The New York State Assembly unanimously passed on Tuesday a bill that would significantly alter the types of projects financed by industrial development agencies and give local governments more power to monitor the activities of these entities.

The bill, introduced by Assemblyman Francis J. Pordum, D-Hamburg, would provide sweeping changes in the general municipal law and public authorities law by restricting the use of industrial development agency financing of retail and commercial development. There are 125 such agencies in New York State.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.