The New York Senate committee on local government last week approved a bill that would add new accountability requirements to the state’s industrial development agencies as well as require prevailing wages be paid to workers on projects that receive IDA benefits.

“IDAs should be supporting responsible businesses that will deliver on their promises to provide good jobs and services to New Yorkers,” Senate Majority Leader Malcolm Smith, D-Queens, said in a press release. “Because of the significant local tax breaks, we need to protect communities and see to it that promised economic benefits are delivered. As we work to turn our economy around, programs such as IDAs can play a significant role in development and job growth — if handled with the proper oversight.”

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