A05018 Summary:

BILL NOA05018
 
SAME ASSAME AS S04417
 
SPONSORMamdani (MS)
 
COSPNSRSeawright, Aubry, De Los Santos, Cunningham, Reyes
 
MLTSPNSRCarroll, Forrest, Gallagher, Mitaynes, Raga, Septimo, Shrestha, Simone
 
Amd 119-r, Gen Muni L; amd Part PP 3, Chap 54 of 2016
 
Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent.
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A05018 Actions:

BILL NOA05018
 
02/27/2023referred to corporations, authorities and commissions
01/03/2024referred to corporations, authorities and commissions
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A05018 Committee Votes:

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A05018 Floor Votes:

There are no votes for this bill in this legislative session.
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A05018 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5018
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 27, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  MAMDANI  --  Multi-Sponsored  by -- M. of A.
          CARROLL,  FORREST,  GALLAGHER,  MITAYNES,  RAGA,  SEAWRIGHT,  SEPTIMO,
          SHRESTHA,  SIMONE -- read once and referred to the Committee on Corpo-
          rations, Authorities and Commissions
 
        AN ACT to amend the general municipal  law,  in  relation  to  adjusting
          value capture mechanisms for New York city and the metropolitan trans-
          portation authority, including transparency requirements; and to amend
          part PP of chapter 54 of the laws of 2016, amending the general munic-
          ipal  law relating to the New York transit authority and the metropol-
          itan transportation  authority,  in  relation  to  making  such  value
          capture mechanisms and transparency requirements permanent
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph f of subdivision 1 of section 119-r of the gener-
     2  al municipal law, as amended by section 2 of part PP of  chapter  54  of
     3  the laws of 2016, is amended to read as follows:
     4    f.  The  making  of  a  contract  with the metropolitan transportation
     5  authority, by itself or with one or more other municipal corporations to
     6  assist the authority in meeting its capital  or  operating  expenses  in
     7  providing mass transportation services of benefit to all or part of such
     8  municipal corporation, including undertaking a mass transportation capi-
     9  tal  project  in  or  near  the  municipal corporation. Such a municipal
    10  corporation may, according to the terms of the contract with the author-
    11  ity, establish, levy and collect taxes, assessments, and/or charges  and
    12  may  conditionally  or  unconditionally grant or pledge a portion of its
    13  revenues allocated according to subdivision  e  of  this  section.  Such
    14  municipal  corporation may designate mass transportation capital project
    15  districts that a municipal corporation finds, after conducting a  public
    16  hearing,  will  benefit  from  an identified mass transportation capital
    17  project.
    18    (i) (1) At least two weeks prior to  conducting  such  public  hearing
    19  under  this  subdivision,  the  municipal  corporation shall produce and
    20  publish on its website two separate analyses that include:  (A)  revenue
    21  projections  for  the  district  based on historic property tax data and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05069-02-3

        A. 5018                             2
 
     1  analysis that the fair market value of properties within the subdistrict
     2  is expected to increase as a result of the  improvement,  by  more  than
     3  would  have  occurred in the absence of such improvement; and (B) trans-
     4  portation engineering analysis showing how the public would be served by
     5  the mass transportation capital project in such district or area.
     6    (2)  Such analyses under clause one of this subparagraph shall include
     7  accompanying data in a machine-readable, tabular format, and an explana-
     8  tion of the methodology and specific assumptions used in each  analysis.
     9  The public shall have the opportunity to submit written comments on such
    10  analyses provided, and the municipal corporation and/or the metropolitan
    11  transportation  authority  shall  respond  to public comment received in
    12  writing and at such public hearing in a report that  is  posted  in  the
    13  municipal corporation's website no later than one month after such hear-
    14  ing.
    15    (ii)  Upon  designating  [such]  a mass transportation capital project
    16  district, the municipal corporation may allocate a portion of its reven-
    17  ues from the district according to terms it designs or has agreed to  by
    18  contract.  The  municipal  corporation may, in allocating and collecting
    19  revenues from the district, make use of one or more methods  to  capture
    20  the  value  created by a mass transportation capital project, including,
    21  but not limited to:
    22    [(i) tax increment financing, meaning the allocation of  an  increment
    23  of  property  tax  revenues  in  excess of the amount levied at the time
    24  prior to planning of a mass transportation capital project;
    25    (ii)] (1) a special transportation assessment imposed  upon  benefited
    26  real  property  in  proportion  to the benefit received by such property
    27  from a mass transportation capital project, which shall not constitute a
    28  tax;
    29    [(iii)] (2) land value taxation, meaning the allocation of  an  incre-
    30  ment  of tax revenues gained from levying taxes on the assessed value of
    31  taxable land at a higher rate  than  the  improvements,  as  defined  in
    32  subdivision  twelve  of section one hundred two of the real property tax
    33  law; and
    34    [(iv)] (3) some combination of the above or other methods  of  gaining
    35  revenues  that  the  municipal corporation is empowered to use, provided
    36  that the total amount of all taxes, assessments, fees, charges, or rates
    37  levied on each parcel or lot under this section shall be  limited  to  a
    38  proportionate  amount  as  near  as possible to the actual benefit which
    39  each lot or parcel will derive  from  the  mass  transportation  capital
    40  project; and
    41    [(v)]  (4)  for  purposes  of this paragraph the term municipal corpo-
    42  ration shall include only those cities,  towns,  villages  and  counties
    43  described  in section twelve hundred sixty-two of the public authorities
    44  law.
    45    § 2. Section 3 of part PP of chapter 54 of the laws of 2016,  amending
    46  the general municipal law relating to the New York transit authority and
    47  the  metropolitan  transportation  authority, as amended by section 1 of
    48  part J of chapter 58 of the laws of 2022, is amended to read as follows:
    49    § 3. This act shall take effect immediately[; provided that the amend-
    50  ments to subdivision 1 of section 119-r of  the  general  municipal  law
    51  made  by  section  two  of  this act shall expire and be deemed repealed
    52  April 1, 2023, and provided further that such repeal  shall  not  affect
    53  the  validity  or duration of any contract entered into before that date
    54  pursuant to paragraph f of such subdivision].
    55    § 3. This act shall take effect immediately.
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