Summary of Bill S 1969

Bill Number: S 1969

Title: Requires industrial development agencies to only include jobs filled by residents of New York state when assessing the progress of projects that are provided financial assistance

Status: Referred to Local Government

Introduced: January 14, 2025

Classification: Bill

Purpose and Intent

Bill S 1969 aims to ensure that industrial development agencies (IDAs) in New York State focus on local employment when evaluating the success of projects that receive financial assistance. The bill seeks to promote job creation for residents of New York, thereby enhancing local economies and ensuring that state-funded projects benefit the communities in which they are located.

Key Provisions

• Job Assessment Criteria: The bill mandates that IDAs must only consider jobs filled by New York State residents when assessing the progress of projects that have received financial assistance. This means that any job created by a project funded through state resources must be filled by a resident of New York to count towards the project's success metrics.

• Reporting Requirements: IDAs will be required to report on the number of jobs filled by New York residents as part of their project evaluations. This will provide transparency and accountability regarding the impact of state-funded projects on local employment.

Affected Parties

• Industrial Development Agencies (IDAs): The bill directly impacts how IDAs assess and report on the effectiveness of projects they fund. They will need to adjust their evaluation processes to comply with the new requirements.

• New York State Residents: The primary beneficiaries of this bill are residents of New York State, as it aims to create more job opportunities for them in projects supported by state financial assistance.

• Businesses and Developers: Companies seeking financial assistance from IDAs will need to ensure that they prioritize hiring local residents to meet the new criteria, potentially affecting their hiring practices and project planning.

Procedural Aspects

• Current Status: As of January 14, 2025, Bill S 1969 has been referred to the Local Government Committee for further consideration. The timeline for further legislative action will depend on the committee's schedule and any subsequent votes.

• Related Legislation: This bill is related to S 2909 from the prior session, which may provide context or background on similar legislative efforts regarding local employment and financial assistance.

Conclusion

Bill S 1969 represents a significant shift in how industrial development agencies assess the impact of state-funded projects, emphasizing the importance of local job creation. By focusing on employment for New York residents, the bill aims to strengthen local economies and ensure that state resources are utilized to benefit the communities they are intended to serve.