The AFL-CIO on Friday praised the passage of a bill aimed at beefing up oversight for Industrial Development Agencies.
The measure was approved by the Democratic-controlled Assembly on Friday after it was passed in the Republican-led Senate earlier in the week.
The bill would set up a standard application process for each agency for financial assistance from individuals, companies and developers. IDAs would be required to seek a proposed project’s description, amount of financial assistance being sought and the estimated number of full-time equivalent jobs that are expected to be created and retained.
The bill, backed by Republican Sen. Kathy Marchione, who represents a suburban Albany district, and central New York Democratic Assemblyman Bill Magnarelli, was a key priority for the labor group.
“Reforming the IDA process has been a priority for the Labor Movement for many years. These reforms will bring IDAs back on course to their initial goal, which is to stimulate private sector investment in communities and ultimately create solid middle-class jobs,” AFL-CIO President Mario Cilento said in a statement.
The measure was part of an effort to gather more precise job data and cost benefit analysis before tax dollars are spent on financial projects or tax exemptions are awarded.
Its passage was also praised by Comptroller Tom DiNapoli, who has oversight of IDAs and other quasi-governmental entities through his office’s auditing power.
“By increasing scrutiny of IDA project applications and requiring project agreements to include the recapture of benefits if job creation goals are not met, we can address many of the concerns raised in audits by my office over the years,” DiNapoli said in a statement. “Equally important, these new oversight and accountability measures will also help improve the efficiency and transparency of the operations of our IDAs.”