Recovery of financial assistance for economic development in cases of noncompliance with the terms of such assistance.

A Local Law to amend the administrative code of the city of New York, in relation to the recovery of financial assistance for economic development in cases of noncompliance with the terms of such assistance

This bill would require entities that administer economic development benefits on the City’s behalf – for example, the New York City Economic Development Corporation – to report on efforts made to recover financial assistance provided to projects which default on the material terms of the project agreement under which such assistance was provided.