IDA's in New York's communities seek to generate economic activity and help private businesses grow and expand. The importance of economic development in our state demanded that we come up with better methods to evaluate IDAs and the projects that are receiving tax breaks.

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. Equally important, these new oversight and accountability measures will also help improve the efficiency and transparency of the operations of our IDAs.

I want to thank Assemblyman Magnarelli and Sen. Marchione for sponsoring this proposal and helping implement reforms that will ensure New Yorkers are receiving the economic results that they were promised by their local IDAs.