Requiring the dept of small business services to submit an annual report regarding the satisfaction of minority and women owned business enterprises goals by recipients of economic development benefits.

A Local Law to amend the New York city charter, in relation to requiring the department of small business services to submit an annual report regarding the satisfaction of minority and women owned business enterprises goals by recipients of economic development benefits

This bill would first require the New York City Economic Development Corporation (EDC) to assess and evaluate entities (by August 1 of each year, beginning 2017) to which it provided a loan, grant or tax benefit greater than $150,000, or who are involved with the sale or lease of city-owned land for a project expected to retain or create at least 25 jobs, to determine whether they met the M/WBE goals, if applicable, on the particular project. EDC would then submit this information to the Department of Small Business Services (SBS) (by November 1 of each year, beginning 2017). SBS would be required to submit an annual report (by January 1 of each year, with the first report due January 30, 2018) to the Mayor and the Speaker of the Council containing information including: (i) a list of all recipients of economic development benefits; (ii) the M/WBE goals for these recipients; (iii) whether the recipient conducted a good faith effort to identify and utilize M/WBEs to achieve such goals; and (iv) if M/WBE contracting goals were not met by a recipient, a description of the reasons the goals were not met.