to end;
(iii) the qualified participant's name and the qualified participant's
complete address, including the postal code in a separate and searchable
field;
(iv) the amount of project tax exemptions granted, including for state
sales  tax,  local  sales  tax, county real property tax, local property
tax, school property tax, mortgage recording tax, the total  exemptions,
and  the  total  exemptions  net  of  real property tax law section four
hundred eighty-five-b;
(v) the amount of payments in lieu of taxes agreed upon  and  actually
made  to  the  county, local municipality, or school district, the total
amount of payments in lieu of taxes agreed upon and actually  made,  and
the  net  exemptions  once  the payments in lieu of taxes are subtracted
from the total project tax exemptions; and
(vi) the total number of employees for the project prior to industrial
development agency status, estimate  of  jobs  to  be  created,  average
estimated  annual  salary of jobs to be created, annualized salary range
of jobs to be  created,  original  estimate  of  jobs  to  be  retained,
estimated  average  annual salary of jobs to be retained, current number
of full-time equivalents, number of  full-time  equivalent  construction
jobs during the reporting fiscal year, and the net employment change.
3.  The  office  shall  submit  a  quarterly  report  to the governor,
temporary president of the senate, and speaker of the assembly outlining
key usage statistics of the database created pursuant to subdivision two
of this section including, but not  limited  to,  the  total  number  of
unique users that quarter.
* NB Effective July 19, 2024