STATE OF NEW YORK
________________________________________________________________________
10289
IN ASSEMBLY
May 17, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Weprin) --
read once and referred to the Committee on Judiciary
AN ACT to amend the eminent domain procedure law, in relation to requir-
ing financial reports for real property acquired by the state, includ-
ing any agencies and authorities, through eminent domain
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The eminent domain procedure law is amended by adding a new
2 section 306 to read as follows:
3 § 306. Financial impact reports. Notwithstanding any other provision
4 of law to the contrary, any contract entered into by a state agency,
5 state authority or a local development corporation under which such
6 local development corporation is engaged in providing or administering
7 economic development benefits on behalf of the state and expending state
8 capital appropriations in connection with any project or action that
9 invokes the power of eminent domain pursuant to this chapter on the
10 basis of economic development, as determined by judicial review, shall
11 be accompanied by a financial impact report. Such report shall include,
12 but not be limited to (i) an analysis of the estimated costs and bene-
13 fits of the proposed project or action; (ii) the estimated amount of
14 retained or additional tax revenue estimated to be derived from the
15 project for the next three succeeding years; (iii) the amount of assist-
16 ance received by the local development corporation in the form of a
17 loan, grant, or tax benefit since the beginning of the project period;
18 and (iv) the present value of the future assistance estimated to be
19 given for the duration of the project period. Where such report is
20 prepared by a local development corporation, the state agency or state
21 authority, in consultation with such other state agencies as it deems
22 appropriate, shall review such report and make recommendations, if
23 necessary.
24 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04638-01-3
