N.Y. Public Authorities Law § 904: Projects of the authority

§ 904. Projects of the authority. 1. The authority shall undertake

projects as authorized in this section upon a finding by the governing

body of the authority that such project:

(a) is consistent with a local or regional strategic plan for economic

development;

(b) will create or retain permanent, full-time private sector jobs in

the service area or will result in a significant increase in business

activity in such area; and

(c) complements existing and planned private sector investment in the

service area and in proximity to the proposed project site.

2. The authority is authorized to apply for and accept funds from

local, regional and state economic development agencies and public

authorities.

3. If, at the end of five years, starting from the date that this

title becomes effective, no projects have been adopted by the authority

as determined by a public vote on such project, and no bonds for any

project have been sold, this authority shall cease to exist.