“New York is in a better position to evaluate Industrial Development Agencies and the projects that receive tax breaks with new reforms now signed into law.

“These measures build upon many of the best practices employed by some IDAs around the state and should reassure taxpayers that private businesses are being adequately scrutinized prior to receiving public support and that communities can recoup benefits if job creation goals are not met.

“My thanks to Assemblyman Magnarelli and Senator Marchione for encouraging New York to adopt meaningful oversight and accountability measures that will also help improve the efficiency and transparency of the operations of our IDAs. I also want to recognize the New York Economic Development Council for its partnership in creating sensible legislation to that will preserve IDAs as a critical economic engine in improving local communities. My thanks also to Governor Cuomo for recognizing the value of this proposal and signing the legislation into law.”