Contracts between the department of small business services and certain entities that administer economic development benefits on behalf of the city.

A Local Law to amend the administrative code of the city of New York, in relation to contracts between the department of small business services and certain entities that administer economic development benefits on behalf of the city

This bill would require the entity that administers economic development benefits on the City’s behalf to submit, for each covered project receiving assistance, impact statements which would include an estimate of the fiscal impact during the fiscal year in which assistance commences, the succeeding fiscal year, and the first fiscal year in which the full fiscal impact of the project is expected to occur. The impact statement would also have to include the job creation estimates for the first fiscal year in which the full fiscal impact of the project is expected to occur.