New York City’s two economic development issuers adopted new disclosure practices at a monthly board meeting on Tuesday.
The new requirements will add transparency to the New York City Industrial Development Agency and New York City Capital Resource Corp., two issuers that frequently have been criticized as opaque.
Under the new guidelines, applicants for IDA and CRC benefits, including the sale of tax-exempt bonds, will have to provide wage and employment information for their projects and meet with compliance staff prior to a transaction’s closing.
Cost-benefit analyses for every project will now be posted online at least 12 days before public hearings.
Board meetings will be webcast live and archived online within three business days. Any proposed changes to the IDA’s uniform tax exemption policy will be subject to a public hearing with 30 days notice, prior to a board vote.
Meeting agendas will now be posted online before to the meeting, with an effort made to do so at least a week in advance.
New York City Comptroller John Liu opposed every transaction before the agencies that has come to a vote since he took office in January, citing a lack of information about the projects.
His representative on the board voted against all of them.
The New York City Economic Development Corp., a quasi-public agency controlled by the mayor, operates the IDA and CRC, which have no staff of their own.
“It is encouraging that the Economic Development Corporation is now taking seriously the need for better operating practices and procedures with regard to IDA matters,” Liu said in a statement.
“While today’s action is an important first step in recognizing previous shortcomings, more can and must be done to ensure that tax dollars are used effectively.”
IDA and CRC chairman Seth Pinsky said that the new procedures were part of an ongoing effort by Mayor Michael Bloomberg’s administration to improve efficacy.
“By making even more detailed information available than we currently do, we are helping to make city government more accountable and accessible to business, community groups and all New Yorkers,” Pinsky said in a statement.
