New York Assemblyman Sean Ryan says, more oversight is needed for Local Development Corporations. LDCs have grown rapidly since Albany began restricting tax breaks given away by Industrial Development Agencies.
Ryan says, a recent state Authorities Budget Office report shows that since 2009 the number of LDC's has tripled across New York.
"The ABO report says the reliance on the use of the LDCs for economic development could lead to more waste, fraud and abuse. The same problems that we are trying to stamp out at the IDAs," Ryan said.
As Chair of the Assembly's Commission on State and Local Government Relations - Ryan is planning to hold hearings on how to best regulate LDCs.