Senator Dean Skelos, sponsor of a proposed Constitutional Amendment to increase the JDA lending authority, is pictured here with members of the West End Merchants Association of Long Beach. Most of these merchants are participants in the $1 million rehabilitation of storefronts on Long Beach's West End. Pictured here from left to right are: Ted Nicolosi, President of Nat Levin Services; Ron Cassiere, President of the West End Merchants and owner of Beach Street West Wines & Liquors; Senator Skelos; John Farese, proprietor of the Hampshire Deli; <strong>Jack</strong> Murphy, vice president of the West End Merchants and owner of Petrey Reafty; and Rob Koff, Vice President of C-Town and treasurer of the West End Merchants Association. insufficient fund checks. This legislation permits retailers and those who provide installment credit services to collect a fee of up to $10 for any insufficient funds check they must process, even if the writer of the check makes good on the face value of the check. As many of you are aware, the businessperson's bank charges a fee for processing the insufficient funds check to the business itself, even though the business has no responsibility for this bad check. This law permits the businesspersons to recover that fee for which they have no responsibility. Sencrte Passes Bills Making Working and Expansion Capital More Available Small businesses have a great deal of difficulty finding a I. nk that will lend small dollar amounts at affordable interest rates and finding long-term commercial mortgages at fixed interest rates for expansion purposes. Two measures have been passed this Session by the Senate and concurred with I y the Assembly that we are hopeful will help to resolve these problems to some degree. This year we passed for the second time a proposed Constitutional Amendment that, if approved by voters in November, would increase the lending authority of the Job Development Authority from $300 million to $600 million, and also increase the maximum percentage that the JDA can participate in a loan from 40 to 60 percent (Sen. Skelos sponsor). The JDA has contributed to the economic development of our state by participating in loan packages to businesses fS r capital expansion. The business community has formly applauded JDA's efforts, which represent the best traditions of public-private sector cooperation. If this amendment is to secure passage on the November ballot it is important that •Iusiness community make voters aware S f JDA's significant role in the creation of new jobs in our state and encourage in every way possible the passage of this amendment. Thirty years ago, the Business Development Corporation (BDC) was created to provide financing for businesses at competitive rates. Last year, the Senate passed legislation that would have substantially expanded the role of the Business Development Corporation as a lender to the S usiness community. This is strictly a private sector organization that has secured its money from its member banks and lent it at competitive interest rates to the business community. The legislation the Senate passed last year would have permitted the Business Development Corporation to expand its lending authority by seeking new sources of funS s in the private sector and to offer new types of loans in areas such as export assistance, working capital loans and lS ng-term fixed rate commercial mortgages. Since the Assembly did not act on this legislation Last year, a task force was created to examine more closely what role the Business Development Corporation could have in economic development in our state. After several months of deliberation, the task force made recommendations that were substantially the same as those included in last year's legislation. The task force also recommended other possible sources of capital for the BDC. It also hired Arthur Young, Inc. to IS at the staffing needed to provide these new resources. We are pleased that this year the Assembly fS llowed last year's Senate lead and passed the legislation, which has now been signed into law by the Governor (Chapter 384). In this year's law the Business Development Corporation is permitted to raise up to $250 million and may approach the trustees of the pension funds of our state and negotiate with them to attempt to arrive at an agreement that will permit the pension funds to loan money to the BDC at rates that will provide an adequate return on investment for the funS s. Since the BDC cannot function in its new role without enhanced financial capability, the Senate insisted that the BDC Board be given the leeway not 5 5 5oceed with new staffing or programatic expenditures until it felt it had sufficient capital in hand to successfully operate under its new mandate. Prompt Pcryment and Regulatory Reform Lcrws Expanded and Extended Last year legislation was passed and signed into law by the Goveror that required •- .S to IS. their bills on time to their vendors or to pay interest on those late S. yments. This year that legislation has been expanded to include payments made by public authorities to those with whS m they contract. Since public authorities are quasiindependent agencies and not direct state-funded agencies, the legislation permits them to create regulations patterned after last year's law, in order to allow them to tailor the prompt payment law to their individual circumstances and I. yment process (Sen. Floss sponsor). Unfortunately, the agreement reached last year SS. with the extension of Prompt Payment to public authorities has been abrogated by the Governor's recent -SI this eminently reasonable bill. Both the Senate and Assembly sponsors of this legislation have repeatedly made clear their willinS ness SS.l with any technical objections in time to S. ss such modifications at the fall Special Session. There can be no excuse for the Governor's precipitous action. Two years ago legislation was passed requiring state agencies to eliminate forms and regulations that were S uplicates of federal regulations or forms. This legislation was due to expire on December 31 of this year but has been extended until the end of 1987 under legislation passed and signed into law. The law further requires that the new Office of Business Permits and Regulatory Assistance take a mI- •ctive role in the monitoring of this process and in encouraging state agencies to eliminate their overlapping regulations. We believe that these two pieces of legislation will cI ntinue a process begun by the actions of Senate Majority Leader Warren Anderson seven years ago, when he proposed the creation of the Office of Business Permits and the Senate Subcommittee on Small Business Concerns as twI first steps in the process of reducing the burdensome regulatory environment that existed for the business community in New York State at that time. BUSINESS UPDATE is the official publication of the New York State Senate Committee on Commerce, Economic Development and Small Business, 905 Legislative Office Building, Albany, N.Y. 12247. Senator Walter J. Floss, Chairman Committee Members: Senators Joseph Bruno, Charles Cook, Owen Johnson, L. Paul Kehoe, Eugene Levy, Dean Skelos, Howard Babbush, Olga Mendez, Velmanette Montgomery, Suzi Oppenheimer and Leonard Stavisky. Volume Five, Number One August 1985 ■••■■■• 4
RECEIVED 6 • UP 121% ARTHRITIS FOUNDATION JACK KEMP MC BUFFALO, NY Western New York Chapter requests your presence at our 5th Annual Awards Dinner/Dance with the -Musicales- Norcross a 112obins Medical Award Evan Calkins, M.D. Volunteer of the Year Award 112obert Nesslin Past President's Award Edward T. Greck Thursday, October 10, 1985 The Park Country Club 4949 6heridan Drive, Williamsville Cash bar 6:00 PM Hors d' oeuvre S Served .111110.', oto Dinner 7:00 PM Valet parking me,A_ (z,L
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The Honorable Jack F. Kemp, The Hou
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MICHAEL SULLIVAN General Chairman K
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RESPONSE TO CHEEKTOWkGA TIMES INCTI
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First, I will, as Town Councilman,
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BULK RATE U. S. Postage Paid Orchar
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27th Annual EBONY FASHION FAIR Unit
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UNITED NEGRO COLLEGE FUND 500 East
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August 13, 1985 Congressman Jack Ke
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