File #: Int 1322-2016    Version: Name: Recovery of financial assistance for economic development in cases of noncompliance with the terms of such assistance.
Type: Introduction Status: Enacted
Committee: Committee on Economic Development
On agenda: 10/27/2016
Enactment date: 12/1/2017 Law number: 2017/221
Title: A Local Law to amend the administrative code of the city of New York, in relation to the recovery of financial assistance for economic development in cases of noncompliance with the terms of such assistance
Sponsors: Corey D. Johnson, Daniel R. Garodnick, Helen K. Rosenthal, James Vacca, Ben Kallos, Daniel Dromm , Carlos Menchaca
Council Member Sponsors: 7
Summary: This bill would require entities that administer economic development benefits on the City’s behalf – for example, the New York City Economic Development Corporation – to report on efforts made to recover financial assistance provided to projects which default on the material terms of the project agreement under which such assistance was provided.
Indexes: Oversight, Report Required
Attachments: 1. Summary of Int. No. 1322-A, 2. Summary of Int. No. 1322, 3. Int. No. 1322, 4. Committee Report 12/8/16, 5. Hearing Testimony 12/8/16, 6. Hearing Transcript 12/8/16, 7. Proposed Int. No. 1322-A - 10/18/17, 8. Committee Report 10/26/17, 9. Hearing Transcript 10/26/17, 10. October 31, 2017 - Stated Meeting Agenda with Links to Files, 11. Fiscal Impact Statement, 12. Hearing Transcript - Stated Meeting 10-31-17, 13. Legislative Documents - Letter to the Mayor
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/1/2017ACorey D. Johnson City Council City Charter Rule Adopted  Action details Meeting details Not available
11/20/2017ACorey D. Johnson Mayor Hearing Held by Mayor  Action details Meeting details Not available
10/31/2017ACorey D. Johnson City Council Sent to Mayor by Council  Action details Meeting details Not available
10/31/2017ACorey D. Johnson City Council Approved by CouncilPass Action details Meeting details Not available
10/26/2017*Corey D. Johnson Committee on Economic Development Hearing Held by Committee  Action details Meeting details Not available
10/26/2017*Corey D. Johnson Committee on Economic Development Amendment Proposed by Comm  Action details Meeting details Not available
10/26/2017*Corey D. Johnson Committee on Economic Development Amended by Committee  Action details Meeting details Not available
10/26/2017ACorey D. Johnson Committee on Economic Development Approved by CommitteePass Action details Meeting details Not available
12/8/2016*Corey D. Johnson Committee on Economic Development Hearing Held by Committee  Action details Meeting details Not available
12/8/2016*Corey D. Johnson Committee on Economic Development Laid Over by Committee  Action details Meeting details Not available
10/27/2016*Corey D. Johnson City Council Referred to Comm by Council  Action details Meeting details Not available
10/27/2016*Corey D. Johnson City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1322-A

 

By Council Members Johnson, Garodnick, Rosenthal, Vacca, Kallos, Dromm and Menchaca

 

A Local Law to amend the administrative code of the city of New York, in relation to the recovery of financial assistance for economic development in cases of noncompliance with the terms of such assistance

 

Be it enacted by the Council as follows:

     

Section 1. Subdivision a of section 22-824 of the administrative code of the city of New York, as added by a local law of the city of New York for the year 2017 amending the administrative code of the city of New York relating to contracts between the department of small business services and certain entities that administer economic development benefits on behalf of the city, as proposed in introduction number 1316-A for the year 2016, is amended by adding a new paragraph 2 to read as follows:

2. on the first business day of every second month, such contracted entity deliver to the mayor and speaker of the council and post on the website of such contracted entity, or, if no such website is maintained, the commissioner shall post on the department’s website, a report on projects for which assistance, as such assistance is described in subparagraph (b) of paragraph 1 of subdivision b of section 22-823, has been administered by such contracted entity and which are in default of one or more material terms of the project agreement under which such assistance was provided, which report shall contain: (i) descriptions of enforcement actions taken with regard to events of default as defined in such agreements, (ii) the persons against which enforcement actions have been undertaken, (iii) the number of ongoing projects outstanding, (iv) the percentage of projects with respect to which enforcement actions are being undertaken as compared against the number of ongoing projects outstanding, (v) events of default under such agreements for which no enforcement actions are currently contemplated, and (vi) the amounts recovered through enforcement actions.

§ 2. For purposes of this local law, a contracted entity shall not include the Brooklyn navy yard development corporation, or any successor entity that becomes the lessee and/or operator of block 2023, lots 1, 50 and 150 in Kings county, commonly known as the Brooklyn navy yard.

§ 3. This local law takes effect on the same date that a local law amending the administrative code of the city of New York relating to contracts between the department of small business services and certain entities that administer economic development benefits on behalf of the city, as proposed in introduction number 1316-A for the year 2016, takes effect.

 

 

ARP

LS # 1931/2974/2991

10/6/17 2:03 PM