Municipal Government, New York

IDA Reforms stimulate Investment in Communities

December 21, 2015
By Mario Cilento, President, NYS AFL-CIO

Albany, NY – Reforming how Industrial Development Agencies (IDA) operate has been a priority for the Labor Movement for many year. 

These reforms will bring IDAs back on course to their initial goal, to stimulate private sector investment in communities and ultimately create solid middle-class jobs. For the first time IDAs will be required to adhere to transparency and accountability standards when public money is used for economic development.

Perhaps most important, the reforms establish a process that allows local governments to recoup their investment should businesses fail to meet job creation and other economic development promises.

We commend Speaker Heastie, Majority Leader Flanagan, Senator Marchione and Assemblyman Magnarelli for working with Comptroller DiNapoli to pass these important reforms and we applaud Governor Cuomo for signing IDA reforms into law.

December 20, 2015

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