Relates to the applicability of open meetings and freedom of information laws to certain not-for-profit corporations

This bill modifies New York's not-for-profit corporation laws to increase transparency and oversight for organizations created or supported by government entities. It requires the state department to electronically share copies of incorporation certificates with the authorities budget office whenever a municipal, state, or local authority is involved in the filing. Additionally, the legislation mandates that these corporations disclose whether they are being formed on behalf of a government body and ensures that any entity where government officials control the board or chief executive officer must obtain specific approval from the authorities budget office. The bill also establishes a new category for "local development corporations" designed to promote employment and economic growth, granting them the ability to acquire public property without standard bidding processes while subjecting their contracts with government agencies to specific terms and duration limits.