Int. No. 715
By Council Members Van Bramer and Vallone
Title
A local law amending the New York City Charter and the administrative code of the city of New York, in relation to the preparation of community impact reports for city-subsidized economic development projects
Body
Be it enacted by the Council as follows:
Section 1. Title 22 of the administrative code of the city of New York is amended by adding a new chapter 10 to read as follows:
CHAPTER 10
COMMUNITY IMPACT REPORTS
?22-1001. Definitions. a. For the purposes of this chapter, the following terms shall have the following meanings:
Department. The term "department" means the department of small business services.
City economic development entity. The term "city economic development entity" means a not-for-profit corporation of which a majority of its members are appointed by the mayor and that is under contract with the department to provide or administer economic development benefits on behalf of the city and expend city capital appropriations in connection therewith.
Economic development benefit. The term "economic development benefit" means the sale or lease of city-owned land or the provision or administration of financial assistance by the city economic development entity to a person or entity for the purpose of job creation, retention, growth or other economic development project. The term "economic development benefit" shall not include: (i) the sale or lease of city-owned property or the provision of financial assistance in connection with contracts or other agreements for the provision of social services; (ii) as-of-right assistance, tax abatements or benefits, such as those under the Industrial and Commercial Abatement Program, the J-51 Program, and other similar programs; (iii) projects for affordable housing where such affordable housing units shall be affordable to individuals earning less than 120% of area median income and where any market rate hou...
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